Manchester United have taken significant steps to address their financial situation by cancelling the corporate credit cards of senior figures at Old Trafford. This decision is part of a cost review process initiated by minority owner Sir Jim Ratcliffe to ensure compliance with Profit and Sustainability Regulations (PSR).
Last summer, United faced a £257,000 ($323,000) fine for breaching UEFA's Financial Sustainability Regulations. The club's overspending in the past two summer transfer windows, amounting to £381 million ($479m) on new players since June 2022, combined with reduced revenue due to their elimination from the Champions League group stage, prompted the hiring of specialist consultants Interpath to scrutinize all costs and expenditures.
Sources indicate that United is optimistic about meeting the Premier League's PSR rules. However, Chief Operating Officer Collette Roche emphasized the need for caution to ensure compliance, stressing the importance of financial discipline and maintaining a balance between income and expenses.
Ratcliffe, who acquired a 27.7% stake in United through his INEOS Group, has initiated a comprehensive review of costs at Old Trafford. As part of this review, heads of departments have had their corporate credit card accounts suspended to foster a culture of cost-consciousness and discipline while prioritizing resources for football objectives.
All department heads at United are expected to engage with Interpath consultants to evaluate budgets and identify opportunities for cost savings and performance enhancement. The review, which commenced recently, is anticipated to continue for several weeks, with the initial phase concentrating on suppliers, utilities, and travel expenses.
While Interpath's responsibilities do not encompass player trading, any cost reductions achieved will directly impact the club's ability to invest in the squad, underscoring the importance of financial prudence and efficiency in United's operations.
