Sir Jim Ratcliffe, the billionaire founder of Ineos, has scrapped an annual £100 Christmas bonus to administrative staff at Manchester United in favor of a smaller £40 voucher from Marks & Spencer, his latest unpopular move in a bid to turn around the football club’s finances.
Ratcliffe reduced bonuses paid out to staff after previously canceling their Christmas party, the Telegraph reported. The petrochemicals billionaire had previously laid off 250 United employees in the summer at a cost of £8.6 million.
