Sir Jim Ratcliffe has launched a new project at Manchester United to tackle the financial difficulties behind the scenes.
After a miserable 2024/25 campaign, reports claimed Manchester United were close to PSR limits, which suggested a quiet summer transfer window.
Since then, United have spent over £200m on five major signings, and it seems PSR was never going to be an issue despite the lack of European football.
In the latest set of accounts, United had just £73m in the bank and the club have been relying on a revolving credit facility to cover costs.
Sir Jim Ratcliffe claimed United were going bust in 2025 before Ineos intervention, and it seems a new project has now been launched to help get the club back on track.
Man United launch ‘Project 90’ under Ineos command
Within the first 18 months of Ineos ownership, fans have been introduced to several ‘projects’ launched by the new owners.
The £50m renovation to Carrington was nicknamed ‘Project Avalon’, while Omar Berrada has also spoken frequently about United’s ‘Project 150’ – a plan to win the Premier League title by 2028.
Now, according to The Athletic, Ineos have United staff working towards ‘Project 90’.
It is an internal codename for a plan to improve United’s balance sheet by £90m each year. Whether that money comes from cost cuts, commercial deals, player trading or prize money – Ratcliffe wants to boost the money available to United.
Cash reserves have been an issue for United since the Covid-19 pandemic, leading the club to lean on the £300m revolving credit facility – which has now been expanded to an even higher capacity.
Ineos are trying to tackle debt built by Glazers
Despite only owning around 29% of United’s shares, Ineos have control at Old Trafford and it is Ratcliffe who will have to manage the debt built up by the Glazer family.
United’s gross debt sits at £731.5m at the latest count, and interest payments on that debt have reached over £750m since the Glazer takeover in 2005.
It is crippling the club from the inside out, and it is an issue that Ratcliffe and his team will have to tackle.
On top of that, United owe £400 million in transfer payments – a figure that has likely risen even further after this summer’s business.
United spread the cost of several signings this summer, meaning the club will continue paying for years to come.
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