At the beginning of December, almost 12 months after Sir Jim Ratcliffe delivered the keys of the premises, in the Manchester suite in Old Trafford, executive leader Omar Berrada addressed about six hundred members of the club staff and made a severe warning .
“I know it’s been a challenging year,” Berrada said. “And I can’t promise that next year won’t be complicated either. “
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British billionaire Ratcliffe, founder of Petrochemical Corporate INEOS, acquired a minority stake in Manchester United on Christmas Eve 2023 and the afterlife of the year has been a whirlwind of triumphs, trauma and turmoil.
The good news is United won the FA Cup, defeating their neighbours Manchester City, but there have been many teething problems: extending the contract of head coach Erik ten Hag in July, only to sack him in October; hiring and firing a sporting director, Dan Ashworth, in an episode that has cost the club over £5million ($6.3m) and taking the unpopular step of raising ticket prices and attracting protests from supporters. Not to mention ending a £2m-per-year ambassadorial role for the club’s iconic manager, Sir Alex Ferguson.
To mark INEOS’ first anniversary of operating United, The Athletic has spoken to numerous sources within the club’s ecosystem, all of whom spoke confidentially to protect their jobs, to detail what measures have been taken at the club and with the men’s first team. On Monday, Charlotte Harpur reported what it has meant for Manchester United’s women players.
Among many others, we can reveal:
If nothing else, 12 months under Ratcliffe’s rule has shown he is a man eager to provoke progress.
Ratcliffe temporarily knows priorities in Manchester United. He tried to repair the old glories of the club in the field, talking about ambitions to be competitive in the Premier League and in the Champions League, while revealed hopes of renewing the deteriorated stage of the club or, preferably, building a new one. House that sinks completely 100,000.
But daily painting has focused on another fear of ineos: Chargearray Ratcliffe was unhappy with the fact that United is a deficit company, in red numbers for 113. 2 million pounds sterling at the end of the year on June 30. While the initial agreement provided that Ratcliffe would assume United Sports Control, temporarily has become transparent that deserves to take care of United. The corporate to solve disorders in the box. Therefore, your field of action has been expanded.
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United are one of the most profitable clubs in the world before player trading and interest payments on debt come into the equation — a legacy of Glazer ownership — but a key objective for Ratcliffe has been headcount reduction, down from around 1,000 to 750. Those large-scale redundancies have left morale, in the words of several employees, “on the floor”. Others at the club would counteract that view, insisting that people understand what Ratcliffe is trying to do and why. But Berrada’s speech gave the impression to many of those in the audience that even more people could lose their jobs in the second year of INEOS governance.
Ashworth’s move as sports director, five months after a United era while he was expected to put an end to his Newcastle United garden license, shipping waves of surprise in the club because other people thought that no one was safe.
To this day, some United employees are preparing contingency plans and taking advantage of opportunities in other places. For example, the Advertising Director of some other Northwest Soccer Club is attending a dozen applications of existing United employees.
People who have painted with Ratcliffe see the personnel titles as an obsession, with the 72-year-old applying to United for the business methods that have helped him become one of Britain’s richest men. Deactivating businesses to develop power has still been their plan, it has still been their plan. Former colleagues feel the same technique might not work at United because football is different; The focus is on humans instead of machines.
This emotional aspect is everything Rubén Amorim exploded during the summit led by Berrada on December 2. The appearance of Amorim was appreciated and lifted his mood when he said that he knew that what was happening in the field had an effect on what was happening. He also took possession, despite the fact that he was only in construction for a month. ” Accumulated loss of £ 370 million in the last five years through a failed contracting, and his message was very well received.
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Amorim also took part in a Q&A, where he was asked about his pre-match ritual. Despite everything he played and said he took a sip from his water bottle and shook the hand of his assistant Carlos Fernandes.
Berrada broke into some small organizations and went around the room to communicate their functions to the workers. It had done so more officially in recent weeks, holding a series of “idea” organizing meetings to get a direct sense of what they thought about the functioning of the club and the boards of directors. On occasion, those discussions can take unforeseen directions, with recommendations for United to loan more players for the championship or give bonuses if the first team wins a trophy.
Berrada closed out by talking about “Project 150” — United’s plan to win the Premier League in 2028, on the 150th anniversary of the club being founded.
However, there were symptoms of the new frugal era where other people were sitting. Sponsors United. Two members were given extra leave, with the joke instant among those in attendance whether they would be allowed to take it. Each seat also had a loose chocolate bar.
In recent years, costs have been more generous: a £500 smart selfridges, 4 matching tickets worth around £1,000 hospitality consistent with the seat, a £1,000 Paul Smith luggage set or smart restaurant.
