British billionaire Sir Jim Ratcliffe has agreed a deal to buy a 25 per cent stake in Manchester United for around £1.25 billion, it was announced on Sunday.
As far as timing goes the announcement, made on a Sunday – Christmas Eve – seemed a little strange, although when taken in the wider context of how the club have handled the saga since the Glazer family announced they were considering "strategic alternatives" 13 months ago, it was pretty much par for the course.
For some United fans, Christmas came early with the news of Ineos' imminent investment. Others feel like they've woken up on the big day to find a lump of coal in their stocking at the thought of the Glazers still owning a majority of the club.
We take a look at five jobs in Ratcliffe's in-tray.
Upgrade Old Trafford
As part of the deal, Ineos will take over all football operations at the club, providing $300 million intended to enable future investment into Old Trafford.
One of the largest (74,310 capacity) and most famous stadiums in the world has fallen behind its competitors with the likes of Liverpool and Tottenham upgrading their existing grounds and Everton set to move to a new home at the start of the 2025/26 season.
The cost to redevelop Tottenham's old White Hart Lane ground into the behemoth it is now cost in excess of £1 billion.
The investment has paid off and the Tottenham Hotspur Stadium is widely regarded as one of the best anywhere in world football.
The Glazers bought United for £790 million ($1.47 billion at the time) in 2005, loading the 20-time English champions with debt.
Which begs the question as to whether the $300 million budgeted to upgrade Old Trafford, though a princely sum, will be anywhere near enough.
For a club already saddled with massive debt – despite United predicting record revenue of £640 million for the 2022/23 season – the thought of taking on more of it, especially with the Glazers still in situ, will not sit well with supporters.
Sort out Ten Hag's future
The National's Andy Mitten described United's performance during Saturday's 2-0 Premier League defeat to West Ham as "awful" and that United had become a team "boring to watch".
It was United's 13th defeat of the season, half of all their matches. It is the club's worst start to a season since 1930 and they are already out of Europe and the Carabao Cup. They are eighth in the Premier League table, six points off fourth-placed Tottenham and 12 behind leaders Arsenal
And while there is credit in the bank after delivering a first trophy to Old Trafford in almost six years last season, there is now a nagging sense that manager Erik ten Hag is losing the support of the Old Trafford faithful.
The Dutchman has spent almost £400 million in three transfer windows since joining from Ajax in the summer of 2022 but there is no real sense of identity in this United team.
Injuries have been an issue, but Ten Hag's tactics have often looked confused and, in some cases, negative, not something likely to please the Ineos brain trust tasked with restoring the club to its former glories.
Ten Hag has a contract to June 2025, but unless results and performances improve Ineos will be inclined to find a replacement.
January transfer window
United say the deal with Ineos will take until February to complete, meaning any players signed in next month's winter transfer window will have to come from the club's existing budget.
The 20-time English champions have never been shy about spending money on transfers, all funded by revenue generated by the business rather than investment from the Glazers. Almost £2 billion has been spent on players since the American family took control of the club in 2005, the third most in Europe.
Ten Hag's record in the transfer market has been mixed at best, and January is a notoriously tricky window to bring in new players.
His best signing, Argentine defender Lisandro Martinez, is still working his way back from a long-term injury and Danish striker Rasmus Hojlund, his most expensive summer recruit, has yet to score in the Premier League.
Both represent areas of the squad in need of bolstering, though a chronic lack of creativity in midfield has hardly helped. Injuries and lack of form has seen Ten Hag deploy 18 different defensive combinations while United have scored only 33 goals in 26 games in total this season and none in their past five. Andre Onana, the Cameroon goalkeeper brought in as a supposed upgrade on David de Gea because of his superior ability in passing the ball, has had a nightmare start to life in England.
United have already said they don't expect to do significant business in January. Whether Ratcliffe has any sway – direct or indirect – on the club's transfer policy before his deal is signed off remains to be seen.
