Gary Neville was not wrong when he suggested that Sir Jim Ratcliffe’s proposed 25 per cent investment in Manchester United raises more questions than answers.
Those United fans who have long been calling for a full sale only will rightly wonder how two very contrasting parties accustomed to doing things very much their own way can possibly work constructively in unison at a club that, above all else, requires smart, joined-up thinking after a decade of mismanagement.
An alliance between the British billionaire Ratcliffe, who is not shy about coming forward, and the notoriously secretive, inscrutable Glazer family is unusual to say the least and supporters could be forgiven for thinking such a marriage already has the makings of an acrimonious divorce.
Ratcliffe, of course, would argue that change – real change – can only be driven from within and that a deal, even one probably scarcely imaginable from what he had in mind when he first entered the negotiation process almost a year ago, is better than no deal at all.
And so, at 70, the Ineos founder could be about to embark on arguably the biggest gamble of an extraordinary working life, or at least the one that has the potential to cause him the most discomfort if it does not go to plan.
Ratcliffe ‘will be very hands on’
This is not a pure business transaction for Ratcliffe. It is probably his most personal venture yet, taking a stake in the club he has supported all his life and one which also happens to be a treasured British sporting institution that has been mishandled for too long.
Ratcliffe would doubtless have liked to have done so on different terms but, after a torturous process, this was the only deal in the end that was palatable to the Glazers. And so the man from Oldham has taken what he can get, and for the moment that will revolve predominantly around control of football operations (should the deal get the green light) while the Americans keep running the commercial arm of the business.
What that specifically means for the football side is still to be seen but, listening to those with an understanding of how Ratcliffe operates, it is fair to say he has no intention of being a passive investor who watches on. “Ratcliffe is not going to buy a chunk of the club then sit back and hope it gets better with no change,” said one source. “If the deal works as described, he will be very hands on.”
For all the criticism the Glazers have drawn, and rightly so, for the vast sums that have been sucked out of United to finance a debt-fuelled takeover with its interest payments and annual dividends, few things have held the club back as much the lack of leadership, strategy and expertise at the top.
It is a complaint that has stretched throughout the post-Sir Alex Ferguson era and something Ratcliffe, in demanding operational control on the sporting side in return for a quarter stake worth up to £1.35 billion, clearly feels needs addressing as a matter of urgency.
‘Everyone has faith in the manager’
There is little doubt that Old Trafford requires a dramatic overhaul but the team has lost its gloss for just as long as the stadium. Indeed, with United currently 10th in the Premier League and every game feeling like a “must win” at the moment, it will be little surprise if changes in the performance structure and personnel follow down the line should Ratcliffe’s deal get approved.
Erik ten Hag’s job should be pretty safe – United’s Dutch manager is thought to be widely admired in the Ineos camp – but beyond that things become more uncertain. Richard Arnold, the chief executive, faced calls to resign over his handling of the Mason Greenwood saga this year and football director John Murtough could be forgiven for looking over his shoulder, too. “Aside from the leaking roof, the most obvious thing that isn’t working at Old Trafford is the football side,” said one source. “I think everyone has faith in the manager, I think it’s more what’s behind that.”
With the season already under way, it is hard to believe there will be any knee-jerk reactions under Ratcliffe but any changes would probably be overseen by Sir David Brailsford, the Ineos sporting director and former performance director of British Cycling.
Ineos can also lean on Jean-Claude Blanc who, as the former chief executive of Juventus and Paris Saint-Germain, has experience of running big clubs.
United does not look like a club for whom the fixes are going to be quick – the current hierarchy would probably admit as much – but fans will hope there are fewer false starts under Ineos co-ownership than at Nice, where it has taken considerable time for the company to make their mark.
Only now, under their fifth permanent coach in just over four years, Francesco Farioli, are Nice starting to thrive. Currently second in Ligue 1 and unbeaten after eight games with a young, hungry team, there is hope of real progress.
The sporting executives at Ineos believe they have learnt huge amounts from the experience in France and can channel that into United given the chance.
Either way, football’s newest odd couple – Ratcliffe and the Glazers – should prove an intriguing construct.