At the beginning of December is the time when the bonus and record can wait until the Christmas party in the workplace. But this time the United Hierarchy, led by Ratcliffe, has received its payment. When Berrada showed the resolution in a personnel assembly in September, the worker responded high and transparent with an elongated “Wow”, which became the subject of verbal exchange later. It was perceived as a small act of rebellion, giving voice to a feeling that had been bubbling under the surface from Jean Claude-Blanc, executive leader of INEOS SPORT (below), announced in a general assembly in July that a quarter of a quarter of a quarter of a quarter of a quarter of The workforce would be redundant.
Cutting the Christmas party caused widespread upset because it would have been a chance to mix with colleagues in a relaxed environment and have some fun at the end of a year when many had given up evenings and weekends to work. Staff have returned to mandatory five-days-per-week working from the office (another Ratcliffe edict) this year after becoming accustomed to more flexible working conditions following the pandemic. United also used to put on afternoons at Old Trafford where parents could bring their children to show them where they work, meet Santa Claus, and ride a bucking reindeer.
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United are estimated to have pocketed around £250,000 by canceling the Christmas function, however those at the club say the call came kindly to so many other people who waste their jobs, and celebrating in cases would have been wrong, than to be wrong. , what to be wrong, what to be wrong, a monetary calculation.
Change has certainly been swift. In December 2023, staff gathered at Old Trafford, enjoying a fully complimentary bar, live band, and street food. Richard Arnold, the chief executive whose departure had already been announced, went round the room and shook everyone’s hand, expressing his belief the future at United would be bright. Two weeks later on December 24, Patrick Stewart, interim chief executive, told staff a 25 per cent sale to Ratcliffe had been agreed by the Glazer family.
Stewart also left at the end of the season, along with CFO Cliff Baty. Blanc intervened until Berrada officially took office on July 13. Four leading executives in 12 months is a coincidence, but also a sign of the turmoil caused by Ratcliffe looking to shake up United.
The sudden departure of Ashworth, who had been presented as a totem pole of football’s projected improvement through United and who chaired major staff meetings at Carrington on the club’s sporting vision, is more significant and casts doubt on the judgement of those who appointed him. But UNITED officials stress that there have been riots similar to those at Chelsea, Liverpool and Manchester City when the club had new owners before good fortune appeared in the draw. It is true that indecision started the Glazers’ club and even those hoping for glory hope that the race will not go smoothly.
On January 4, Ratcliffe introduced himself to his new employees at an all-staff meeting at Old Trafford alongside Sir Dave Brailsford. The pair drew applause for talking plainly about wanting to raise standards and make football the focus for United. None of the Glazers had ever spoken in person to staff like that and their rhetoric was invigorating for many.
But as Ratcliffe’s strategy became clearer, with a doctrine to get rid of a “jobs for life” culture, some have been left in tears. He would argue that most workers in the world are not blessed with benefits, though, and wished to reset any sense of entitlement.
The starting signal for the elimination of United’s regular squad benefits came in the FA Cup final, when the club announced that the classic benefits of free entry, travel, food and accommodation would not be provided for the match against Manchester. Instead, staff had to pay £20 for a coaching adventure to Wembley and won nothing but the ticket.
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Bruno Fernandes was so taken aback, he went to executives and offered to pay for all the usual extras out of his own pocket. His proposal was rejected, with sources speculating it would have been a bad look for the new United regime.
There was internal dismay when United paid the wives and girlfriends of the players to eat at the San Carlo restaurant at the end of the season, and several of them wore Harvey Nichols bags when they left. United said that the care of players and the extension to families are a priority.
In March, Ratcliffe named Interpath Advisory, a corporate restructuring firm, to examine the finances of a club that had registered losses of £ 144. 2 million pounds in the last two campaigns.
One of the findings that Ratcliffe considered applicable to the expenses of workers and managers on foreign trips. A receipt from a Las Vegas nightclub, from United’s preseason tour, clocked in at more than $3,000, charged to a corporate card. From that date. At other times, sales team members were able to get drivers, five-star hotels, first-class flights, and $100-a-night dinners, such as at Nobu Miami, as they look to close deals.
Staff being able to let their hair down when away, or wine and dine clients, was seen by the Glazers as a fair expense and the club’s sponsorship business was industry-leading, but Ratcliffe viewed it differently. He withdrew corporate credit cards and enforced much tighter spending, to the point where staff now have to plot train journeys using the split-ticket mechanism for lower-cost fares. One particularly embarrassing moment came during pre-season when a meal out for staff and players ran into thousands of dollars and senior executives, due to new credit card limits, found their cards blocked initially when attempting to pay. They ended up splitting across multiple cards to cover the bill.
