Manchester United are due to repay £315m worth of debt in just over a year’s time, but Ineos could leverage Champions League cash to secure a better deal, says football finance expert Kieran Maguire.
Since Malcolm Glazer’s leveraged buyout in 2005, United have paid almost £750m in interest. Including money owed in transfer instalments, total debt now stands at £1.3bn.
The debt is complex and multi-layered, but £315m of it reaches maturity in June 2027. As is well documented, United’s cash issues mean that they will almost certainly renegotiate with their lenders and roll over the £315m owed under new terms.
Six months before that date, Sir Jim Ratcliffe’s Ineos is also due to repay lenders about £870m related to their Quattro investment group. Again, Ineos will likely refinance that debt as they continue to battle significant headwinds in the chemicals industry.
A billboard near Old Trafford shows a picture of Sir Jim Ratcliffe above the words 'Welcome To Manchester' prior to the Premier League match between Manchester United and AFC Bournemouth at Old Trafford on December 09, 2023 in Manchester, England.
Photo by Stu Forster/Getty Images
The company has reportedly explored asset sales and cost-cutting measures – like those Ratcliffe has enacted at Old Trafford – in order to raise cash and protect itself.
So, what does this mean for Manchester United?
“Ratcliffe is cash-rich compared to a normal individual but not necessarily in the context of asset wealth, which is tied up in Ineos, and they do not have spare capacity” Maguire, a football finance lecturer at University of Liverpool, says in exclusive conversation with United in Focus.
If you look at the secured notes at Man United, they mature on 25 June 2027. We’re talking here at £315m. I’d be very surprised if that wasn’t rolled over. But then again, I am also very surprised that they haven’t already rolled it over.
“United are a cash generating business, as is chemicals. But you have to wait for the fat lady to sing in order to actually be able to pay down that debt.
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Manchester United co-owner Sir Jim Ratcliffe arrives prior to the Premier League match between Manchester United and Manchester City at Old Trafford on January 17, 2026 in Manchester, United Kingdom
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“Ahead of refinancing, interest rates are an issue. When you go back to the PIK loans, United were paying 16.25 per cent in the early years after the leveraged buyout.
The club has established itself as a good cash generator, but the banks aren’t going to roll over on this. They are going to recoup based on their risk-based observations of the club.
“If they qualify for the Champions League, however, it helps United in those negotiations.”
After defeat to Newcastle United in the week, Michael Carrick’s side remain in 3rd place in the Premier League, where a top-five spot will guarantee entry to the Champions League at the league phase.
Qualification will likely deliver revenues in excess of £100m, even in a worst-case scenario.
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