Manchester United To Cut Hundreds Of Jobs In Financial Overhaul

On Monday, Manchester United plc MANU said it plans to revamp its organizational framework to enhance its financial stability and operational effectiveness.

As part of the initiative, the club has stated that it anticipates 150 to 200 positions could be affected, subject to a consultation process with the employees involved.

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This announcement follows last year's move to reduce 250 roles as part of wider cost-reduction efforts. The move is a response to the club's ongoing efforts to recover from consecutive financial losses over the past five years since 2019.

The goal is to establish a stronger financial base to support investments in both men's and women's football and infrastructure improvements.

"We are initiating a wide-ranging series of measures which will transform and renew the club. Unfortunately, this means announcing further potential redundancies and we deeply regret the impact on those affected colleagues," said CEO Omar Berrada.

"We have lost money for the past five consecutive years. This cannot continue. Our two main priorities as a club are delivering success on the pitch for our fans and improving our facilities. We cannot invest in these objectives if we are continuously losing money."

The company reported second-quarter net sales of 198.70 million British Pounds, lower than 225.76 million British Pounds a year ago.

Total revenues declined 12% in the quarter, primarily driven by lower Broadcasting revenues related to participation in the UEFA Europa League.

Price Action: At the last check on Tuesday, MANU shares traded lower by 0.27% to $14.70 premarket.

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