Sir Jim Ratcliffe`s arrival at Manchester United was heralded as the start of a new era. However, over a year later, the club is on course for its lowest Premier League position and poorest domestic performance since being relegated in 1974, a period marked by the dismissal of 450 club employees.
Winning the Europa League final against Tottenham next week could change the picture, securing Champions League qualification and complementing the ambitious plans recently revealed by Ratcliffe and his chemical company, Ineos.
United is just one part of a sports portfolio valued at over £2.2 billion, which previously seemed dominant but is now showing some vulnerabilities.
Football
Before his involvement with Manchester United, Ratcliffe`s sports investments included Lausanne and Nice.
In 2017, Ineos announced its acquisition of the Swiss club, framing it as part of their ongoing investment in local youth and community sports.
Their promise of “full backing” for manager Fabio Celestini ended when the club was relegated just six months later.
Under Ineos` ownership, Lausanne has frequently moved between divisions but is now safely above the relegation zone and has settled into the Stade de la Tuiliere, its 13,000-seat stadium opened in 2020.
Two years after the investment in Switzerland, Ineos purchased French club Nice for £89 million. Ratcliffe commented at the time, “We learned from our errors at Lausanne; they have been fixed, and we are seeing the positive results.”
Ineos took over with Arsenal legend Patrick Vieira as manager, but he was dismissed after 15 months.
Since then, four full-time managers have left, with Franck Haise concluding his first season in a strong position to surpass Ineos` previous best Ligue 1 finish of fifth place.
Despite failing to win a game in the Europa League, Nice currently sits fourth in the domestic league with one match remaining.
They are tied on 57 points with two other teams, potentially finishing as low as seventh. However, a victory at home against Brest on Saturday would largely secure qualification for the Champions League preliminary rounds.
Following their £1.3 billion investment last summer to take control of “sporting operations” at Manchester United, Ineos was required by UEFA regulations to transfer most of their shares in Nice to a blind trust.
Performing better without our involvement
Ratcliffe conceded in March, “Nice`s best season is the current one, precisely because multi-club ownership rules prevented our direct involvement. They`ve performed significantly better without our interference! Perhaps there`s something to learn from that.”
Upon confirming his purchase of slightly over a quarter of United`s shares from the Glazers, Ratcliffe pledged to restore the club to its former glory, stating, “This will likely take two or three seasons.”
That timeframe now appears to be an optimistic estimate.
The decision regarding Erik ten Hag was anticipated, but acquiring sporting director Dan Ashworth from Newcastle for £3 million only to dismiss him (or see him leave) after five months was a significant and expensive setback.
While expressing public support for Erik ten Hag, Ratcliffe has also voiced criticism of certain players.
The ambitious announcement of a £2 billion project, centered around building a 100,000-seat “New Trafford” stadium alongside the club`s historic home, signaled a clear long-term vision.
Formula One
In 2020, Ineos became Mercedes` “principal partner” through a five-year £100 million agreement, acquiring a one-third stake by year-end.
Mercedes secured consecutive constructors` championships in their first two years with Ineos, extending their winning streak to eight. Lewis Hamilton won the drivers` title in 2020 and narrowly missed out to Max Verstappen on the final lap in 2021.
However, this marked the end of Mercedes` dominant period, and Hamilton moved to Ferrari before the current season.
George Russell continues to compete, although his car currently trails the pace of McLaren (Lando Norris and Oscar Piastri) and Red Bull (Max Verstappen).
As Ineos` financial health faces scrutiny, rumors suggest Ratcliffe might leave, but team principal Toto Wolff stated, “He is one of us three partners — Mercedes, Jim, and myself. We are committed long-term.”
Rugby Union
In 2021, Ratcliffe`s Ineos partnered with the All Blacks as a “performance partner” in a six-year deal valued at £4 million per season, but this arrangement is now uncertain.
New Zealand Rugby filed a lawsuit in February, alleging “breach of contract,” after announcing that Ineos had “failed to pay the first installment of the 2025 sponsorship fee, confirming its decision to exit” the deal.
This situation arose as Ineos admitted facing financial difficulties due to rising carbon taxes in Europe, describing the chemical industry as a “challenging business.”
Ratcliffe expressed his frustration in March, stating, “We discussed with New Zealand Rugby the challenging economic climate. We hoped to find a compromise, which you`d expect them to consider given our sponsorship of the All Blacks, but they were unwilling to engage.”
The All Blacks are currently ranked second globally, which some might consider below expectations.
Cycling
Under Sir Dave Brailsford, Team Sky established itself as a dominant force in professional road cycling, featuring Tour de France champions like Chris Froome, Bradley Wiggins, and Geraint Thomas.
The team was rebranded as Team Ineos in 2019 and then Ineos Grenadiers a year later. The company committed to matching or surpassing the team’s £34 million yearly budget.
Egan Bernal of Colombia secured the team’s seventh Tour de France victory in the first year of Ineos` sponsorship, but they have not won cycling`s premier race since then.
While Ineos provides around £40 million annually, the team is reportedly nearing a significant sponsorship agreement with TotalEnergies, another petrochemical company.
Sailing
In 2018, Olympic sailing legend Sir Ben Ainslie and Royal Yacht Squadron Commodore Jamie Sheldon joined Ratcliffe to announce the formation of Ineos Team UK and their ambition to finally win the America`s Cup.
The team, which included Olympic champion Giles Scott, advanced to the final of the Prada Cup qualifiers in 2021 but were defeated by Italy`s Luna Rossa, who then lost decisively to the defending champions, Emirates Team New Zealand.
Ineos invested over £110 million and renamed the team Ineos Britannia before the 2024 America`s Cup, the world`s oldest international sailing competition.
For the 2024 challenge off Barcelona, the British boat, co-helmed by Ainslie and Olympic champion Dylan Fletcher, again reached the final.
However, they were once again unsuccessful, losing 7-2 to the New Zealand team.
In January, Ineos declared its intention to enter a third challenge, but notably, Ainslie will not be part of it.
Ratcliffe commented, “Ben wished to pursue his own path, which is acceptable.” However, Ainslie claims he has the right to be the “Challenger of Record,” granting him preferential access to information compared to other participants.
Ainslie`s team expressed being “astonished” by Ineos` action, stating it “creates considerable legal and practical difficulties.”
Athletics
In 2019, Kenyan superstar Eliud Kipchoge`s successful attempt to run a marathon in under two hours, the Ineos 1:59 Challenge, was financed by Ratcliffe.
Kipchoge completed the 26.2 miles in Vienna in 1:59:40.2 — although this time was not ratified as an official world record because he used rotating pacemakers and the event was not a standard competitive race.
Subsequently, in 2022, Ineos signed a partnership agreement to become a “performance partner” for Kipchoge`s NN Running Team, based in the Netherlands.
