Premier League rules impose financial limits on clubs, allowing for a maximum loss of £105 million over a three-year period.
"If we do not act now, we are in danger of failing to comply with PSR/FFP requirements," the club said in a letter to fans.
"We are currently making a significant loss each year - totalling over £300m in the past three years. This is not sustainable.
"We will have to make some difficult choices. That has included a significant reduction to our workforce as well as cuts across many areas of spend across our club.
"We do not expect fans to make up all the current shortfall - but we do need to look at our ticketing strategy to ensure we are charging the right amount, and offering the right discounts, across our products for our fans."
In September, United reported a net loss of £113.2 million for the year ending June 30th.
That followed previous losses of £28.7 million in 2022/23 and £115.5 million in 2021/22, resulting in losses of £373 million over the past five years.
The Red Devils have not recorded a profit since the 2018/19 season.
It means the club could also be forced into selling key stars should appropriate offers be received, with big names including Marcus Rashford, Kobbie Mainoo and Alejandro Garnacho all being touted for exits.
The communication from the club followed a letter from fan groups The 1958 and Fan Coalition 58, who had previously urged the club to carefully consider the long-term consequences of ticket price increases.
The club faced criticism from fans earlier this season when it implemented a mid-season increase in matchday ticket prices to £66 per game, eliminating concessions for children and pensioners in the process.
This decision came shortly after the club disclosed payments of £10.4 million to former manager Erik ten Hag and his staff.
United also spent £11 million to activate the release clause for his successor, Ruben Amorim, who was contracted to Sporting Lisbon.
In November, United’s new INEOS-led hierarchy under Sir Jim Ratcliffe revealed that a redundancy program affecting approximately 250 employees had incurred costs of £8.6 million.
Recent examples of Premier League clubs facing consequences for financial rule violations include Everton, whose 10-point deduction for breaches during the 2021/22 season was reduced to six points on appeal.
Nottingham Forest also faced penalties for similar violations last season, resulting in a four-point deduction. Despite the points deductions, both clubs managed to avoid relegation.
Leicester avoided a Premier League points deduction earlier this season after they were charged with a £24.4m breach for the 2022/23 season, but as they were relegated that campaign, their legal team were able to successfully appeal the punishment.