When Ratcliffe and Ineos joined the Old Trafford hierarchy, many fans welcomed the arrival of a boyhood fan and billionaire to help restore the club’s former glories.
However, a year on, the relationship with some supporters has soured.
A mid-season rise in some ticket prices affecting under-16s and pensioners, and hundreds of redundancies are among the moves taken by the club which have attracted criticism, with cost-cutting measures including the removal of free lunches for staff.
Ratcliffe admitted he knew moving into the club would have challenges, “but the scale of it is probably slightly bigger” than he expected.
“I don’t enjoy reading the newspaper very much these days I have to say,” he added. “I know it’s unpopular, and this period of change is uncomfortable for people, and some of the decisions we have to make are unpleasant. But they are necessary to put Manchester United back on to a stable footing. If people want to see Manchester United winning trophies again then we have do all this stuff.”
And he revealed just how stark the financial situation at the club had been: “Manchester United would have run out of cash by the end of this year – by the end of 2025 – after having me put $300m (£232.72m) in and if we buy no new players in the summer.
“We are in the process of change and it’s an uncomfortable period and disruptive and I do feel sympathy with the fans.
“The simple answer is the club runs out of money at Christmas if we don’t do those things.”
He said costs had risen and the club had been spending more than it earned for seven seasons.
“If you spend more than you earn eventually that’s the road to ruin,” he said.
It was suggested to Ratcliffe that the club’s level of debt and serving that debt – in the last financial year £37m was paid in interest – was a more pressing issue for fans.
“Interest is one of the costs but it isn’t the biggest cost in this club,” he said.
“And the club needs to get its house back into order so it’s on a good financial footing for the future.
“Most clubs in the UK – most companies – have debt of some form. But if the club is really profitable, which I think it will be in years to come, then you can do the reverse. You can start paying down the debt. That’s where I think Manchester United should be.
“Ultimately, if you look at running the club the size of Manchester United with an income of about £650m you spend a part of that £650m on operating the club and part of it on the squad.
“Where do you want to spend the money? Do you want to spend it on operating the club, or do you want to spend it on the squad? Because if you spend it on the squad you get better results. And at the end of the day what’s Manchester United here for if it’s not to win trophies and silverware? What we want to do is invest in the best players in the world if we can, rather than spend it on, I’m afraid, free lunches.
“My only interest here is returning Manchester United back to greatness again.”