West Ham 2 Man United 0 - player ratings
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WEST HAM RATINGS: Untroubled for the most part in dealing with shots from the visitors. Great block with his legs from Garnacho on the half-hour. Made a hash of a tame shot from Mainoo shortly afterwards to concede a corner. AFP -
Good defensive header to clear danger on 40. Put in a pretty solid shift against Garnacho, who was the greatest threat in a generally toothless Man United attack. AFP -
Unflappable and unfancy. Showed good strength to hold up Hojlund when he tried to make a break in box. Clever clearance to deny Garnacho a chance when the Man United forward well-placed in the six-yard box. AFP -
Crucial interception to cut out a pass to Hojlund and prevent a one-on-one with the keeper. Poor positioning at times and caught ball-watching when Garnacho made a dangerous break. Action Images -
Stinging drive straight at Onana early on. Surging break on 51 minutes. Might have done better with his pass when freed by Bowen in the box on 54 minutes. Kept Antony pretty quiet. EPA -
Good defensive header to clear danger on 40 minutes. Solid shift to keep things tight in the middle for the Hammers. AP -
His buzzing energy was a constant threat. He seemed to pop up everywhere on the pitch. Electric running really unsettled Man United and his beautifully taken goal was just reward for his performance. AP -
Good work to put Fernandes under pressure as he attempted a header at goal from the edge of the box just after the break. Great effort to snuff out a dangerous Garnacho break. Snuffed out danger and distributed the ball well. AFP -
His switch from the left to the false-nine role changed the game. Vision and quality to dink a beautiful left-footed ball to tee up Bowen for the opener. His perfectly weighted pass freed Kudus for the second. AP -
Always getting into dangerous areas. Nearly scored from a corner with a fierce header. Poacher's goal for the opener to continue his fine vein of goal-scoring form. AFP -
His precise delivery was always a danger at set-pieces. Lovely, curling long pass to set Kudus free wide on right in first half. Great corner that Bowen connected with to force a fine save from Onana. AFP -
SUBS: (For Bowen 88') PA -
(For Kudus 90+4') Reuters -
MANCHESTER UNITED RATINGS: Three attempts on his goal in the first seven minutes, though only one save needed. Pressed aggressively by Ward Prowse. Tipped Bowen’s header but nervy moments when he tried to play ball out. Didn’t come out aggressively enough for West Ham’s opener. Getty Images -
Neat interactions and defended well alongside a debutant. Little going forward, like his non-scoring team. Action Images -
The teen was one of United’s best players on his debut. Handled the ball well, fantastic block on Paqueta. Helped by the lads alongside him. PA -
Mature head needed among the youngsters and cut a cross out on 35 to stop an excellent West Ham chance. Taken out by Zouma. On a yellow when he wrapped his body around Paqueta. Got away with a risky back pass to Onana. PA -
More involved than any player on the pitch and played through West Ham’s press comfortably. At the other end, whipped a dangerous ball into a well-defended box. Booked after 95 minutes. Getty Images -
Quiet, despite the fact his side controlled possession and the tempo of the game for an hour. But what does that mean when the team plays terribly and loses for the 13th time this season? Action Images -
A rare United shot on target after 39 minutes fumbled away. Lovely ball to Shaw on 48 – he can pick a pass. But big mistake for West Ham’s second goal. AFP -
Errant passing and poor overall, though he twice found Garnacho to set up the first half’s best chances. He’s looking like a colossal waste of money. AFP -
Captain of a side who played terribly. Moaned much. Played in Hojlund on 20. Yellow carded. Getty Images -
Best chances of the first half, but couldn’t sort his feet out and dragged his shot. Hit a shot that was deflected on to the roof of the net. Has to do better. Ran at pace, dropped his shoulder, but he’s playing in a team who don’t score. EPA -
Didn’t get in the game. It’s not just the Dane who doesn’t score, United haven’t scored in four games now and have only 18 in 18 league games. EPA -
SUBS: (For Hojlund 57'). Did little. AFP -
(For Antony 73'). Came on just after his team had gone behind. United’s response was limp. AFP -
(For Kambwala 84'). Reuters -
(For Garnacho 85'). It’s good that he’s back. AFP
