Billions for a Stadium, Leftovers for Workers: Ratcliffe’s Manchester United Overhaul
Photo by Nat Callaghan on Unsplash
It is just over a year since Sir Jim Ratcliffe’s INEOS purchased a 25% stake in Manchester United and promptly seized control of the club’s football related matters. The cynics have suggested that, with their majority ownership still intact, this transaction enabled the Glazer family to take a back seat whilst continuing to enjoy the financial benefits of owning one of the largest football clubs in the world. In the meantime, INEOS would face the criticism if things did not go well. It has been a turbulent 12 months or so, and given the recent announcement of a new stadium, now is an opportune moment to assess how Ratcliffe’s overhaul is progressing.
Undoubtedly, things have not always gone according to plan under Ratcliffe. The handling of the Erik Ten Hag situation, for one, left much to be desired. Last summer, fresh from FA Cup glory over local rivals Manchester City, there was the choice to either fully back Ten Hag in the long term or to terminate the relationship completely. Based on United’s disappointing 2023/24 overall, either decision could be justified. Unfortunately, INEOS did neither; instead presenting a half-hearted gesture to extend Erik’s contract by 12 months and some transfers that did not appear to have the manager’s blessing. Ultimately, this led to a very poor start to the season and the sacking of the manager in early November, costing United over £10 million in severance. Couple this with the extraordinary parting of ways from Technical Director Dan Ashworth after just a few months, at a cost of a further £5 million, and it is easy to view the new INEOS regime as rather chaotic.
With such huge waste also came a wave of cost-cutting announcements that rankled with long-suffering fans; rises in ticket pricing, hundreds of staff redundancies, the removal of club-legend ambassadorial roles and the cessation of certain charitable contributions. These measures did not sit well with anybody that cares for the club from the outside.
The climax of Manchester United’s recent peaks and troughs came on 10th March 2025. Sir Jim Ratcliffe gave numerous interviews defending the austere measures, and warned that Manchester United would be bankrupt by Christmas if he had not taken such action. The following day, Manchester United announced plans to build a new stadium at an estimated cost of £2 billion. An ironic emblem of the club’s mixed messaging, but perhaps a turning point in the overhaul.
The plans look extraordinary, a futuristic theme park dedicated to Manchester United that will boast a capacity of 100,000, making it the largest club stadium in the world. The images are amazing and the stadium will be unique. The cruellest observers likened the building to a circus tent, suggesting they appear to have assembled a squad of clowns. Or is there a subtle nod to panem et circenses, a distraction technique? Whatever your views, the potential long-term growth in revenue for Manchester United will be on a scale that no club in world football can match.
Although it has certainly been a difficult period for Manchester United, there is reason for optimism. The new stadium gives fans hope for a brighter future and for now, there are some signs of improvement. INEOS have implemented a best-in-class executive structure and employed one of the brightest young coaches in Europe in Ruben Amorim. The January transfer window also demonstrated a shrewd approach to signings – spending less on young talent with high ceilings, such as the likes of Patrick Dorgu for £25 million and Arsenal’s youngster Ayden Heaven for just £1 million. A contrast to previous recruitment of experienced but expensive players. Ratcliffe is a multi-billionaire and a proven Goliath in business; it may take time, but given his track record there is no reason he cannot make a success of this new venture, especially motivated by his passion for his boyhood club.