Whether such cost-cutting has an impact on revenue lines in that area going forward, with shirt sleeve and training kit sponsors up for renewal, remains to be seen.
However, it was not only the sales sector that felt the pressure, but that the attention of INEOS extended to other sectors. The Matchday company personnel were replaced the lunchboards and now dinner next to a sanitary cubicle, a housing bonus of the week valued at £ 50 was discarded and, in May, Ratcliffe sent an email complaining about a “high degree of Disorder ”in Carrington and the brand. . A computer office is “a shame”, when it is actually a MUTV study.
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Ratcliffe’s tight control over spending extends to Berrada, whose approval only amounts to £25,000. Payments above this figure will need to be approved through Roger Bell, the finance director who spent 24 years in the same role at INEOS before joining United, or through Rob Nevin, the president of INEOS Sport, who is now also director of the board of directors. of United administrators.
There was, for example, a debate about the investment from the former Association of United Players (AFMUP), which is around £26,000 a year. Relief has also been considered in the Disabled Sufferers Group (MUDSA) allocation, expanding the investment from £40,000 to £20,000 consistent with the year. As it raises funds, Mudsa sells dinner tickets, with the club footing the bill, and questions are being asked about the so-called “double bubble”.
Approval for canteen orders is required, for example, when carrots are bought in wholesale. Beans are exhausted in the press room.
Glazer’s passage to the inequisional. But continuous quotes between Ratcliffe and American brothers and sisters are described as friendly and fluid. Sources that know both parties suspect that this is due to the fact that the Glazer are satisfied that Ratcliffe takes the lead, as long as there is the idea that one day it will buy their remaining participation.
Any kind of prior agreement to buy long-term Glazer percentages cannot officially exist because it would require public disclosure, as the club is indexed to the New York Stock Exchange. Last week, Ratcliffe invested the last 3rd of its more than $300 million above acquisition value to bring its percentage to 28. 94 percent, according to the terms of the initial agreement. This cash is the first to be paid into the club’s bank account thanks to an external investment since the Glazers took over in 2005. That’s why Ratcliffe was applauded through the crowd when he presented Fernandes with a shirt commemorating his 250th appearance before the Premier League Fit Fit opposite Leicester. City.
But Ratcliffe has publicly declared that he needs to buy the Glazers. The presentation of the January SEC, which indicates the sales process, says that in May 2023, Ratcliffe first presented 60 % of Glazers class B shares, with the remaining 40 % buys the period. Next 3 to five years through a preset prices set.
Perhaps the harmonious dynamic would be replaced if the Glazers felt that Ratcliffe was appropriating a component with more than his billions. Glazers have “dragging rights,” which take effect 18 months after the February 2024 final touch and would allow them to force Ratcliffe to sell to a full bidder (in corporate law, the majority shareholder can force minority shareholders to sell their shares to a customer when the majority shareholder sells their own shares, “dragging them”. The controlling shareholder will have to offer the same price, terms and situations for the controlling shareholder. Shareholders of the minority).
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In the meantime, the siblings, especially Joel and Avram, are said to be happy Ratcliffe’s presence protects them from the full fan glare.
A transparent point of clash comes what is happening with Old Trafford. Ratcliffe turns out that we were decided to build a new stadium, when Joel had shown a preference, if little momentum, for redevelopment. , in charge of more than £2 billion, has not been sufficiently explained in all the months of the task force’s formation. Athletics in the past reported that United had discussed value-of-value values and the sale of stadium naming rights as tactics to build the project’s profits, while the club also conducted several exploratory rounds with Bank of America earlier this year in order to borrow money.
Those close to the club are seriously skeptical about whether the Glazers would allow Ratcliffe to inject their own cash into the endeavor to raise more capital, while existing lenders have a right to know whether United will borrow more cash. Ratcliffe could sell some of his two-thirds stake in INEOS if he was content not to soon profit from a larger slice of the American pie. He has also held talks with the British government about public money for the allocation. at Old Trafford.
Ineos now has the Ratcliffe movements instead of those of Trawlers, the vehicle that created to buy them originally, which deserves that the investment, if desired, is more fluid. Collette Roche, director of Operations of United, plays a central role in the projects of new stadiums and plays an increasingly vital role within the club. It was photographed together with the technical director Jason Wilcox in the Bournemouth Party and the next day it was announced internally that it would be in charge of football operations, such as staff, security and travel.
But before buying his shares in United, Ratcliffe turned to personal finance and, in a meeting, raised the possibility of Elon Musk or Jeff Bezos providing funding. According to sources, Ratcliffe said one or the other could be tempted by United’s charm as they both have the resources. Musk’s estimated net worth surpassed $486 billion in 2024, according to the recent Bloomberg Billionaires Index, Amazon CEO Bezos was estimated at a fortune of $246 billion. However, it is not transparent whether those proposals have gained traction.
