“Taking over a hornet’s nest”
Grading INEOS start to life at United in 5 metrics.
October 2023: Manchester United 0-1 Crystal Palace, as the Stretford End roof leaks down on the fans. 0-3, and the City fans erupt, “Old Trafford is falling down!”
Enter INEOS. Sir Jim Ratcliffe’s chemical company and sports group.
In February 2024, they bought 27.7% of the club, including the rights to the ‘on-field’ decision-making for £1.25 billion. Now tasked with overhauling this sinking giant and saving them from drowning permanently.
This would be no easy task as the club has been through six managers, (including caretakers) in 11 years since Sir Alex. All differing in their methodologies, forming a lack of cohesiveness which rendered any ‘progress’ made over the years, moot.
However, Ratcliffe would make the goal for Manchester United clear, immediately.
“Project 150”– the aim to win the Premier League in 2028, the 150th anniversary of the club.
Fast-forward a year, how has INEOS’ first year in charge been?
Financial Breakdown:
‘Project 150’ would be immediately dented by the financial position of the club. By June 30th, losses of £113 million were recorded.
This would become INEOS’ main focus as they implemented major cost-cutting to combat the issue. These measures included the cutting of funding to the Association of Former Players. & Sir Alex Ferguson’s multi-year multi-million ambassadorial contract. While reducing the overall staff headcount by 250, with further estimates to cut another 200, cancelling the Christmas dinner and even scrapping free lunches for staff at the club.
Increases to season ticket prices by 5% for the third successive year have also, led to serious backlash against the new owners from the fans, media and past players alike.Developing the Club:
However, INEOS alone should not be villainized as they are making tough choices to right the wrongs of previous ownership. Believing that they can save up to £1 million by cutting staff meals, having already saved £8.6 million after initial job cuts. Further estimates of another £25 million a year in savings from further redundancies, according to Stefan Borson, a football expert, should provide a glimmer of positivity.
While these cuts are not enough to make up for the massive player wages and outgoing fees, steps have been made there too with the outgoings of Sancho, Antony and Rashford on loan, reducing the wage bill.
Unfortunately, mistakes made on Ten Hag and Ashworth have cost them severely, which hampers their progress in this metric.
Grading: 5/10.
Developing the Club:
In 2022, Cristiano Ronaldo, in a feisty interview with Piers Morgan, revealed the state of the club was atrocious, that developments had not been made and that it was the same place as when he left the club initially in 2009.
INEOS has done well here as they have carried out the refurbishment of Carrington for £50 million, to try and build the best training facility in the country.
Most noticeable is the project for developing a new bumper 100,000-seater stadium, the “Wembley of the North”, according to Ratcliffe. INEOS remains persistent that United should have the best stadium in Europe, let alone the country and their new project certainly brings them closer to achieving those ideals. The project includes a new Manchester United Plaza.
The idea of building right next to Old Trafford to preserve the sanctity and aura of the old ground is a smart idea, however, knocking down Old Trafford a ground with such a rich history may not sit well with the fans.
Grading: 9/10.
Improving the Hierarchy of the club:
“Those issues are wide-ranging… the players, the organisation and the ambition”- Jose Mourinho.
Previously, United would only employ a Director and Executive which placed a lot of pressure on managers, to make suggestions and signings while also managing the team. A concept that has become a rarity in modern football.
However, now there is the groundwork of a competent structure at the club with a clear chain of command.
Marc Armstrong- Chief Business Officer
Roger Bell- Chief Financial Officer
Omer Berrada – Chief Executive Officer
Jason Wilcox- Sporting Director
Christopher Vivell – Director of Recruitment
Richard Hawkins- Director of Football Insights and Innovation
This is not to say that it has been perfect, as the hiring and firing of Dan Ashworth has cost them millions for a three-month ‘rental’, but in comparison to what it used to be, this is night and day for United.
Unfortunately, a proper evaluation can only be determined throughout the long run as the real reward lies in the sustainability of operations.
Grading: 6/10.
“I didn’t always get the players that I want”- Louis Van Gaal.
United have struggled for years to recruit the right balance of wage-appropriate players for transfer-appropriate fees to hit the ground running and stay there for a long time. INEOS would need to write a wrong here by making a statement in the first year.
This is the business they have done:
- Joshua Zirkzee – £36.5 million- struggled for most of the season, has been reborn as an attacking 10 for Amorim. 5/10.
- Leny Yoro- £52 million- a statement signing getting him from the grasp of Real Madrid, at 18, one with serious upside.
- Matthijs De Ligt- £38.5 million- undervalued centre-back who’s been available and good this season for United.
- Noussair Mazraoui- £12.8 million- versatile fullback who has been consistent this year.
- Manuel Ugarte- £42.2 million- energetic midfielder they have needed for some time, fits perfectly for Amorim’s system.
- Sekou Kone, Chido Obi and Ayden Heaven- £2 million- young and for the future, type of signing they haven’t made enough, low downside and high potential upside.
- Patrick Dorgu- £25 million- young LWB with the potential to develop more while fitting the new managers’ system perfectly.
INEOS has done a decent job in their first window in charge, signing for the future and not splashing out recklessly.
Grading: 6/10.
On-Field Performance:
While the league results hadn’t been consistent or acceptable, things looked promising when Ten Hag’s United would win the FA Cup, beating Manchester City 2-1. Despite this, the off-season would be highlighted with news circulating that United would be looking at candidates for a new manager, with names like Graham Potter, Gareth Southgate and Thomas Tuchel being discussed.
However, to much shock, they would persist with Erik and give him a contract extension as well. Citing that, they wanted to see if the erratic nature of United’s performance was due to its erratic nature as a club. Unfortunately, this was not the case, as after their worst start in Premier League history, Ten Hag would get the sack in October, and it would cost them around £15 million.
They would hire Ruben Amorim, and he would not have any ‘new manager bounce’ despite being unbeaten with Sporting Lisbon before his arrival. Despite recent positivity, United remain in 13th place, far off the pace from the rest of their ‘big 6’ competition- barring Spurs and looking miles away from where they would like to be.
The only positives are that this massive underperformance has shown them that the squad is lacklustre, a very glass-is-half-full way of thinking and their good Europa League campaign so far.
Grading: 1/10.
Overall, it has been a topsy-turvy start to life at Manchester United. Ratcliffe said it himself when he mentioned that they didn’t exactly know the magnitude of the situation upon arrival at the club.
Their start could be summed up with the quote ‘it’s gonna get worse before it gets better”.
According to my grading system, United have acquired a rating of 27/50, equivalent to 54%, or a high Grade 3 or C- if you prefer the older method of GCSE gradings.
INEOS’ start to life at United has been AVERAGE, not the fairytale story they would have been hoping for but also at the same time not a ‘raise the fire-alarm level disaster’ either, giving them a foundation to build upon. However, only time will tell whether their contributions have changed United for the better or left them even worse on the brink of extinction as a footballing entity.
