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Manchester United Plans to Cut 250 Jobs

Soccer Football - Premier League - Manchester United v Luton Town - Old Trafford, Manchester, Britain - November 11, 2023 General view of the corner flag inside the stadium before the match REUTERS/Phil Noble/File Photo Purchase Licensing Rights
Soccer Football - Premier League - Manchester United v Luton Town - Old Trafford, Manchester, Britain - November 11, 2023 General view of the corner flag inside the stadium before the match REUTERS/Phil Noble/File Photo Purchase Licensing Rights
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Manchester United Plans to Cut 250 Jobs

Soccer Football - Premier League - Manchester United v Luton Town - Old Trafford, Manchester, Britain - November 11, 2023 General view of the corner flag inside the stadium before the match REUTERS/Phil Noble/File Photo Purchase Licensing Rights
Soccer Football - Premier League - Manchester United v Luton Town - Old Trafford, Manchester, Britain - November 11, 2023 General view of the corner flag inside the stadium before the match REUTERS/Phil Noble/File Photo Purchase Licensing Rights

Manchester United is proposing to cut about 250 jobs as part of a club-wide redundancy programme, a source close to the company told Reuters.

The job cuts would include all departments and levels of the club, except for its charitable arm Manchester United Foundation, according to the source.

The job cuts, first reported by the Daily Mail, would represent about 22% of its workforce.

The 20-times English champions, which saw its worst Premier League finish since 1990 at eighth place last season, is reviewing all aspects ahead of the 2024-25 season.

This also comes months after British billionaire Jim Ratcliffe took a 25% stake in Manchester United and took charge of their soccer operations to try to revive its fortunes on the pitch.

Manchester United had about 1,112 employees as of June last year, including players, coaches, administration staff and others.

The club, which is set to report third-quarter results on July 10, will welcome new CEO Omar Berrada, from Manchester City's parent company City Football Group, later this month.

Manchester United will play at the second-tier Europa League next season thanks to its FA Cup win, after having failed to qualify for the lucrative Champions League.

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Soccer-AC Milan Owner Denies Report it is Looking for New Investors

AC Milan's French forward #09 Olivier Giroud (C) makes a heart sign as he celebrates after scoring his team's second goal during the Italian Serie A football match between AC Milan and Salernitana at San Siro Stadium, in Milan on May 25, 2024. as the last match by coach. (AFP)
AC Milan's French forward #09 Olivier Giroud (C) makes a heart sign as he celebrates after scoring his team's second goal during the Italian Serie A football match between AC Milan and Salernitana at San Siro Stadium, in Milan on May 25, 2024. as the last match by coach. (AFP)
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Soccer-AC Milan Owner Denies Report it is Looking for New Investors

AC Milan's French forward #09 Olivier Giroud (C) makes a heart sign as he celebrates after scoring his team's second goal during the Italian Serie A football match between AC Milan and Salernitana at San Siro Stadium, in Milan on May 25, 2024. as the last match by coach. (AFP)
AC Milan's French forward #09 Olivier Giroud (C) makes a heart sign as he celebrates after scoring his team's second goal during the Italian Serie A football match between AC Milan and Salernitana at San Siro Stadium, in Milan on May 25, 2024. as the last match by coach. (AFP)

US investment firm RedBird Capital on Friday denied a report by Italian newspaper La Repubblica saying it was looking to sell a stake in AC Milan, the Italian soccer club it has owned since 2022.

"The reporting by La Repubblica about selling a stake in AC Milan is a complete fabrication. It is wholly untrue," a spokesperson for RedBird said.

RedBird took over the club from US fund Elliott in a 1.2 billion euro ($1.32 billion) buyout, according to Reuters.

La Repubblica said it was partly financed through a vendor loan from Elliott worth 560 million euros due next year, plus RedBird's own investment of 681 million euros.

RedBird was now looking to "rebalance its portfolio" by selling "up to 150 million euros of the initial invested capital of 681 million" at base cost, the newspaper added.

It cited a document for potential new investors prepared by US investment firm Washington Harbour on behalf of RedBird, adding that the file "has been circulating in international financial circles since May".

In an earlier statement which stopped short of a full denial, a RedBird spokesperson had told Reuters that Gerry Cardinale, the founder and managing partner of the fund, "does not know Washington Harbour and the document cited by the newspaper is not attributable to him".

Washington Harbour did not reply to a Reuters request seeking comment over the press report.