It has been almost two years since Sir Jim Ratcliffe purchased a 27.7% stake in Manchester United, with his tenure at Old Trafford going far from swimmingly
Isaac Seelochan Senior Sports Journalist, Kieran King Sports Writer and Aaron Morris Senior Sports Reporter
08:00, 22 Jan 2026
Sir Jim Ratcliffe looks on
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Sir Jim Ratcliffe's tenure at Manchester United has been rocky(Image: Crystal Pix/MB Media, Getty Images)
Sir Jim Ratcliffe's concerns are escalating at Manchester United, following the revelation that the Red Devils have plummeted FOUR positions in the Deloitte Football Money League.
The British tycoon purchased a 27.7% shareholding in United through a £1.25billion transaction at the beginning of 2024, after reaching an arrangement with the Glazers. The 73-year-old was subsequently handed authority over football operations and strategic decisions at the club, with former Manchester City chief football operations officer Omar Berrada appointed as chief executive and ex-Southampton technical director Jason Wilcox taking on a comparable position.
However, Ratcliffe's adjustment period during his nearly two years at Old Trafford has been far from smooth. Erik ten Hag was originally kept on as manager after United's FA Cup triumph against Manchester City, before being dismissed just 10 Premier League fixtures into the 2024/25 campaign.
Sir Jim Ratcliffe, Co-owner of Manchester United, looks on before the trophy presentation after the UEFA Europa League Final 2025
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Sir Jim Ratcliffe acquired a stake in Manchester United in 2024(Image: UEFA via Getty Images)
Subsequently, following five months of gardening leave whilst compensation negotiations took place with Newcastle, Dan Ashworth was dismissed as sporting director after just five months in post. Additionally, over 400 employees have faced redundancy, whilst other perks for behind-the-scenes personnel were eliminated as Ratcliffe sought to reduce expenditure with the goal of channelling more resources into the first-team squad.
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While Ratcliffe has shown his commitment to backing the club financially - evidenced by the over £200million splashed out last summer despite United having no European football - he was forced to shell out approximately £27m-£30m to axe Ruben Amorim from his position as head coach earlier this month. Following Amorim's appointment as Ten Hag's permanent successor in November 2024, the Portuguese boss endured just 14 months at Old Trafford, securing 24 victories and 18 draws from his 63 games at the helm.
Amorim steered United to the Europa League final last May, but the Red Devils fell short of silverware after suffering a 1-0 defeat to Tottenham. In total, it's calculated that, encompassing the original compensation to Sporting CP (approximately £9m-£11m), the settlement for his remaining contract (roughly £10m-£12m), and his wages throughout his 14-month stint, United haemorrhaged between £27m-£30m from Amorim's dismissal, representing a substantial financial blow for his brief, silverware-free reign.
Ruben Amorim
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Ruben Amorim's tenure at Manchester United lasted only 14 months(Image: Photo by Richard Pelham/Getty Images)
Combined with United's Europa League heartbreak in Ratcliffe's maiden full campaign as owner, the Red Devils plummeted to 15th in the Premier League standings, marking their worst top-flight finish in half a century. Talk of a possible buyout resurfaced in October last year when Saudi sports promoter Turki Al-Sheikh hinted at an imminent deal through social media posts.
Though no such transaction materialised, whispers persist that the Glazers, who have controlled United since 2005, might offload the club. Should the Glazers opt to sell United, a 'drag along rights' provision in Ratcliffe's purchase agreement would kick in.
This mechanism would then establish a timeframe for any complete sale of the club. If the Glazers wish to fully dispose of the club before February 2027, Ratcliffe's stake would need to be valued above the £24.5m he originally paid. Beyond that date, however, the Glazers can accept whatever offer they choose, and Ratcliffe would be compelled to sell alongside them, regardless of any financial loss.
The development of a cutting-edge new 100,000-capacity stadium represents another significant discussion point surrounding Ratcliffe and United, with the Red Devils anticipated to progress with these proposals shortly. Meanwhile, former Aston Villa chief executive Keith Wyness put forward his own theory regarding United's investment strategy earlier this week.
