Sir Jim Ratcliffe arrived at Manchester United with promises of a new and brighter future. However, over a year has passed, and the club is currently projected for its lowest Premier League standing and poorest overall domestic performance since its 1974 relegation. This period has also seen significant restructuring, including hundreds of staff departures.
While ambitious plans have been outlined by Ratcliffe and his multinational chemical company Ineos, United represents just one part of a substantial multi-billion pound sporting portfolio. This empire, once seemingly dominant in various fields, now appears to be facing some challenges.
Let`s examine the performance of Sir Jim`s other ventures sport by sport:
FOOTBALL
Ineos`s football investments began before Manchester United, with acquisitions of Lausanne in Switzerland and Nice in France. In 2017, Ineos took over Lausanne, describing it as part of a community sports investment. Despite an initial pledge of support, the club was relegated months later. Lausanne has since seen ups and downs but is currently avoiding relegation and is established in its new stadium.
Two years after the Swiss venture, Ineos purchased French side Nice for £89 million. Ratcliffe acknowledged past errors at Lausanne but stated they were quick learners and seeing benefits. The club has had multiple managers since Ineos`s arrival, including former Arsenal player Patrick Vieira. Franck Haise is currently managing the team.
Despite a poor showing in the Europa League, Nice has had a successful domestic season, finishing high in Ligue 1 and positioning themselves for potential qualification for the Champions League.
Following the £1.3 billion investment to manage Manchester United`s sporting operations, UEFA rules on multi-club ownership required Ineos to place most of its Nice shares into a blind trust.
`So much better without our interference`
Interestingly, Ratcliffe himself commented on Nice`s performance, admitting: “The best season that Nice has had is this one, where we’ve not been allowed to get involved due to multi-club ownership rules. They’ve been so much better without our interference! Maybe there’s a lesson.”
When Ratcliffe`s partial purchase of United shares was confirmed, he aimed to restore the club to its former glory, estimating it would take “two or three seasons.” However, based on the current trajectory, this might be an optimistic projection. Recent developments, such as the situation surrounding the club`s manager and the acquisition process for sporting director Dan Ashworth, appear costly and complex. While Ratcliffe has publicly supported the manager, he has also been critical of some players. Nevertheless, ambitious infrastructure plans, like the proposed £2 billion “New Trafford” stadium project, signal significant long-term ambition.
FORMULA ONE
Ineos became a significant partner and one-third stakeholder in the Mercedes Formula One team through a £100 million deal signed in 2020. This coincided with Mercedes winning team championships in 2020 and 2021, extending their dominant run. Lewis Hamilton secured the drivers` title in 2020 and narrowly missed out in 2021.
However, Mercedes` era of dominance has since ended, and Hamilton has moved to Ferrari for the current season. George Russell remains with the team but finds his car outpaced by rivals like McLaren and Red Bull.
Despite speculation about Ratcliffe potentially withdrawing due to Ineos`s financial situation, team principal Toto Wolff has publicly stated their partnership is solid, referring to themselves as the “three amigos.”
RUGBY UNION
In 2021, Ineos entered a six-year “performance partner” agreement with the New Zealand All Blacks rugby team, reportedly worth £4 million annually. However, this partnership is now under threat.
New Zealand Rugby has initiated legal proceedings, alleging a contract breach after Ineos reportedly failed to pay an upcoming sponsorship installment and indicated a decision to exit the agreement. Ineos attributed this to financial challenges, citing rising carbon taxes in Europe and calling the chemicals sector a “tough industry to be in.” Ratcliffe expressed frustration that New Zealand Rugby was seemingly unwilling to compromise given the circumstances. The All Blacks are currently ranked second in the world.
CYCLING
Team Sky, a dominant force in world cycling with multiple Tour de France winners, was rebranded as Team Ineos in 2019, later becoming Ineos Grenadiers. Ineos committed substantial annual funding, promising to meet or exceed their previous budget. Egan Bernal won the Tour de France in the first year under Ineos sponsorship, marking the team`s seventh victory in the race. However, they have not secured another Tour de France triumph since then. Ineos continues to fund the team significantly (around £40 million yearly) but is reportedly seeking additional sponsorship from another petrochemical company.
SAILING
Ineos, alongside Olympic legend Sir Ben Ainslie, launched Ineos Team UK in 2018 with the ambitious goal of winning the America`s Cup. Ineos invested over £110 million into the effort. Renamed Ineos Britannia for the 2024 edition, featuring Ainslie and other Olympic champions, the British team reached the final races in Barcelona after also making the qualifying final in 2021. However, they were defeated in both instances by the New Zealand team.
Ineos has announced a third challenge for the America`s Cup, notably without Sir Ben Ainslie`s direct involvement. Ratcliffe suggested Ainslie wanted to pursue separate endeavors. However, Ainslie has claimed rights as “Challenger of Record” which would grant access to more information, and his team expressed being “astounded” by Ineos`s decision, highlighting potential “legal and practical obstacles.”
ATHLETICS
Ineos supported Kenyan runner Eliud Kipchoge`s successful 2019 attempt to break the two-hour marathon barrier through the Ineos 1:59 Challenge. Kipchoge finished in 1:59:40.2 in Vienna, although this was not recognized as an official world record due to the controlled conditions and use of pace-setters. Later, in 2022, Ineos furthered its involvement by becoming a “performance partner” to Kipchoge`s NN Running Team.
