Latest Manchester United news as Sir Jim Ratcliffe opens up on the challenges he and Ineos have faced since taking charge at Old Trafford
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Manchester United co-owner Sir Jim Ratcliffe
Manchester United co-owner Sir Jim Ratcliffe(Image: PA)
Sir Jim Ratcliffe has sat down with several media outlets to discuss his and Ineos' time at the helm of Manchester United.
It was in February 2024 that Ineos acquired 25% of the club, with Ratcliffe and Co. overseeing the footballing department at Old Trafford. The past 12 months has seen plenty of changes at United on and off the pitch. One notable change saw Ineos oversee the appointment of Ruben Amorim as the club's new head coach to replace Erik ten Hag late last year.
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Ratcliffe had candid interviews with Gary Neville for Sky Sports, as well as with the BBC and The Times. Each of them saw the United chief make several admissions about his and Ineos' time in charge at Old Trafford so far.
Fernandes fondness
In the interview with the BBC, Ratcliffe emphasised the importance that Bruno Fernandes has to the club. This has come a week after United legend Roy Keane criticised the Portugal international for his leadership capabilities.
"There are some great players in the squad as we know, the captain is a fabulous footballer," said Ratcliffe. "We definitely need Bruno [Fernandes], he's a fantastic footballer."
Summer transfer business
In the same interview, Ratcliffe also addressed rumours that United may be forced to sell key players in the summer to fund their transfer business. Kobbie Mainoo and Alejandro Garnacho have been heavily linked with moves away from Old Trafford in recent months, but Ratcliffe says the club will not be forced into letting players leave due to financial reasons.
"No no. We won't be selling players because of the state we are in financially," said Ratcliffe.
"The club had got bloated so we reduced that and will finish it with a lean and efficient organisation. That's how we will address the costs. The player decisions will all be focused on how we are going to improve performance. That's all."
Out of cash by Christmas
In an interview with The Times, Ratcliffe also addressed the financial difficulties that he and Ineos have been forced to deal with since taking over at United.
“In super simple terms, the club has been spending more money than it’s been earning now for the last seven years, and it ends in a very difficult place," Ratcliffe said. "And for Manchester United, that place ended at the end of this year, the end of 2025, with the club running out of cash.
“I think it’s the first time we’ve probably said that in public, but that’s the fact of the matter.”
“There’s no money left in the club,” Ratcliffe clarified. “And that is after my 300 million.”
Grumpy Sir Alex but 'his decision'
Ratcliffe also opened up on the conversation with Sir Alex Ferguson that led to the former United boss stepping down from his role as a club ambassador. It was confirmed in October that United would no longer be paying the £2million-per-year salary to Ferguson in an effort to reduce further costs since taking charge of the footballing department.
“I take my hat off to Alex,” said Ratcliffe. “I sat down with Alex, just the two of us in the room, and I said ‘Look, the club isn’t where you may think it is. It is spending more than it’s earning and we’re going to finish up in some difficulties. Honestly, we can’t really afford to continue to pay you £2 million a year’.
“I said, ‘I’m going to leave it with you, let you have a think about it.’ It was very grown up.
"[He was] maybe a little bit grumpy at the beginning but he got it, and he came back three days later, after talking to his son, and said, ‘Fine, I’m going to step away from it. My decision.’ I think it reflects really well on Alex, because he put the club before himself.”