Man United break off-pitch record with £200m outlay as Sir Jim Ratcliffe does what Glazers refused

The opening of the new Carrington this summer is a clear sign of United’s shift, even if some concerns remain about the direction of spending.

Finance expert Adam Williams, speaking about the club’s capital investments, revealed that – under Sir Jim Ratcliffe’s management – the Red Devils have set a two-decade record for infrastructure investments.

“Spending on infrastructure is exempt from the PSR calculation until the point when the asset you’re building is active. For United and Carrington, it looks like the funds have probably come direct from Ratcliffe himself as opposed to being funded by debt, so I don’t think interest repayments are going to impact their PSR calculation going forward”, he said.

“According to the latest quarterly accounts up to the end of March, capital expenditure had reached £34m for the financial year.

“My data goes back to 2006, and in that time, Man United have spent £184m on infrastructure but never more than £38m in a single year, so this will take total infrastructure spending beyond £200m and set a new single-year record in the Glazer era.”

The Glazers’ approach and what Sir Jim wants to change

It’s not just about how much is being spent, but also where the money is going. While players such as Harry Kane were never bought in during the Glazers’ early years, high-profile signings followed the post-Jose Mourinho decline – often with mixed results.

Nothing sums up the differences between the two ownership groups more than how that money is being allocated. Now, Sir Jim Ratcliffe is aiming to position Ineos as a clear break from the past.

There’s now a United fan inside the leadership structure, considering input from the fan advisory board, partially aimed at changing negative narratives about the club’s ownership. The branding of the new board as the ‘Old Trafford Football Club’ was a notable example of this shift.

Despite some legitimate criticisms of Ineos’ early decisions, it’s worth remembering the club are still in transition. While patience may be running short in many quarters, a title challenge this season always looked unlikely – and wasn’t part of the plan from the start. The hope is that the changes being made now will lay the groundwork for a more sustainable future.