Billionaire Jim Ratcliffe's sports investment arm, Ineos, is facing mounting criticism and challenges across its various ventures. From the acrimonious split with Sir Ben Ainslie over the America's Cup to fan anger at Manchester United's ticket price hikes, Ratcliffe's pursuit of sporting glory is encountering hurdles. Ineos is now conducting an internal review of its sports portfolio after a string of setbacks, including the cycling team's struggles and the departure of star rider Tom Pidcock.
Shortly before their acrimonious parting in recent days over their joint pursuit of yacht racing glory, sailing star Sir Ben Ainslie offered some thoughts about industrialistThe Olympian – who last October took Britain to the final of the America’s Cup for the first time in 60 years, on board the futuristic Ineos Britannia vessel funded by Britain’s fourth-richest individual – said: “That’s what Jim is all about.
And his Ineos Grenadiers cycling team announced it was looking for additional sponsorship after a string of indifferent performances and the surprise departure of GB Olympic star Tom Pidcock, with the team’s chief executive John Allert conceding: “I think the whole Tom topic might be one for a book in 10 years’ time”.
Indeed, such has been the turbulence in the fortunes of Ineos Sport – the subsidiary which oversees the company’s investment in nine teams or ventures across six different sports – that the company is conducting an internal review of its assets in the sector.that while the problems at Manchester United had not dimmed the appetite of its founder for sport, it is having a knock-on effect on its ability to invest in other projects.
Perhaps tellingly, among his preferences are “people who hate losing”, “stamina”, “sport” and “work hard, play hard”. Among his pet hates are “moaners”, “losing money” and “lukewarm cappuccino”.Certainly, he has made it clear he believes it is time for Manchester United to wake up and smell the coffee.
The Unity Trinity statue, depicting footballers George Best, Denis Law and Bobby Charlton, outside Old Trafford United We StandIneos insists it has rolled up its sleeves on an array of long-term improvements, including a £50m revamp of the club’s Carrington training ground and a proposed £4.2bn redevelopment of Old Trafford and its surrounding area.
“There is a concern that some of what is happening is quite ‘un-Manchester United’ by looking for savings at the bottom end of the pay scale.” To suggest Ineos and its owner have endowed their sporting investments with a reverse Midas touch would be wrong. Its partnerships in rugby union and distance running are performing well. Ratcliffe’s undisclosed investment to buy a 33 per cent share of the Mercedes Formula One team in 2020 appears to have reaped handsome dividends.
Sports INEOS Jim Ratcliffe Sports Investments Manchester United America's Cup Cycling Ticket Prices Fan Backlash
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