Ineos debts spiral to £8.8bn with more war woe forecast as analysts say Premier League giants 'sure' to be impacted
21:16, 31 Mar 2026
Manchester United transfers could be hit by the Iran war after co-owner Sir Jim Ratcliffe's chemicals empire racked up a £515m loss last year.
Ineos blamed soaring energy costs and US President Donald Trump's tariffs as losses jumped from £62m the previous year.
And the company warned more financial pain was likely to follow due to the on-going war in the Middle East.
Analysts said the economic strain was ‘sure’ to have an impact on United.
The Brit billionaire owns a 28.94% share in the Premier League giants.
“Even without these numbers it is perhaps not a time to consider record transfers,” one expert said.
Ineos’s debt rose by £1bn to £8.8bn at the end of December.
Sir Jim Ratcliffe
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Sir Jim Ratcliffe's Ineos hit by Iran war(Image: AFP via Getty Images)
It comes after S&P Global and Fitch, two of the world's largest rating agencies, downgraded chunks of Ineos debt in recent months.
The results pre-date the outbreak of war in Iran with bosses warning the conflict risks piling more pressure on the debt-laden business.
An Ineos spokesman said it does not have ‘operations in the Middle East and revenue generated in this region is not material to the group’.
But they went on: “The length, impact and outcome of the ongoing military conflict in the Middle East is highly unpredictable and there can be no assurances that further unforeseen events related to this conflict will not have a further material adverse effect on our operations.”
Old Trafford
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United's Old Trafford stadium(Image: Getty Images)
The results emerged as Ineos warned investors of delays to its new £3.5bn flagship petrochemicals plant because of the closure of the Strait of Hormuz - the Middle East shipping lane shut by Iran in revenge for US and Israeli airstrikes.
Ineos said the completion of the Project One plant in Antwerp, Belgium, may be held ip after two of its components were stranded in the Gulf.
The plant, which will make materials for plastic products and was due to be finished by the end of this year, was already suffering delays after its environmental permit was suspended in 2023 by the Belgian government.
Ineos has described Project One as the largest investment in the European chemical sector in a generation.
It is made up of heavy modules that have been built across Thailand, the United Arab Emirates and the Philippines before being shipped to Antwerp.
Two of those shipments are stuck in a port in the Gulf.
Ineos declined to comment.
But a source with knowledge of the company said it was 'nonsense' to suggest United may be affected, adding: "The business is totally separate from the club."
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United had not responded to a request for comment.