The club recorded a loss of £27.7million in their second quarter financial results, partly driven by the £14.5m cost of sacking Erik ten Hag and Dan Ashworth, whose ill-fated spell as director of football lasted just three months.
It still represents a costly mistake by Ineos, who went “all in” on Ashworth to lead a revamp of football operations only to be so underwhelmed by his decisions on recruitment and managerial change that he was fired.
'Ruthless' Ineos job cuts at Man Utd leave fans fearing for £2bn stadium project
Read MoreThe Red Devils shelled out £11m to bring in Amorim and almost £250m in transfer fees but sit 15th in the Premier League and if that position doesn’t improve they could end up with a shortfall of between £30m and £40m in performance-related prize money.
Football finance experts say the new figures illustrate that it is under-performance on the field and a poor first year from Sir Jim Ratcliffe‘s Ineos group that is costing them.
Sir Jim Ratcliffe’s Ineos has had a poor first year at Manchester United (Photo: Getty)“They’ve reported an EBITDA profit of £94million in the first six months and that’s a cash profit,” he told The i Paper.
“They say costs will come down but getting rid of Dave and Sandra in the ticket office who have worked there for 15-20 years and on £35,000 each. They’re not a problem, it’s player recruitment – in and out – that is the issue here.
“Ineos have managed to punch themselves in the face.”
How Sir Jim Ratcliffe's Manchester United dream turned sour
Read MoreIneos have already sparked outrage by raising ticket prices to £66 and MUST spokesman Chris Rumfitt said the answer to United’s problems is not increasing the cost of going to Old Trafford.
“To make back the £37million of interest a year from the Glazer loans you’d have to add £25 on top of the price of every single ticket – and then you’d be playing in front of a half-empty stadium.
Rumfitt said that the first year under Ineos had been underwhelming, warning them against making decisions that would worsen the situation.
“Some of that is historic problems. The debt is an inherited problem from the Glazer family, it’s what I call the original sin in the decline of Manchester United.
“We can’t cut our way out of the problem, we have to grow our way out of it.”
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