THE FUSE

There has, however, been tangible progress in other areas. The impact of the restructuring programme overseen by minority owner Sir Jim Ratcliffe is now evident in the numbers. United posted an operating profit of £13m ($17m) for the three months up to September, a dramatic turnaround from the £7m loss recorded over the same period last year. Close to 500 jobs have been cut as part of a sweeping redundancy drive aimed at reducing expenditure and streamlining operations. The club’s wage bill for players and staff has fallen by 8.2 per cent to £73.6m ($98m), now accounting for 52.5 per cent of total revenue, down from 56 per cent a year earlier. Overall expenses are also down by just over seven per cent. Despite these savings, costs remain a heavy anchor. Interest and related charges of £21.4m ($28.5m) pushed United back into the red at pre-tax level, resulting in a loss of £8.4m for the quarter. Twelve months earlier, the club had posted a modest profit of £1.6m before tax.