Ineos must be wary of growing £447m problem at Man United, it could get out of hand

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Since the takeover, Ineos have been trying to keep a lid on Manchester United’s troubling financial situation.

When Sir Jim Ratcliffe completed a £1.25bn takeover deal, he knew he would be partnering with the Glazer family and tackling the enormous debt grown at Old Trafford over the years.

In March 2025, United’s gross debt was £731.5m, and it continues to grow. Since Ineos took sporting control at Old Trafford, Ratcliffe and Co. have been eager to implement cost-cutting measures.

There have been several hundred job cuts around the club, and Ineos have launched ‘Project 90’ which is a wider plan to improve the club’s balance sheet by £90m each year.

But with on-pitch performances not up to scratch, Ineos have had to heavily invest in the first-team squad and that is quickly catching up to the club’s financial sheets.

Man United’s transfer debt is growing out of control

This summer, United spent £232m on transfers to bolster Ruben Amorim’s squad with five new incomings.

From a PSR perspective, United spread the cost of many of their deals to lessen the impact the transfer business will have this summer.

For example, Cunha’s £62.5m deal was spread over several years meaning the club have only paid a small portion of the fee this summer.

But that has been a strategy used over several years now, and it is quickly adding up.

The club’s recent financial report revealed that United currently owe a staggering £447 million in owed transfer payments to other clubs.

As pointed out by Swiss Ramble, this is “comfortably” United’s highest ever amount of owed transfer payments, and it could have a significant impact on spending later down the line.

Sir Jim Ratcliffe spoke about United’s owed transfer fees

Last season, Ratcliffe claimed United were going bust, and in hindsight it seems the financial issues at the club were overplayed.

But the figures don’t lie, and United’s owed payments is something Ineos will have to be wary of.

When speaking to The Overlap last season, Ratcliffe revealed United paid £89m on transfers before the summer window had even opened.

READ MORE: Inside the finances of Ineos’ Ruben Amorim sack dilemma, Man United’s PSR, Premier League bounty and UEFA payout

 “We’re paying for, Antony, we’re buying Antony this summer,” Ratcliffe said, explaining that United still had transfer instalments to pay on several signings made under the Glazer ownership.

“We’re buying Sancho this summer. We’re buying Hojlund and we’re buying Casemiro. We’re buying Onana.”