Sir Jim Ratcliffe says he wants Manchester United to fight for Premier League titles within three years, as he laid out his vision to rebuild one of the world’s most popular football teams. Speaking to journalists at Ineos’s headquarters in west London on Wednesday, the British chemicals billionaire called for “patience” from fans and warned that transforming the club would take time.
However, he acknowledged that supporters had already endured
more than a decade of “complete misery”. “It’s not a light switch, it’s not one
of these things that changes overnight,” said Ratcliffe, who completed a deal
to buy 27 per cent of the club on Tuesday. “The fans would run out of patience
if it was a 10-year plan, but it’s certainly a three-year plan to get there.”
The 71-year-old has set his sights on winning the Premier
League and the Champions League, and knocking local rivals Liverpool and
Manchester City “off their perch”. To achieve those goals, the top priority in
the short term was improving recruitment both on and off the pitch, he said.
United has been one of football’s biggest spenders over the past decade, but
results have not matched the outlay on players.
“There’s not much I can do about what’s happened in the
past,” he said. “So our thinking is all about how we become first-in-class in recruitment
going forward, which means you need the right people.”
Ratcliffe, who controls Ineos, is set to invest a further
$100mn in United by the end of the year, which would take his total investment
above $1.6bn. His deal valued the club at $6.3bn including debt, a record in
football. The six Glazer siblings still own a majority stake in the club. “I don’t think I’ll ever lose money,”
Ratcliffe said when asked about the valuation. “I don’t believe it’s going to
devalue. I don’t believe I’ve been financially stupid.”
United’s record valuation belies a club that has fallen
behind in the race for trophies. The 20-time English champions have failed to
win the Premier League since 2013, when Sir Alex Ferguson retired as manager.
Ratcliffe, who has taken control of the club’s football
operations as part of the deal with the Glazers, also highlighted the need to
upgrade the club’s creaking infrastructure. He said
it would cost roughly £1bn to refurbish Old Trafford but cautioned that it was
not the “perfect” solution because of the challenge of modifying an antiquated
stadium.
Old Trafford, United’s home since 1910, has been overtaken
by modern venues such as Tottenham Hotspur’s new ground in north London.
Ratcliffe, who is a Monaco resident, said there was a wider conversation to be
had with the community and public sector about a “more ambitious project on the
site” that could help “regenerate” the area in a manner similar to how the 2012
Olympics boosted east London.
United has failed to make a profit since before the Covid-19
pandemic, which battered its balance sheet and hastened the need to raise
funds. The Glazers said they would be open to selling the club in part or in
full in November 2022, but a lengthy strategic review, complicated by concerns
for minority shareholders, meant it dragged on for well over a year.
Ratcliffe brushed off
questions about whether he had the desire to increase his stake or even take
majority control. “I haven’t had the energy to think about the future or
worry about it because I’m focused on the problem today, not what I might do in
three, five, 10 years.”
United’s New York-listed shares closed at $15.99 on
Wednesday, down 8.6 per cent, well below a high of $26 this time last year.
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