Sir Jim Ratcliffe looks to sell parts of business

"The INEOS founder has become the public face of the club's minority ownership era, with his group taking a 27% stake and responsibility for football operations, while the Glazers remain in control of the wider company. That dynamic matters, because Ratcliffe is now judged in two arenas at once."

"The Guardian has reported that INEOS is understood to be in early-stage talks to sell parts of its business in a bid to raise hundreds of millions of pounds and tackle rising debt. The discussions taking place are reportedly focused on assets within its vinyls unit, INEOS Inovyn."

"It's understood that the group's two largest holding companies, Ineos Group Holdings and Ineos Quattro Holdings, had more than £18 billion of borrowings at the end of last year. Alongside this, INEOS is also in discussions with credit firms about refinancing bonds due to mature next year."

"S&P Global downgraded two INEOS entities this month and attached a negative outlook, citing concerns around higher leverage and the possibility earnings could fall further."

Sir Jim Ratcliffe's INEOS group holds a 27% stake in Manchester United with responsibility for football operations while the Glazers retain overall control. Ratcliffe operates under dual scrutiny—both for United's sporting performance and INEOS's business operations. Separately, INEOS is navigating substantial financial challenges, including over £18 billion in borrowings across its two largest holding companies. The company is reportedly in early-stage discussions to sell assets within its vinyls unit, INEOS Inovyn, to raise hundreds of millions of pounds. Additionally, INEOS is refinancing bonds maturing next year and has recently injected €200 million in new equity with €300 million in additional financing. Credit rating downgrades from S&P Global have added pressure, citing concerns about higher leverage and potential earnings decline.

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