Sir Jim Ratcliffe’s Takeover: A New Era for Manchester United
On Christmas Eve 2023, Manchester United announced Sir Jim Ratcliffe’s minority takeover, promising a significant £245 million investment into Old Trafford. This marked the beginning of a tumultuous year for the club. Ratcliffe, known for his business acumen and leadership at Ineos, pledged to revitalize Manchester United’s fortunes both on and off the pitch. His first notable moves included meeting with manager Erik ten Hag and poaching Omar Berrada from Manchester City to serve as the new CEO. These early steps set the stage for a series of dramatic changes that would ripple through the club.
Early Changes and Challenges
February 2024 saw the official completion of Ratcliffe’s £1 billion, 27.7 percent takeover. Alongside this, the board underwent a significant restructure with the addition of Ineos executives John Rees and Rob Nevin, and the departure of former CEO Richard Arnold. Ratcliffe’s leadership was further marked by some unusual decisions, such as banning the words "awesome" and "lukewarm cappuccino" in the workplace. While these moves might have been intended to instill a new corporate culture, they also raised eyebrows and left some employees bewildered.
Ambitious Plans and Financial Woes
March 2024 brought both promise and challenges. Ratcliffe announced plans to build a new stadium, dubbing it the "Wembley of the North," to replace Old Trafford. This ambitious project was met with excitement by fans but also skepticism regarding its feasibility and impact on the club’s finances. Meanwhile, the club’s share price on the NYSE plummeted from $20.52 to $13.73, reflecting investor concerns. Despite these financial woes, Ratcliffe continued to make changes, appointing Matt Johnson as the head of women’s football and implementing a strict "back to work" policy for staff.
Turmoil and Turnover
The summer of 2024 was marked by significant turnover and internal turmoil. John Murtough, the football director, quit his post, and Jason Wilcox was appointed as the new technical director. Ratcliffe’s no-nonsense approach became evident when he sent an email to employees criticizing the "disgraceful" lack of cleanliness at Carrington, describing the training ground as "toxic." This led to a rapid decline in morale. The club’s performance on the pitch also suffered, finishing eighth in the Premier League, their worst-ever finish. Ratcliffe’s decision to give employees just one week to decide if they wanted to accept redundancy further added to the stress and uncertainty within the organization.
Financial Cuts and Unpopular Decisions
Financial cuts began to bite hard in the latter half of 2024. Senior staff club credit cards and private cars were cancelled, and the pre-match party and hotel for senior staff before the FA Cup final were axed. Staff were forced to pay for their own transport to the FA Cup final and were given only one ticket. These decisions, while intended to streamline costs, further alienated the workforce. The club’s share price continued to fall, and Ratcliffe’s strict "back to work" policy, which required staff to come into the office, was costly, as it necessitated converting hospitality suites into temporary offices between home matches. The cancellation of the staff Christmas party and the reduction of the staff Christmas bonus to a £40 M&S voucher only added to the growing discontent.
A New Manager and Continuing Struggles
In November 2024, after a series of poor results and the club’s position in 14th place in the Premier League, Erik ten Hag was sacked at a significant cost to the club. Ruben Amorim was brought in as the new manager on a deal until 2027, with a £10 million release clause. However, this change did not immediately reverse the club’s fortunes. Coach Ruud van Nistelrooy was axed by Amorim, and the club faced a series of internal conflicts, including a blame game over the summer transfer shambles and the ten Hag situation. Ratcliffe’s decision to cut funding to the Manchester United Disabled Supporters Association and raise ticket prices for concessions tickets led to fan protests. The year ended on a sour note, with a leaky ceiling during Amorim’s press conference and reports of a mice infestation at Old Trafford, further tarnishing the club’s reputation.
Reflection and Future Prospects
Despite the ambitious plans and significant investments, Manchester United’s 2024 was marred by financial troubles, internal conflicts, and a decline in performance and morale. Ratcliffe’s efforts to modernize the club and return it to its former glory faced numerous challenges, from financial missteps to unpopular decisions that alienated staff and fans alike. The year ahead will be crucial for the club, as they navigate the complexities of rebuilding both on and off the pitch. The success of Ruben Amorim and the implementation of Ratcliffe’s long-term vision will be key to restoring the club’s pride and competitiveness.
