European finals should be about glory for Manchester United. Instead, the Europa League showpiece against Tottenham in Bilbao is more about saving face and saving the club’s balance sheet.
It is the most obvious statement of the season to say the success of 2024-25 hinges on tomorrow night’s all-Premier League clash at San Mames, where Ruben Amorim and his squad arrived today.
For Sir Jim Ratcliffe, the Europa League final could put a shine on a first full season at Old Trafford which would otherwise be remembered solely for brutal job cuts, price rises for bedrock fans, and the worst domestic campaign on the pitch since the 1970s.
And given that Ineos are experiencing financial difficulties outside football and United themselves are close to their limit with Profit and Sustainability Rules (PSR), it’s not hyperbole to say that tomorrow night could shape the Ratcliffe era.
Graph showing Manchester United's pre-tax profit and loss account from 2013-14 to 2023-24
Manchester United profit and loss account over the last 10 years Credit: Adam Williams/United in Focus/GRV Media
The difference between winning and losing on the night is only about £5m in prize money, but qualification for next season’s Champions League is worth £55m at the very, very least, while even modest progress in that competition could see the Red Devils earn £100m-plus.
That’s what is at stake in Bilbao.
Glazers could fly in for Europa League final at Manchester United’s expense
For all of Ratcliffe’s faults, he is steering a ship that under the Glazers was on course for an iceberg.
The American family have loaded the club with hundreds of millions of pounds worth of debt, which indeed was the reason they originally floated the club on the New York Stock Exchange.
Photo Ben Hider/Getty Images via NYSE Euronext
Photo Ben Hider/Getty Images via NYSE Euronext
United being a publicly listed company with all the scrutiny that entails is a headache that Ratcliffe could do without at present.
More United News
The Glazers have also made appalling player and staff recruitment decisions and let what should be a retail and sponsorship juggernaut enter a period of commercial stasis.
Change was necessary, though Ratcliffe has left himself open to accusations that how he has decided to make his mark at Man United has been penny-wise but pound-foolish.
Photo by James Gill - Danehouse/Getty Images
Photo by James Gill – Danehouse/Getty Images
Each week seems to bring a story about some new miserly initiative.
This week, it emerged that Ruben Amorim is paying for 30 staff to attend the final in Bilbao in lieu of the club footing the bill.
As University of Liverpool football finance lecturer Kieran Maguire points out in exclusive conversation with UIF, there was a similar story with United captain Bruno Fernandes ahead of last year’s FA Cup final.
“Culture always trumps strategy,” the Price of Football author said.
“The culture at Ineos is one of mistrust and seeing people as expenses rather than assets. There are short-term financial gains you can make off the back of that but they are also trying to have best-in-business and, if you have a culture of criticism from day one where people think they can be cut at any minute, are you going to attract and retain the best people?
“If you want to maximise productivity and have high morale then you need buy-in from everyone.
“There is a two-tier approach at Man United. I’ve heard that the Glazers will be flown across at the expense of the club. We’ve seen other stories too, such as the fact that Amorim paying for staff to travel.
“Last year, Bruno Fernandes was told he couldn’t pay for players to travel to watch the FA Cup final because it would look bad for Ineos. He isn’t going to be happy with what we’re seeing now at all.
“Yes, headcount will be down as part of the cost and job cuts, but are they getting rid of the best people?
“Football clubs don’t pay particularly well but the kudos of working for Manchester United is part of the sell. If your job might not exist soon, you lose that factor.”
Sir Jim Ratcliffe facing three-pronged problem with UEFA ownership rules
Last week also brought stories that Ratcliffe is looking to sell OGC Nice, his other club in France.
The Ligue 1 side have enjoyed their best season since Ineos bought the club in 2019, qualifying for the Champions League play-offs.
As it happens, their success has coincided with Ratcliffe’s withdrawal from day-to-day operations, with Ineos forced to put the club under a blind trust to satisfy UEFA’s conflict of interest rules.
If United win tomorrow, they may be playing in the same competition as Nice once again next term.
UEFA have said that the blind trust arrangements are only a temporary reprieve and they will be clamping down on dual ownership of clubs in future.
Infographic explaining the multi-club ownership model, with United in Focus logo
Multi-club ownership infographic Credit: Adam Williams/United in Focus/GRV Media
What’s more, Ratcliffe’s third team, the Swiss side Lausanne Sport, could also qualify for Europe. With one game left, they are a point outside the Europa Conference League spots.
Currently, UEFA’s dual ownership rules only apply to clubs in the same competition, but they could be broadened in future, which would complicate things for Ineos and United.