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INEOS project under fire
Ratcliffe acquired a minority stake in United in 2024, a deal worth £1.2 billion that handed his INEOS group total control over football operations. The agreement included an additional £245 million injection to upgrade Old Trafford's fading infrastructure, taking his overall financial commitment to approximately £1.5bn. However, two years on, the anticipated revival has failed to materialise.
Instead of progressing, the Red Devils find themselves embroiled in a deepening crisis. They are currently enduring an eight-game winless run across all competitions, managing just a single Premier League victory so far this term. Hovering a perilous two points above the foot of the table, this represents United's poorest start to a campaign in almost 40 years.
Broken promises and a 'travesty'
Watching from afar, the Glazer family are reportedly astonished by the rapid decline under the new sporting regime. A source close to the American owners told the Daily Mail that the current situation is "a travesty and not what they expected or were promised." The insider added that the Glazers feel "they have never run the club this way."
The frustration runs deep, with the current hierarchy allegedly viewing the INEOS approach as a complete failure. According to ESPN, the Glazers believe Ratcliffe "couldn't have masterminded a worse situation" at Old Trafford.
The majority owners reportedly feel there has been a systematic "downgrading in all departments" since the takeover. They view the current reality as "the opposite of what he said his strategy is," casting serious doubt over the partnership's long-term viability.
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Fears over falling valuation
The ongoing turmoil is threatening Manchester United's overall market value. Four years ago, the Glazers placed a massive $6bn (£4.5bn) price tag on the club, but such a valuation is becoming increasingly difficult to justify given the persistent on-pitch failures.
Despite Ratcliffe increasing his stake to 28 per cent, the Glazers retain ultimate control over any full sale. Under the terms of the 2024 agreement, the Americans can force the INEOS chief to sell his shares if they accept a total buyout offer from a third party. Ratcliffe would only be able to block this if he matched the bid to buy the club outright, which is considered highly improbable.
Furthermore, a key clause activates next February. From that point, Ratcliffe will no longer have the power to stop the Glazers from selling United at a price below the $33 (£25) per share he originally paid. This comes as INEOS looks to streamline its wider football portfolio, recently putting Swiss side Lausanne-Sport up for sale and slashing the asking price for French outfit Nice.
Chelsea test looms large
United must desperately attempt to stop the rot when they travel to Stamford Bridge to face Chelsea on Saturday. The fixture carries immense pressure for the sporting department, with a positive result desperately needed to ease the suffocating scrutiny on Ratcliffe's project.
Another defeat would leave United languishing near the bottom of the table, further straining the already fractured relationship between the Glazers and INEOS. With off-field tensions reaching boiling point, only an immediate turnaround on the pitch can buy the current leadership time to salvage a disastrous season.