*

Club to cut bonuses, end Old Trafford free lunches, source

says

*

Club to limit charitable donations - source says

*

Job reductions in addition to 250 job cuts last year

(Adds detail from source close to the club in paragraphs 6-11,

background and context throughout)

By Yadarisa Shabong and Shashwat Awasthi

Feb 24 (Reuters) - Manchester United ( MANU ) will cut

around 150-200 more jobs as part of an overhaul to return to

profitability after five years of losses, the Premier League

soccer club said on Monday.

The plan is in addition to 250 jobs removed last year,

the club said.

The club has been restructuring and cutting costs since

British billionaire Jim Ratcliffe took a 25% stake last year and

took charge of soccer operations to try to revive its fortunes

on the pitch.

In September, the 20-time English champions reported its

fifth straight annual loss as it missed out on the lucrative

European Champions League competition.

"We have lost money for the past five consecutive years.

This cannot continue," CEO Omar Berrada said in a statement.

The restructuring plan includes an end to free lunches

for staff in the Old Trafford canteen to save more than 1

million pounds ($1.26 million) a year, a source close to the

club told Reuters.

Some staff will move from Old Trafford to the new

training facility at Carrington near Manchester and all the

club's leadership will be based in Manchester, the source said.

Executive bonuses will be paid at a reduced rate this

year and then transition to a revised scheme based more firmly

on the club's football and financial performance, the source

added.

The club's charitable donations will be focused on

Manchester United Foundation and Manchester United Disabled

Supporters' Association, the source said, and it is in talks

with MUF about the level of its contribution.

The club will stop donations to other charitable causes, the

source also said.

The foundation, which provides educational and community

outreach programmes aimed at young people, raised 608,000 pounds

from season ticket holders and online donations in 2023/24,

according to its website.

"At the end of this process, we will have a more lean, agile

and financially sustainable football club," Berrada said.

Manchester United ( MANU ) finished eighth in the league last season.

The team currently sits in 15th place in the Premier League.

Last week, Manchester United ( MANU ) admitted challenges after

reporting an adjusted net loss of 6.2 million pounds ($7.83

million) in the second quarter.

The shares, which have lost about 16% so far this year, were

up 0.5% on Monday.

Ratcliffe's purchase of a $1.25 billion stake a year ago was

met with excitement by fans but that enthusiasm has ebbed away

over the past 12 months after a poor showing on the field.

($1 = 0.7916 pounds)