A general view of a billboard featuring Manchester United's new stakeholder Jim Ratcliffe near Old Trafford, Manchester, England, December 24, 2023. /CFP
There is not a shadow of a doubt that the plight of Manchester United has knocked the stuffing out of their devoted fanbase.
The football behemoth's struggles have become all too depressing, with their goal difference standing at a sensational minus 4. In this season alone, United have suffered 13 defeats in their past 26 matches across all competitions, matching the total number of losses they endured in all 62 competitive games last season.
Their tally of 20 defeats in 2023 marks their highest number of losses in a calendar year since 1989. Additionally, they've failed to find the back of the net in four consecutive games, a barren streak not seen since 1992. It's evident that United, one of the world's best-loved team, are in dire need of a drastic intervention, a shock therapy of sorts, to turn their fortunes around.
And now, after months of negotiations and wheeling and dealing, the winds of change are finally blowing through the walls of United.
Ineos Group chairman Jim Ratcliffe looks on ahead of the Europa Conference League quarterfinal between Nice and Basel at the Allianz Riviera in Nice, France, April 20, 2023. /CFP
British billionaire Jim Ratcliffe confirmed on Sunday night that he has invested roughly $1.3 billion to acquire a 25 percent stake in the club. His Ineos Group will now take control of the football operations, with an additional $300 million earmarked for future investments into the iconic Old Trafford stadium.
The announcement arrived over a year after United's owners, the Glazer family, expressed their intention to explore "strategic alternatives" and potentially sell the club. While initially eyeing a purchase of the Glazers' controlling stake of approximately 69 percent, Ratcliffe ultimately settled for a minority shareholding.
The 71-year-old's pursuit was not without competition, as Qatari banker Sheikh Jassim bin Hamad Al Thani also vied for ownership, but eventually withdrew from the bidding process after failing to reach an agreement for a complete takeover.
Renowned for his tenacious negotiating skills and hailing from Greater Manchester, Ratcliffe holds a special place in his heart for United as a lifelong fan. His impressive track record includes acquiring and revitalizing discarded divisions of other companies, which has led to the creation of the formidable chemical powerhouse Ineos.
Manchester United players look dejected after their loss to West Ham United at London Stadium in London, England, December 23, 2023. /CFP
Ratcliffe's business acumen has propelled him to amass a significant fortune, estimated at around $23 billion by Forbes. Notably, he has already made a mark in the world of sports, boasting a sporting portfolio that includes ownership of French Ligue 1 side Nice and Swiss outfit FC Lausanne-Sport.
In a statement, Ratcliffe said, "Whilst the commercial success of the club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times."
"We will bring the global knowledge, expertise and talent from the wider Ineos Sport group to help drive further improvement at the club, while also providing funds intended to enable future investment into Old Trafford... Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football."
Ratcliffe's entrance onto the scene undoubtedly casts a glaring spotlight on the future of manager Erik ten Hag. With the club experiencing a period of uncertainty, there has been a lack of clear structure regarding the decision to retain or part ways with the Dutchman, leaving his fate in the hands of Ratcliffe. The first half of the season has been nothing short of woeful, and the question looms as to whether Ratcliffe will maintain faith in Ten Hag going forward.
Erik ten Hag, Manager of Manchester United, reacts after his team's loss to West Ham United at London Stadium in London, England, December 23, 2023. /CFP
Adding to the dilemma is the growing unrest within the squad, as some players have started to lose faith in Ten Hag's leadership. The upcoming fixtures against Aston Villa and Tottenham, both to be contested at home, will serve as pivotal moments for United.
These matches will determine whether the team still harbors any realistic aspirations of securing a top-four finish, and more importantly, they will provide a litmus test to assess whether Ten Hag is the ideal figure to lead United into a new era under the new regime.
The outcome of these crucial ties will play a significant role in shaping the club's future trajectory. It is during these moments that the true mettle of both the team and its manager will be tested, ultimately influencing the course of action that Ratcliffe and the new ownership will take.
The future, however, is not a bed of roses. It has long been recognized that even the most shrewd business minds can find themselves bewildered when navigating the intricate world of football dealings.
Jim Ratcliffe poses in front of Manchester United's home stadium Old Trafford in Manchester, England, November 3, 2023. /CFP
And let us not forget, certain United fans will never go easy on Ratcliffe for aligning himself with the Glazers, who have faced relentless criticism for burdening the club with debt after acquiring it for $942 million back in 2005. Recent figures show that United's net debt has soared by nearly 23 percent, reaching a staggering $619.96 million this year.
However, let us be realistic. The Glazers have made it abundantly clear that they have no intention of relinquishing full control. In such circumstances, a minority shareholding still holds significant power and influence. If all goes according to plan, obtaining a minority stake could serve as Ratcliffe's initial step towards gradually gaining overall control. It is a calculated move that, if successful, could pave the way for future decisions and actions that align more closely with Ratcliffe's vision for the club.
The road ahead for Ratcliffe entails delicately managing the precarious equilibrium of acknowledging United's prolonged underperformance on the field for over a decade, without solely attributing blame to the Glazer family. It is an intricate situation to navigate, considering the significant decline United have experienced both on and off the pitch.
The billions of United fans across the globe can only hope that, after enduring numerous shattered promises and fleeting moments of hope, Ratcliffe's arrival would truly mark the beginning of an arduous ascent back to the pinnacle of success.