By Christmas 2024, Sir Jim Ratcliffe and his team from INEOS had taken over Man United for a full year. During his first term, the British billionaire brought a breath of fresh air by completely changing the way a giant but old machine operated. "Red Devils" fans once compared Sir Jim to a precious gift from Santa Claus on Christmas Eve. However, things did not seem to be so perfect.
£547m is the huge debt the Glazers left INEOS with when they took over the club. Sir Jim Ratcliffe was considered a brave man, leaving the safety of sports teams in the INEOS ecosystem to take on the difficult task at Old Trafford. Britain's richest man has done everything he can for over a year but so far, things have not gone in the right direction.
Speaking of Man United's non-professional disappointment, the image of the legendary Old Trafford stadium in serious disrepair is the clearest proof. Many times, the image of the stadium's dome leaking, causing rainwater to flow down like a waterfall, has been spread on social networks. Not only is it leaking outside, the press conference room inside the stadium is also leaking when reporters had to use buckets to catch it during a post-match interview with Ruben Amorim. Not stopping there, the appearance of rats has been a headache for the stadium management when they appear everywhere, from the Old Trafford grass to the stands outside and the rooms inside.
The Theatre of Dreams is no longer a shining beauty. Now, it is a place that has witnessed many failures of the club and ugly images that are no different from an amateur football team.
To improve all that, Sir Jim and his team considered the option of building a new stadium. However, with a debt of more than half a billion pounds and facing immediate economic problems, the cash flow to take care of today is difficult, let alone the distant future. It is estimated that when building a new stadium, Man United could lose up to 3 billion pounds, a figure beyond the current capacity of the club, although the "Red Devils" have always been known as one of the teams with the highest annual revenue in the world.
When big things like building a new roof for Man United could not be considered, Sir Jim and his associates began a "belt-tightening" policy in the hope of saving even the smallest things. Money is a very sensitive issue and every time a certain amount is cut, small conflicts appear that seem to want to destroy the new operating system of the owners.
Money for matchday staff, staff meals, Christmas money... many expenses that have been taken for granted at Old Trafford in recent years are no longer available. Sir Jim has cut them in a decisive and somewhat brutal manner, shocking many people. The 2024 Christmas money, estimated at only £250,000 (equal to 1 week's salary of Marcus Rashford), has also not been allocated, causing anger to begin to be felt within Old Trafford.
A typical example is the INEOS termination of the legendary Sir Alex Ferguson's ambassador contract. The contract worth about £2.1 million/year to pay tribute to the greatest figure in the club's history is no longer available. Previously, at least 250 employees also walked out when their contracts were terminated.
From a financial perspective, what Sir Jim is doing will help Man United's wallet be less risky. But, on the other hand, is it a disorder in the management of INEOS? They are willing to cut very small things but cannot solve the mess in the squad of Erik ten Hag, now Ruben Amorim. No one can say good things when coming to Man United at this stage, from players, coaches to managers. Sir Jim is probably starting to feel the harshness as much as the disillusioned stars on the pitch.
As for the fans, they are furious because things are already bad enough and now the team has increased ticket prices. Loyal supporters who come to the stadium every week now have to pay more to see heads often bowed after each defeat. It is not worth it and only brings anger.
2025 will be a difficult year for the "Red Devils" when old debts cannot be paid off, new cash flow is not much. There will be many more shocks at Old Trafford, similar to the waterfalls of rain pouring down from the roof.
