MANCHESTER: It’s been a year since one of Britain’s richest men bought into its most famous soccer team and vowed to bring the good times back.
So far, it hasn’t gone to plan for Manchester United or Jim Ratcliffe.
The record 20-time English champion are languishing in the bottom half of the Premier League, losing vast sums of money every year and facing fan unrest.
Even head coach Ruben Amorim said recently that this might be the worst team in the club’s storied history.
That’s not all on Ratcliffe, the billionaire owner of petrochemicals giant INEOS, but it has been a rocky start since he paid $1.3 billion for an initial 25 percent stake in United and assumed control of their soccer operations.
There have been high profile hirings and firings, brutal cost cutting, a hike in ticket prices and new lows on the field for a team that had been in decline for more than a decade before he became minority owner.
While there was triumph in the FA Cup last year, that success has been overshadowed by supporter protests, job losses, unconvincing transfers and humbling defeats.
Bold plans
Ratcliffe said his investment was “just the beginning of our journey to take Manchester United back to the top of English, European and world football.”
Those ambitions feel further away now than they have in decades, with United 15th in the standings and closer to the relegation zone than the top six after a woeful campaign. Sunday’s 1-0 loss to Tottenham was the 12th in the league this season and an eighth under Amorim, who only took charge in November.
Amorim said: “I have a lot of problems, my job is so hard, but I am here to continue my job to the next week with my beliefs.”
Major overhaul
He was one of a number of key hires made as part of Ratcliffe’s overhaul of United’s soccer operations.
Omar Berrada was lured away from Manchester City to become CEO and Dan Ashworth left Newcastle to take up the role of sporting director. Jason Wilcox, formerly director of City’s academy, became technical director.
Key figures at Ratcliffe’s Ineos Sport, Dave Brailsford and Jean-Claude Blanc, were appointed to the board and Amorim became the final piece of a new leadership team after former manager Erik ten Hag was fired in October.
But that restructuring has been far from a smooth process.
Ten Hag was fired three months after being handed a one-year contract extension with United having lost four of their opening nine league games.
Ashworth left the club less than six months after taking up his role, and after months of negotiations to take him away from Newcastle.
They were expensive missteps.
In total it cost United 10.4 million pounds ($13.09 million) to pay off Ten Hag and his staff and another 11 million pounds ($13.85 million) to trigger Amorim’s release from Sporting Lisbon.
It was reported it cost between 2 and 3 million pounds ($2.5-3.78 million) to hire Ashworth, who spent five months on gardening leave during negotiations with Newcastle.
Cost cutting
Those numbers make uncomfortable reading at a time when United has implemented cost-saving initiatives that they said included staff redundancies of around 250 roles. More could be on the way, according to reports.
In October it emerged that managerial great Alex Ferguson was not beyond the reach of those measures. He will step down from his lucrative role as club ambassador at the end of the season.
In addition to cuts, United raised their lowest-priced tickets to 66 pounds ($81) partway through the season, up from 40 pounds ($49).
They defended that decision by telling fans it could not sustain their current financial losses and were in danger of breaching league rules if they did not act. United reported losses last year of 113.2 million pounds ($140 million).
“We will get back to a cash positive position as soon as possible and we will have to make some difficult choices to get there,” they said in a letter to fans.
Fan protests
That explanation has not gone down well with supporters.
“Fans should not be paying the price for previous bad ownership & bad management,” Manchester United Supporters Trust posted on X. “The supporters bring far more value than the simple collective ticket revenue.”
Supporters spent years trying to drive out the American Glazer family, which is still majority owner, and there continues to be anger toward them after Ratcliffe’s investment.
There have been jeers for the team while United’s performances on the field have continued to slide.
New lows
Ratcliffe’s first season as co-owner saw United endure their worst league campaign in 34 years when they finished in eighth place.
The end of his first full season could be even worse.
The last time they lost 12 of their first 25 games in a league season was in the 1973-74 campaign when they were relegated from the top flight.
Transfer strategy
United have spent around $260 million on players in the two transfer windows under Ratcliffe, but the squad still looks well short of the quality required to challenge for the title.
Forward Joshua Zirkzee has struggled to adapt to the Premier League and defender Leny Yoro missed a large part of the season through injury.
The pressure of complying with the league’s financial rules has placed uncertainty on United’s ability to spend big in the summer to bring in players to suit Amorim’s preferred system, and there is unlikely to be a quick fix.
Stadium rebuild
Ratcliffe wants a world class stadium, either by way of redeveloping United’s iconic Old Trafford or building one from new.
His plans, which include an ambitious redevelopment of the surrounding area, have been backed by the UK government. Financing them, however, is another issue and it is not yet clear where that money will come from.
The modernization of United’s Carrington training ground is well underway after 50 million pounds ($63 million) of investment.
The future
United haven’t lifted the league title since Ferguson’s last season in 2013 and behind the scenes the focus is on winning it for a record-extending 21st time. But with Liverpool on course to equal United’s haul of 20 this season, it is the club’s great rival from Merseyside that could set that new bar first.
Ratcliffe is a hugely successful businessman but, as he is discovering, that does not guarantee success in soccer.