first we get billionaires that actually take money out rather than put money into the club, then we get a rescue mission from a super rich industrial conglomerate who literally run out of cash as soon as they get their feet in the door. Club is cursed.
Club ownership | Senior management team talk
- Thread starter golden_blunder
- Start date
Yet a lot of people seem to clamor for another manager buyout...
This is the only thread that actually matters on here these days as depressing as that is. I think the long term future of the club majorly hangs in the balance. I don't trust Ineos to turn this around anymore and if they do it's clear they are horrible owners. their plan after ETH failed was to just rip everything up and cut costs and to that end they just are making it up as they go along. This is not how you do things. During the supposed rebuild from the summer on I don't see anyone talented or on the cusp of great things wanting to work for them if they've got similar offers from anywhere else. Just a disasterclass all round. This needed subtlety and safe hands and a lot of cash. We've got the exact opposite
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Interesting interview with Varane today, who said he was very surprised they kept ETH after the cup final, as his relationship with the players was already broken beyond repair. Madness Ineos kept him on and funded the summer spree.
So the decision to stick with Ten Hag in the Summer and appointing Dan Ashworth cost the club almost £25m. feck sake.
At least he’s got a fair bit of cash to spend on his garden now.
I was all for giving INEOS a chance but it does look more grim as time goes on.
Absolute clown show.
I feel for the long serving staff who were laid off. They must be fuming looking at these numbers right now.
Okay, this tweet is insane. The debt refinancing is not talked about ENOUGH. A simple change in currency rates can effectively save 100s of jobs, get us a couple of players and make or break whether we meet PSR rules. This is just for the previous quarter. WTF!
The government can mandate a club get sold (Chelsea) but can’t mandate that our club to not allow the club’s owners to suck money from the club to pay 1billion pounds of financing debt??
The government can mandate a club get sold (Chelsea) but can’t mandate that our club to not allow the club’s owners to suck money from the club to pay 1billion pounds of financing debt??
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Madness
Seems to be our players don't like any manager but can get themselves up for games if they feel like it. Maybe they should buy the club and manage it!
Maybe I'm imaging things but wasn't it reported that INEOS interviewed each first team member of the squad to determine ETH standing amongst the players ?
Yes, seemed like a strange decision which has ultimately cost the club again, and set the club back. Why would they do this, trying to prove a point to the players? Well thats backfired too.
They lied.
The figures really put in black and white the madness of how the club is ran. Feels like the long term prospects of the cub are firmly in the balance and we have clowns at the top just looking out for themselves.
Vis a V
Lower league position.
Finish lower ( not in Europe) income goes down. Income is 12% down because of lack of Champions League football.
Change manager incur another cost.
It's just a matter of choosing the pain we will endure.
Double tragedy is sacking a manager, pay his compensation, employ another manager who fails to deliver champions league football.
'Marginal gains' i believe was the term thrown at us
if this was happening in other parts of the world, it would smell of corruption / money laundering. 10million quid taken out of the club, just like that.
fecking hell. This lot are making Woodward look competent in comparison.
Best move to keep him on if the replacement wasn't settled, which it wasn't. Backing him the logical consequence.
A good reminder of how things work to those clamouring for Amorim to take a hammering.
25 million wasted on him and Ashworth is embittering, though. As is the 84 on Antony, 60 on Case and the 40 (let's be honest) on Varane.
Our current strategy is well overdue, just enraging whenever mistakes are made as they're always expensive.
Glazer debt is stymying what we can and cannot do. We desperately need to get so many misfires and misfits off the books.
So not only are they useless it also seems like they’re suddenly broke?
Is there any positivity what so ever with this club? Every single thing is a complete mess
Is there any positivity what so ever with this club? Every single thing is a complete mess
I was expecting all the costs of sacking ETH, his staff and Ashworth to add up to more than 14.5m but it’s such an unnecessary spend. Especially when you throw in the cost of recruiting Ashworth and Amorim.
Really do need some stability now, because the finances are going to take a while to sort out even without all these expensive mistakes.
