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INEOS are bringing wholesale changes to Manchester United’s executive setup in a step that is being greatly welcomed by fans.
The executive figures at the club have been arguably the most unpopular part of the Glazer regime, including the owners themselves as United lurched from one disastrous decision to another.
Add another one to that long list of baffling decisions that would infuriate the fans.
Finance expert Kieran Maguire has looked at the accounts United lodged in the UK which are different from the one they disclosed to NYSE.
Among other notable things, what stands out most is the massive pay rise of £619,000 given to then-CEO Richard Arnold at the end of last season.
The picture of the document shows Arnold received £2.56 million at the end of the 2022/23 season in comparison to £1.941 million at the end of the 2021/22 season.
Manchester United’s accounts lodged in the UK as opposed to New York show some info not disclosed in NY including that Richard Arnold had a £619,000 pay rise in 2022/23. Presumably that was bonus driven and part due for winning the Carabao Cup? #MUFC pic.twitter.com/PWZ9955kW0
— Kieran Maguire (@KieranMaguire) February 17, 2024
Maguire theorised that the increase could be bonus-driven and linked to United’s success in the Carabao Cup as well.
How big of a role Arnold had in United winning the League Cup last season, their first trophy in nearly six years is debatable.
Besides this huge takeaway, the document also shows that the overall club expense on employee benefits and expenses was reduced by almost £60,000 while the employee number increased from 867 to 966.
Glazers’ practice of taking dividends out of the club while shouting about Financial Fair Play concerns from the terraces was always an unpopular move.
Now, with new revelations coming about the regime almost every day, it seems more and more like a case of United being just a cash cow for the Glazers and their people.
Arnold left United last year and the exit of more people associated with the previous regime, like John Murtough, is on the cards.
Interestingly, Sir Jim Ratcliffe has already opposed the practice of taking dividends out of the club.
Now, the hope will be that executives don’t continue getting richer while the club continuously gets poorer due to those very executives’ poor decisions.
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