According to reports, Sir Jim Ratcliffe, a co-owner of Manchester United, is thinking of ending the club’s Kensington, London, offices’ ten-year contract.
Ratcliffe has been putting a number of cost-cutting initiatives into place since taking operational control of United in February of last year in an effort to get the Red Devils back to profitability.
250 workers were laid off last summer, and the club confirmed in a statement this week that hundreds more will be let go in the upcoming weeks. Ratcliffe has eliminated the popular Christmas party, cup final benefits for personnel, and, more recently, free lunches for Old Trafford staff.
Noe According to The Guardian, the INEOS tycoon is considering ending his 10-year lease at Kensington early.
Less than two years ago, United moved into their luxurious headquarters after a ten-year lease on another Mayfair building expired.
Matt Hughes claims that Ratcliffe believes the 23,000 square foot space in Kensington is too big and costly, and that the great majority of United’s employees should be based in Manchester.
The report further states, “In announcing a “transformation plan” last week that will involve between 150 and 200 redundancies, United committed to maintaining a presence in London, but the Guardian has learned this will involve looking for new premises.”
“While downsizing at their current office is also being considered, it is understood that moving out entirely two years into a 10-year agreement is viewed as the most likely course of action.”
Ratcliffe isn’t taking into account the fact that United’s existing office is less than a mile from INEOS’ headquarters in Knightsbridge.
In addition to a 7,000 square foot roof terrace, United occupies the entire top floor of the Kensington Building, which is 16,000 square feet.
The Europa League round of 16 matchup between Ruben Amorim’s team and Real Sociedad on Thursday marks their return to play.