Really do need some stability now, because the finances are going to take a while to sort out even without all these expensive mistakes.
the tweet says it was 14.5m just to sack ETH
Ten Hag's extension was at the beginning of July, Berrada started officially working mid July, Wilcox started in mid-April and Ashworth started July 1st. Organisational chaos was always extremely likely in that summer unfortunately.
With today’s results there is no way Amorim is getting sacked (not that I want him to, I back him all the way)
'Interest costs of the Glazers' buyout have now topped £1 billion, with the club's total debt now at £731m plus over £300m in transfer fees owed.Without the £80 million injection from INEOS, #mufc would be down to £15 million in cash'
Just deplorable.
Damn the Glazers.
Damn them to hell.
Just deplorable.
Damn the Glazers.
Damn them to hell.
It's not just the cost of sacking Ten Hag. From the official quarterly report:
"Exceptional items for the quarter were a cost of £14.5 million. This relates to costs associated with the departure of former men’s first team manager Erik ten Hag and various members of football staff."
https://ir.manutd.com/~/media/Files...nchester-united-plc 2q25-earnings-release.pdf
But the financial report itself says 14.5m in total for ETH and other staff.
Ashworth won’t come under “football staff” I wouldn’t think.
He’d be classed as part of the senior leadership team, I’d assume football staff is all of his coaches
Well if Trump carries on the way he is then maybe the government could/should ban all American owners
Rich people who are supposed to act as custodians of institutions, but instead are just leeching whatever has been built previously is a feature, not a bug.
The figure includes all "exceptional items" for the quarter, including the severance costs related to Ashworth.
From The Athletic:
"Manchester United paid £4.1m in compensation to sporting director Dan Ashworth following his departure earlier this season, according to the club’s latest financial results.
United’s figures for the second quarter of the 2024-25 season reveal a total of £14.5m in exceptional costs related to the departures of Ashworth, manager Erik ten Hag and his backroom staff.
The Old Trafford club’s first-quarter results revealed the cost of dismissing Ten Hag and his staff to be £10.4m."
https://www.nytimes.com/athletic/6145988/2025/02/19/manchester-united-accounts-dan-ashworth-cost/
I could almost accept the interest payments if the debt had now been paid off.
But that's it's still there is a real sickener.
The amount we have spent on appointing Dan Ashworth (5.1m) and then firing him (4.1m) and then extending Ten Hag contract and then firing him and staff (10m) so approximately 20m.
Just to explain how monumental feck up this was, we could have technically signed 4 players for 25m each on 5 year contract and for the first year the spent on them would be same as the cost we spent Imagine!
Just to explain how monumental feck up this was, we could have technically signed 4 players for 25m each on 5 year contract and for the first year the spent on them would be same as the cost we spent Imagine!
And they will certainly make the match going fan pay for it
It would also tie 20 million a year for the next 4 budgets. One-time costs and per-year costs should never be compared 1:1.
Yeah and we are suffering more as a consequence
Few on here have already mentioned the debt refinancing from late last year it's no surprise.
Simply put INEOS are too broke to dig the club out of the hole, the cost cuts work for a conventional business but in a competitive sport where there are multiple wealthy owners it only pushes the club further down the pecking order. If United isn't acquired by a state backed venture or a very nuanced consortium the club is finished from a financial point of view.
Sir Jim puts his own liability at risk with the development of a new stadium, it's at a point where if there's no changes in the next 12 months the league should realistically step in to enforce sanctions against the club which will ultimately force the owners out. It's not sustainable.
Simply put INEOS are too broke to dig the club out of the hole, the cost cuts work for a conventional business but in a competitive sport where there are multiple wealthy owners it only pushes the club further down the pecking order. If United isn't acquired by a state backed venture or a very nuanced consortium the club is finished from a financial point of view.
Sir Jim puts his own liability at risk with the development of a new stadium, it's at a point where if there's no changes in the next 12 months the league should realistically step in to enforce sanctions against the club which will ultimately force the owners out. It's not sustainable.