Man Utd face Ratcliffe NIGHTMARE as INEOS release worrying statement

Tom Weber

Updated: 11 Feb 2025 12:39 CST
3 min read

Sir Jim Ratcliffe, Man Utd, 2023/24 — © IMAGO

INEOS have released a statement that should set alarm bells ringing in the Manchester United fanbase.

Last year, Sir Jim Ratcliffe arrived as the self-styled saviour of the club he grew up supporting and vowed to pump millions into the faltering Premier League giants.

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However, since his partial takeover, the INEOS billionaire has increasingly become a villainous figure as draconian cost-cutting measures have alienated supporters and employees.

In late January, Man Utd sought to placate outraged fans with an official statement in which it was admitted that the club is "not sustainable and if we do not act now we are in danger of failing to comply with PSR/FFP requirements in future years."

This was a welcome moment of transparency from the club but ultimately only confirmed an already open secret. Much more worrying to Red Devils fans will be the statement INEOS have now released after being charged by New Zealand Rugby (NZR) with missing a payment deadline and trying to break a contract.

INEOS warn of the 'deindustrialisation of Europe'

Ratcliffe's massive conglomerate is in the midst of a six-year sponsorship agreement with the All Blacks, but NZR have announced that they are planning to take legal action after learning "of INEOS' decision to walk away three years early."

This has now prompted an outraged response in which Man Utd's co-owners bemoaned the 'deindustrialisation' of the European chemical industry.

"INEOS has greatly valued our sponsorship of New Zealand Rugby, having contributed over $30m to the teams in recent years," the statement began.

"However, trading conditions for our European businesses have been severely impacted by high energy costs and extreme carbon taxes, along with much of the chemicals industry in Europe, which is struggling or shutting down. We are witnessing the deindustrialisation of Europe.

"As a result, we have had to implement cost-saving measures across the business. We sought to reach a sensible agreement with the All Blacks to adjust our sponsorship in light of these challenges."

Compared to the money in football, $30m over three years is a trifling sum, so for INEOS to admit that they essentially can't afford this anymore and that the future of their industry branch looks bleak should worry Man Utd fans.

If they can't honour their sponsorship agreements, how will they be able to deliver on their promise of rebuilding Man Utd, which will of course require a much, much more significant outlay than just $30m and which can't simply be funded through player sales and redundancies.