Sir Jim Ratcliffe looking sad alongside the Glazers at Old Trafford
(Credit: Imago/Getty Images)
James Murray
Sat 10 January 2026 8:00, UK
Manchester United co-owner Sir Jim Ratcliffe is facing a significant challenge as he looks to resolve INEOS’ financial struggles.
Ratcliffe purchased an initial 27.7 per cent stake at Old Trafford in February 2024 after agreeing a £1.25billion deal with the Glazers.
However, Football Insider revealed on 1 January Ratcliffe could be forced to temporarily step back at Man United to focus on INEOS.
It comes after The Telegraph reported on 29 December the British billionaire is battling to save the petrochemicals giant from “drowning under £18bn of debt”.
Ratcliffe, who serves as INEOS’ chairman and CEO, has blamed the company’s issues on high energy costs, US President Donald Trump’s trade tariffs and cheap Chinese imports.
Man United CEO Omar Berrada and co-owner Sir Jim Ratcliffe
Credit: Imago
Why Sir Jim Ratcliffe could face issues financing Man United
Former Man City financial adviser Stefan Borson exclusively told Football Insider Man United could face an issue if they require investment from their shareholders.
Ratcliffe increased his stake in Man United to 28.9 per cent after injecting around £240million into the club in early 2025, diluting the Glazers’ shareholding to 48.9 per cent.
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Speaking exclusively to Football Insider, Borson said: “These are real problems that INEOS have got. I think once you get to that position, that’s the priority, so football just becomes sort of irrelevant. It’s going to be a key interest for him.
“If Manchester United needs some investment, that could be more difficult. We know that the Glazers are always extremely unwilling to put their hand in their pocket. They always prefer to find a third party.
“INEOS have been that third party for the last two years. But there is a decent chance that they need some more equity put in because Manchester United do seem to have as much debt as they can cope with.
Credit: Getty Images
“They do seem to want to continue to buy players. They have big stadium plans and, therefore, they are going to need probably more equity coming in.”
There has been plenty of talk around the debt situation at Old Trafford, with the latest figures revealing it has now reached £1.29bn.
Why an exit could be on the cards for Man United shareholder
Borson insisted Man United could need investment from another third party to meet their cash requirements.
“Now, if the two equity holders in INEOS and the Glazers are reluctant to or unable to put cash in, then of course, that is going to lead to really one of two things,” said Borson.
Sir Jim Ratcliffe and Jason Wilcox looking concerned
Credit: Imago
“Either they’re going to have to run themselves in a different way with a lower cash requirement, or alternatively they’re going to have to find another third party to come in and work alongside them or replace one of them.”
Man United generate the second-highest revenue in the Premier League after their turnover increased from £661.8m in 2023-24 to £666.5m last season.
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