He believes that the club will require extra revenue to help bankroll the proposals for constructing a new stadium. Speaking to Football Insider, he said: "I've got no doubt there are discussions, and it's the Glazers that hold the key at the moment, and I've got no doubt discussions have happened about the Glazers either bringing in another partner or selling it in some position, and I think Ratcliffe would have little choice on that.
"See the big ramifications of the problems that INEOS have brought on themselves now is things like the debt pile that's still there in his own company, which means that they will not be able to finance through INEOS or give the proper guarantees, possibly for things like the stadium.
"Now that's a big long-term project that all the fans were told to buy into. If you like, it was the showpiece of the whole INEOS tenure, that they wanted to show that we're going to be moving forward and the great new Old Trafford project was going to be born and with the circus tent.
"And it was impressive, but I'm just wondering now how that could be financed in the same way without bringing in outside finance in a more expensive way and that's going to put more pressure on them."
It's fair to say that Ratcliffe's journey at United hasn't been plain sailing thus far, and another massive worry has now emerged for him. The Red Devils have slipped to eighth position in the 2026 Deloitte Football Money League, dropping four spots from their standing at this point last year. The newest and 29th edition of the Money League reveals the 20 top revenue-generating football clubs worldwide for the 2024/25 season - a campaign where United reached the Europa League final, made it to the Carabao Cup quarter-finals and were knocked out of the FA Cup in round five.
United clocked up 61 fixtures - with 30 at Old Trafford - across all tournaments, and banked £166.73m from matchday takings during the season. While this ranks third globally behind Real Madrid and Barcelona, this sum is certain to plummet in the 2027 report.
This is because United face just 40 matches in 2025/26 owing to no European action and early exits from both the Carabao Cup and FA Cup. The situation will pile further pressure on Ratcliffe, with reduced matchday income meaning less cash available for Profit and Sustainability Rules (PSR) compliance and squad investment.
Manchester United players celebrate
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Manchester United have improved in terms of form(Image: AFP via Getty Images)
However, the most alarming revelation from the Money League findings is United's broadcast income tumbling from a massive £225.58m to £179.84m, primarily caused by missing out on Champions League football last term, The complete absence of European competition this season will see United's broadcast earnings nosedive dramatically for the 2027 edition.
The third and final element considered in the Money League is commercial revenue, where United still perform strongly, bringing in £346.76m through the doors in 2024/25. Only Manchester City, Real Madrid, Barcelona and Bayern Munich surpass them in this category across global football.
In total, United pulled in £693.43m in 2024/25. This figure has seen them slip to eighth in the Money League, trailing Real Madrid (£1.05bn), Barcelona (£852.3m), Bayern Munich (£752.45m), Paris Saint-Germain (£731.81m), Liverpool (£731.03m), Manchester City (£725.08m), and Arsenal (£718.44m). Tottenham, who defeated United in the Europa League final, sit one spot below United in ninth with £588.07m, whilst Chelsea languish in 10th with £510.70m following their Conference League campaign last season.
Despite United continuing to produce substantial revenue, they're slipping behind their competitors and matters will only deteriorate with the Red Devils absent from Europe and crashing out of cup competitions early this term. United's descent down the Money League isn't merely a scathing reflection of where the Red Devils currently stand from matchday, broadcast and commercial angles - it's another massive headache piled onto Ratcliffe's plate.
Ratcliffe needs to get United sorted - and quickly - beginning with making sure Michael Carrick has the squad at his disposal to secure Champions League qualification next season. Should Carrick feel he lacks the necessary resources, Ratcliffe must support him in the January transfer window and provide him with the tools required to achieve at least a fifth-place finish.
There are no excuses. United aren't competing in any other tournament besides the Premier League between now and the season's end, allowing them to concentrate solely on the top flight from this point onwards. Saturday's 2-0 victory over Manchester City has instilled confidence and provided them with an excellent opportunity for Champions League qualification.
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Returning to Europe's elite competition would enhance matchday, broadcast and commercial income, delivering a significant boost to the Reds and enabling them to both increase spending and attract superior talent. It would also ease the pressure on Ratcliffe, following his disappointing first two years at Old Trafford.
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