The Post reported that Sir Ratcliffe is continuing to cut costs at Manchester United, and the club has decided to terminate the 10-year lease of its Kensington office early after laying off hundreds of employees. Manchester United has just moved into this luxurious office base in 2023, only two years ago.
Manchester United will instead choose a smaller office space in Covent Garden. Staff have currently moved out of the Kensington office and will work from home until ready.
Insiders say the main motivation for the move is not to save money, although rents will drop significantly. They believe the new site is more centrally located, making it easier for staff to commute, has better connections to Old Trafford via Euston Station, and is closer to media and creative partners.
The Kensington base has 23,000 square feet of space and a rooftop terrace, and no expense has been spared inside to include an LED "player tunnel" and two bars. United are the first non-capital club to set up a base in London, with the former executive chairman using the venue to attract corporate clients and agents.
However, after Ratcliffe and Ineos took over nearly two years ago, they quickly conducted a cost review and implemented hundreds of redundancies. With the former executive chairman leaving and staff returning to Manchester, the Kensington base was deemed no longer suitable.
Although Manchester United declined to comment, sources said the move reaffirmed the club's strong presence in the capital. It is the latest move by Ineos, which has also recently cut ties with the New Zealand All Blacks and America's Cup sailing teams and paid Tottenham nearly £11 million to end a sponsorship deal early.
source:7 mcn