On the other hand, it is inevitable that those in favour of the concession will have to pay part of the bill. Lately feasibility calculations are being studied at United, taking into account the particularly high costs of season tickets, no decision has been made and the club says that enthusiasts will be consulted. But such a build-up would cause quite a stir, with supporters already angered by Ratcliffe’s resolve to unilaterally increase seats that have yet to be sold this season to a flat fee of £66, with no concessions for the over-65s or under-16s.
The club say that rise impacted three per cent of tickets, but it was notable that seats for the Southampton game on January 16 have been made available with some concessions. The club say this is down to Southampton returning 590 away tickets and wishing to remain true to the pledge that only three per cent would be at the £66 level.
In the background, the INEOS influence at United is visible. Brailsford and Blanc are the two obvious figures, but there is also James Morton, professor of exercise metabolism at Liverpool John Moores University, who has led the delivery of the INEOS X programme, which aims to link all the INEOS Sport departments. Morton has frequently visited Carrington, and was seen watching Amorim’s first open training session before the Bodo/Glimt game alongside Wilcox.
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Standing and observing too was Josh Thompson, INEOS Sport project manager, whose role is to facilitate logistics around the club, particularly with Brailsford. Thompson often watches games from the directors’ box.
Martyn Hawkins has also been seen in those seats, previously from the city’s soccer group (CFG) for 10 years, basically as a monetary officer. “Despite being normal with Old Trafford, his page does not refer to United and his role has not communicated internally. 11 years.
Another Ineos Executive noticed in United is Gareth Anderson, financial director of INEOS Acetyls, a world manufacturer of acetic acids. He worried about the execution of the recommendations of Interpath’s results. Meanwhile, in an email sent to the entire team on Monday, he announced that Gary Hemingway, director of organizational projects of INEOS, will assume the daily tasks of the stadium in Old Trafford, in addition to taking a look at the analysis of football knowledge of the club.
Tensions between ancient and new university can also be noticed in the Ambassador program. Ferguson’s withdrawal has caused repercussions on the club – it was a less frequent guest since in its meeting with Ratcliffe the issue is discussed – and there are new discounts on the way to former players who attend the games to improve the experience of fans of the hotel. The Glazer have seen the price of taking advantage of United’s inheritance, but Ratcliffe believes that this task is largely mandatory and that a review was necessary to better use the club’s resources. This is part of their point of view that expenses are basically allocated to boxing events.
Some former stars have expressed difficulties in gaining access to the directors’ box, although that may have something to do with Kate Nixon’s departure. Nixon, who as David Gill’s PA established a strong rapport with the former chief executive, was protocol manager at Old Trafford, a gatekeeper for access to the comfy seats. She was let go the day before redundancies were announced, while Gill’s own £1m-per-year deal has also been cut. The change has been described as very amicable, with Gill understanding of the wider cost-cutting regime.
United does not have a staff member who attends European games away from home with the task of verifying fans identifications instead of passports when collecting tickets. Some argue that this means that other people are abusing the system, which rewards enthusiasts for their normal assistance. They have no intention of attending but need credits for more important long -term games. They sell their tickets.
Part of the explanation for why Ratcliffe ignored Ashworth was because he was not quick or ruthless enough in the face of budget cuts in the football department. Ashworth marked the departure of assistant sporting director Andy O’Boyle, who had stepped in earlier in the year when Ineos arrived, deciding he did not want a number 2. O’Boyle had taken advantage of his greater latitude for United’s functionality. Use of knowledge before departure, a domain known to Ratcliffe as requiring special attention.
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In the end, United Hiring is maximum of the club where it will be possible to save. The signing of Antony for 86 million pounds is not a matter that can be repeated. Ten Hag looked for Antony at the end of a voltage window from the summer of 2022, but the club’s selection service also supported the Brazilian in the other Raphinha option, who moved from the Leeds United to Barcelona this summer this summer for 55 million of pounds sterling.
United will have to be mindful of agent fees, which were said to run into the multiple millions on the deals for Joshua Zirkzee and Leny Yoro, facilitated by Kia Joorabchian and Jorge Mendes respectively.
Ratcliffe is committed to the January budget, but regulations on benefits and sustainability restrict what the club can do. There are also doubts about how much cash will be wasted, and several resources expect a very quiet winter period.
But then again, United found £10.4m to sack Ten Hag and €11m (£9.1m; $11.5m) to hire Amorim. He says he is at United for the long haul, and would suggest judgement be reserved for the end.
(Top photos: Getty Images; design: Eamonn Dalton)