Manchester United Plc (NYSE:MANU) has reportedly proposed to cut about 250 jobs as part of a club-wide redundancy program.
A source close to the company told Reuters that the job cuts would come across all departments and levels of the club except for its charitable arm, Manchester United Foundation.
A sweeping review into the company’s costs was launched after businessman Sir Jim Ratcliff and Ineos acquired a 27.7% stake in the club in January.
The job cuts would represent about 22% of Manchester United’s workforce.
The company had about 1,112 employees including players, coaches, and administrative staff as of June 2023.
Shares of Manchester United traded down 0.8% at $16 on Wednesday afternoon.