Value Destruction

February 2026

Value creation.

It’s what Jim Ratcliffe is expert in. His record in building Ineos into a global petrochemical business cannot be denied.
It bagged him a multi-billion fortune - enough to decamp to Monaco to save £4b in tax allegedly. United fans like me hoped his magic touch would rub off on the club.

But after the last 36 hours he’s destroyed a huge amount of value. Commercial, reputation, relationships, trust. All trashed.

Easy to say that it’s a storm in a teacup but the club - a business remember - will suffer.
It has plans to build a 100,000 seat stadium at the heart of a regeneration programme. For that he needs goodwill - from the mayor, Andy Burnham, who yesterday felt compelled to condemn Ratcilffe, as did the prime minister.

From the footballing authorities - who are now investigating him for bringing the game into disrepute.

From players and agents who they want to attract to play at Old Trafford rather than Anfield, the Etihad or even White Hart Lane.

And from the tens of millions of fans around the world - and the tens of thousands of people in the North West from immigrant backgrounds whose goodwill keeps the club afloat.

And of course the many other people who’ll simply be disgusted and offended by his comments and see the great Manchester United brand diminished.

No wonder it rushed out its statement declaring its commitment to diversity and inclusion and publishing a roll-call of achievements.

On the field too, the vibes and togetherness of the team in recent weeks under Michael Carrick has been washed away just as effectively as Carrick cleansed the club of Ruben Amorim’s failures.

So, to borrow a phase, take a bow Sir Jim, take a bow. 😣

I bet he’s had some media training over the years - I have once or twice and the best advice is engage the brain before the mouth. Always ask ‘what’s the upside in saying something?’ If there’s not, keep quiet.