While Ratcliffe’s bungling of major sporting decisions could be excused given his lack of expertise in the area, the club’s decline as a commercial force under his leadership is more damning.
In January, United dropped to eighth in Deloitte’s Football Money League, which ranks European teams according to their revenues. It was their lowest-ever ranking, with the fall largely due to their broadcast income shrinking by €52m due to failing to get into the Champions League in successive seasons. However, United are confident that they will climb back up that table if they return to Europe's premier club competition, which they are currently on track to do.
United’s failure to qualify for the Champions League since Ratcliffe became co-owner, their longest spell outside of it since 1993, is hitting the club in the pocket in other ways. For example, their deal with adidas is worth £10m less this year due to not being among the continent's elite.
The club have also been without a training kit sponsor since last season, when Tezos ended their agreement with the club. Club sources, however, stress that they are ready to wait for the right deal, both in terms of value and partner. United's shirt-sleeve sponsorship partnership with DXC technology is also set to expire in the summer, and it remains to be seen whether it will be renewed or replaced, while hotel giant Marriott International ended its sponsorship agreement with United last year.
There are other examples of United’s brand no longer seeming as strong as before. The club wanted to organise mid-season friendlies in the Middle East to plug the financial hole of not competing in Europe, but were unable to do so, while their share price has also fallen.
According to football finance expert Kieran Maguire, United’s share price is currently $17.70 per share, compared to the $33 per share Ratcliffe paid to acquire his minority stake two years ago, suggesting "the market thinks Man United is worth substantially less than he paid for it".