It looks horrific, but the cost cutting is going to reach the players as well, and the exits of Rashford, Sancho and Antony with no replacements show this IMO. They'll be absolutely desperate to get rid of players like Casemiro.
It's going to be a complete restructure with years of being very average and zero guarantees of getting anywhere close to the top again.
It was an agreement as part of the sale. No dividend payments until 2026 at the earliest, and that includes Ratcliffe. They haven't been paid since 2022.