Speaking to BBC Sport, Ratcliffe said: "If you look at the players we are buying this summer, that we didn't buy, we're buying Antony, we're buying Casemiro, we're buying Onana, we're buying Hojlund, we're buying Sancho. These are all things from the past, whether we like it or not, we've inherited those things and have to sort that out.
"For Sancho, who now plays for Chelsea and we pay half his wages, we're paying £17m to buy him in the summer. It takes time for us to move away from the past into a new place in the future."
He responded as follows when questioned if he was implying that such players weren't suitable for Manchester United: "Some are not good enough and some probably are overpaid, but for us to mould the squad that we are fully responsible for, and accountable for, will take time. We've got this period of transformation where we move from the past to the future.
"There are some great players in the squad as we know, the captain is a fabulous footballer. We definitely need Bruno, he's a fantastic footballer."