• Co-owner feels finances left him with little choice
• Action designed to make United profitable in two years

Sir Jim Ratcliffe believes his decision to cut about 200 more jobs at Manchester United is necessary to help the club avoid going bust, the Guardian understands.

The minority owner is said to feel he has little choice other than to take tough measures after United lost £300m over the past three years but is confident that acting now can lead to the club being profitable and highly competitive in two years’ time.