Ineos have gone from being Manchester United’s saviours to pantomime villains in the space of one year.
There was delight throughout the Manchester United fanbase when the Glazers announced they were putting the club up for sale and it was Sir Jim Ratcliffe and Ineos who won the takeover race.
After almost two decades of being neglected by the Glazers, Ineos offered United hope of a brighter future.
But after one year of Ratcliffe’s ownership, all sense of hope has quickly been drained from the United fanbase.
A year of cost-cutting, ticket rises and bewildering decisions has seen many United supporters lose faith in the new ownership structure. Ratcliffe faced the wrath of United fans for his ruthless penny-pinching, yet there are no signs that it will slow up anytime soon.
Manchester United confirm new ruthless Ineos cuts
The latest financial accounts published by the club painted a bleak picture. United’s £113m loss in 2023/24 is a big issue in terms of PSR as it could shackle the club’s summer spending.
Lowering costs has been at the forefront of Ratcliffe’s mind since taking charge at Old Trafford. In July, Ineos cut 250 jobs to try and save money. On Monday, United confirmed up to 200 more job cuts.
It is all part of a new “transformation plan” aiming to make United a profitable club again following five successive years of losses dating back to 2019.
The new job cuts join an alarmingly long list of cost-cutting measures made by Ineos, which includes Sir Alex Ferguson’s contract being ripped up.
Glazers deserve blame for all Man United problems
It is Ratcliffe, Berrada and the new United hierarchy that will have to stand and take the blame for the brutal cuts made over the past 12 months, but they were only made necessary because of the lack of care under the Glazer family.
Of course, decisions such as £66 ticket price hikes and staff being stripped of bonuses are not something that Ineos can easily defend nor justify given that they have made some baffling sporting choices so far – such as the millions spent sacking Dan Ashworth.
But it shouldn’t distract from the fact that Ineos are trying to fix a gigantic mess that was solely caused by the Glazers.
As pointed out by the Manchester United Supporters Trust in their latest statement, United’s debt has grown to a jaw-dropping £731million.
It should not be forgotten that Ratcliffe personally injected £79m into the club to fund infrastructure projects – something Berrada insists is a top priority.
In contrast, the Glazers have taken millions in dividends which has only added to United’s financial problems.
It is now Ineos who are taking the bullet to try and solve a mess they didn’t cause.
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