Sir Jim Ratcliffe, INEOS, and Their Turbulent First Year in Charge of Manchester United

When Sir Jim Ratcliffe and INEOS finalized their 27.7% acquisition of Manchester United for $1.3 billion on February 21, 2024, many fans hoped it would mark the beginning of a new era for the club. With a billionaire businessman at the helm and an ambitious sporting project on the horizon, expectations were high.

However, a year later, United remains a club in turmoil, plagued by financial mismanagement, questionable decisions, and on-field struggles. From the deteriorating state of Old Trafford to mass layoffs behind the scenes, INEOS’ first year in charge has been anything but smooth sailing. 

The Lingering Problems at Old Trafford 

One of the most glaring issues that INEOS inherited – and has yet to adequately address – is the crumbling state of Old Trafford. The iconic stadium, once a fortress, now symbolizes years of neglect and mismanagement. Leaks in the roof, outdated infrastructure, and reports of what fans have dubbed the “waterfall of Old Trafford” (a reference to rainwater leaking through the stands) highlight just how far the stadium has fallen behind its European counterparts. 

Despite these well-documented issues, INEOS has yet to present a concrete renovation plan, leaving fans frustrated. Rather than prioritizing much-needed upgrades, Ratcliffe’s focus has instead been on cutting costs in other areas – often at the expense of club personnel rather than addressing the bloated player wage bill. 

Mass Layoffs and the Fallout 

In an effort to streamline operations and cut expenses, INEOS announced the layoff of 250 staff members. The job cuts were part of a broader strategy to reduce United’s workforce to a size comparable to Real Madrid’s. Alongside this, corporate credit cards were canceled, and employees were informed that the club needed to trim excess costs. 

While cost-cutting is often necessary in business, these decisions have not gone down well with fans or former players. The dismissal of long-serving staff members, some of whom had been at the club for over 30 years, felt particularly cold-hearted. One former player told ESPN that the mass layoffs and the removal of Sir Alex Ferguson as an honorary board member made it seem as though Ratcliffe had “ripped the soul out of the club.” 

The decision to remove Ferguson sparked outrage among fans and footballing figures alike. Former club captain Eric Cantona called it “a lack of respect,” while many within United’s inner circle viewed it as an unnecessary and alienating move. Ferguson remains one of the most influential figures in the club’s history, and his removal, combined with the sweeping job cuts, has only added to the toxic atmosphere surrounding INEOS’ leadership. 

The Real Cost-Cutting Problem: A Bloated Wage Bill 

While INEOS has aggressively cut jobs behind the scenes, they have yet to address United’s biggest financial drain: the playing squad. The club had the third-highest wage bill in the Premier League for the 2023/24 season, totaling £171,210,000. United’s recruitment failures in recent years have left them with a squad bloated with players who either don’t get game time or contribute little to the team’s progress. 

Instead of focusing on sacking staff members who don’t earn substantial wages, INEOS should prioritize trimming the wage bill and overhauling their outdated recruitment strategy. Investing in the recruitment department, which has long been a source of poor decision-making, should be a top priority. 

Questionable Decision-Making at the Top 

INEOS’ first year in charge has been marred by indecisiveness and poor decision-making, with managerial and executive appointments highlighting their lack of direction. One of the most baffling moves came in the summer of 2024 when they handed Erik ten Hag a new contract—only to sack him in October after a poor run of form. The decision to extend Ten Hag’s deal suggested confidence in his long-term project, but his abrupt dismissal just months later painted a picture of an ownership group without a clear strategy. 

To make matters worse, INEOS quickly followed that by terminating Sporting Director Dan Ashworth’s contract. United had paid around £3 million to acquire Ashworth from Newcastle United in the summer of 2024, yet his tenure was cut short just months later. These erratic moves have done little to instill confidence that INEOS has a coherent vision for the club’s future. 

On-Field Struggles and the Ruben Amorim Conundrum 

While chaos reigns off the pitch, matters on the field have been just as disastrous. United currently languishes in 15th place – their lowest position since the 1972-73 season. Ruben Amorim, the man brought in to replace Ten Hag, has struggled to make the desired impact. In fact, some supporters believe United were in a better position under Ten Hag. A recent 1-0 defeat to Spurs encapsulated the club’s struggles. With eight teenagers on the bench due to an injury crisis, United looked completely out of depth. The loss intensified scrutiny on INEOS, and reports have since emerged that they are already considering Amorim’s replacement. If true, this short-sightedness only reinforces the perception that the club is being run without a long-term vision. 

Where Does United Go from Here? 

A year into INEOS’ reign, Manchester United finds itself in a worse position than before. The stadium is crumbling, the squad lacks direction, and the atmosphere within the club is reportedly toxic. Meanwhile, questionable leadership decisions – such as the removal of Sir Alex Ferguson, mass layoffs, and erratic managerial appointments – have alienated fans and staff alike. 

For INEOS to turn things around, they must make fundamental changes. First and foremost, they need to address the club’s bloated wage bill and invest in a competent recruitment team. Second, they must present a clear and actionable plan for the future of Old Trafford. And finally, they need to start making decisions that are guided by footballing logic rather than short-term cost-cutting measures. 

If they fail to do so, their tenure at Manchester United could go down as one of the most disastrous ownership periods in the club’s history. For now, the jury is still out on Sir Jim Ratcliffe and INEOS – but time is running out for them to prove they have what it takes to steer United back to the top. 

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