INEOS officially confirm €701m loss

INEOS face mounting criticism over their running of Manchester United, with Sir Jim Ratcliffe and the Glazer family increasingly targeted by angry supporters.

Ratcliffe acquired an initial 25% stake in United in February 2024, gaining control of football operations. INEOS’ interest has since risen to approximately 29%, although the Glazers retain majority voting control.

However, hundreds of redundancies, ticket-price increases and disappointing results have undermined the promised revival.

United’s £689 million debt burden has also fuelled frustration, while reports of tensions between Ratcliffe and the Glazers have raised further questions about the hierarchy.

The anger continued during Sunday’s extraordinary 4-4 draw against Aston Villa at Old Trafford.

Michael Carrick’s side conceded twice inside four minutes before Bruno Fernandes and Youri Tielemans levelled matters.

Villa restored a two-goal advantage after half-time, only for Joshua Zirkzee and Patrick Dorgu to strike in stoppage time.

Supporters nevertheless staged another ownership protest, releasing green-and-gold balloons and unveiling a banner reading: “We don’t want a new stadium, we want the owners out.”

Chants against both the Glazers and Ratcliffe reflected discontent that even dramatic comebacks have failed to erase.

Now, fresh financial documents have disclosed a substantial loss in another part of Ratcliffe’s business empire.

INEOS record €701 million loss

According to accounts filed with Companies House on 6 November, INEOS Automotive Limited recorded a €701 million loss for the year ending 31 December 2025.

That compares with a €290 million loss in 2024, while revenue fell from €789 million to €478 million.

The Grenadier manufacturer reported an approximately 15% decline in vehicle sales and exceptional administrative expenses of €372.7 million.

These included a €333.5 million impairment linked to its Fusilier electric-vehicle development, alongside €34.2 million in restructuring costs.

The company also cited challenging US trading conditions and disruption from its transition towards a new dealership model.

The figures concern INEOS Automotive, rather than Manchester United, and do not represent the financial performance of the wider INEOS group.