Stefan Borson: This is how INEOS’ financial ‘problem’ will impact Man United
Manchester United co-owner Sir Jim Ratcliffe is facing a challenging situation away from football due to INEOS’ financial struggles.
Football Insider revealed on Thursday (1 January) Ratcliffe could be forced to temporarily step back at Man United to focus on INEOS.
It comes after The Telegraph reported on 29 December the British billionaire is battling to save the petrochemicals giant from “drowning under £18billion of debt”.
Ratcliffe, who serves as INEOS’ chairman and CEO, has blamed the company’s issues on high energy costs, US President Donald Trump’s trade tariffs and cheap Chinese imports.
Sir Jim Ratcliffe ‘priority’ revealed in new Man United blow
Former Man City financial adviser Stefan Borson exclusively told Football Insider Ratcliffe’s focus is going to be on the “problems” INEOS is currently facing.
The 73-year-old purchased an initial 27.7 per cent stake at Old Trafford in February 2024 after agreeing a £1.25bn deal with the Glazers.
It was then revealed in early 2025 Ratcliffe had increased his stake in Man United to 28.9 per cent after injecting around £240million into the club.
Speaking exclusively to Football Insider, Borson said: “Ratcliffe’s primary responsibility and focus is going to be on the main INEOS business.
“I haven’t done a lot of work on understanding the £18bn debt pile and how problematic it is, but he has been very vocal about the difficulty of the situation with INEOS and its industry around the European chemicals businesses.
“These are real problems that INEOS have got. I think once you get to that position that’s the priority, so football just becomes sort of irrelevant. It’s going to be a key interest for him.”
Why INEOS issues will impact Man United
Borson insisted INEOS’ issues are going to have an impact on Man United, with Ratcliffe spearheading the footballing operations at Old Trafford.
“I mean, the bottom line is, does the INEOS issue impact Manchester United?” said Borson.
“Well, I think it probably does because this is a game really for INEOS. It’s non-core on any basis and they’ve got problems in their core business.
“If you’ve got problems in your core business, that has to be your core focus.”
Meanwhile, it has been confirmed Man United have sacked Ruben Amorim following a fallout behind the scenes at Old Trafford.
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