Sir Jim Ratcliffe
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Manchester United’s season went from bad to worse last night as they were beaten 1-0 by Tottenham Hotspur in the UEFA Europa League final.
The result has only intensified scrutiny on Ruben Amorim, with pressure mounting over whether he is the right man to lead the club forward.
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United’s displays under his management have raised concerns, with performances stagnating and no Champions League football next season now confirmed.
That absence of elite European competition has major financial implications – and the consequences are already being felt.
Sir Jim Ratcliffe already feeling impact after Manchester United final loss
Manchester United shares fell 7.8% in early pre-market trading on the New York Stock Exchange, as reported by the Financial Times, reflecting investor concerns following the final loss.
As well as what it means for the club’s immediate future.
The defeat means United miss out on an estimated £100 million in revenue, tied to Champions League qualification, higher ticket sales, media rights, and sponsorship opportunities.
Although some costs like squad wages and travel expenses will decrease, the overall financial hit is significant.
It adds further strain on both the Glazer family, who have owned the club since 2005, and Sir Jim Ratcliffe’s INEOS, which recently acquired a 29% stake in the club at a valuation of $5.4 billion.
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Despite INEOS’ leadership taking over football operations, overseeing structural changes and cost-cutting measures including staff redundancies and the appointment of Amorim, the on-pitch performances have failed to deliver results.
United currently sit 16th in the Premier League, dangerously close to the relegation zone with one match left.
The financial instability is not new.
United posted aggregate net losses of more than £370 million over the past five years and hasn’t broken even since the pandemic.
The club remains burdened with €569 million in net debt as per FT’s report, largely stemming from the Glazers’ original leveraged buyout.
United’s shares were trading at $13.40 on Thursday morning – below the $14 IPO price from 2012, and far from the $33 per share Sir Jim Ratcliffe paid for his stake.
The Glazers still hold just under 50% of the equity.
However retain more than 67% of voting rights through their privately held B shares.
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INEOS holds a mixture of A and B shares, granting significant control.
Ratcliffe’s investment came after fending off competition from Qatari bidder Sheikh Jassim bin Hamad al-Thani, son of former Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani.
But with Champions League football out of reach and financial pressure growing, the owners face tough decisions ahead.
Amorim’s future could be among the first on the table.
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