How Ineos’ takeover of Manchester United will affect Ineos Grenadiers cycling team

Manchester United’s football operations will soon be led by Sir Dave Brailsford, a sporting guru who made his name by transforming the fortunes of British cycling, including Olympic athletes and later the Team Sky/Ineos Grenadiers road team.

Now that Sir Jim Ratcliffe has secured a stake of 25% in Man Utd, how will that affect Ineos’ commitment to their cycling team? The Athletic’s Matt Slater has been right across the partial sale of the football club, and joins RadioCycling to discuss the news.

So we are delighted to be joined by Matt Slater of the athletic who is in the rare position of having covered both many tours to France and also World football for many years hello Matt thanks for joining us hello yeah how are you how’s everyone I’m good good good so

So this is this has been a long time coming hasn’t it we’ve all been waiting for the announcement for for weeks on end why why did it take until Christmas Eve for this deal with between Jim rackle for Manchester United and the glazers the current owners of Manchester

United why did it take how long for it to be confirmed well yeah you’re right it’s been a complete saga certainly in my world you know I cover the sort of business of football and um you know Manchester United announced this search for um strategic Alternatives or

Whatever I can’t remember how they build it now but um uh in November of 2022 it was it was uh whilst the rest most of the football world was at the World Cup in cata so you know a a 13mon s a proper

Saga um why did it take so long so so we had this sort of long drawn out process between you know who was going to do it what whe they were going to sell how much they were going to sell it’s a bit like succession that’s the sort of the

Best analogy I can think of you’re dealing with the Glazer siblings six of them they’re relatively unusual Bunch um they don’t say much they don’t really care what people think they don’t care what man united fans think um so you had this very long um drawn out frustrating

Complicated um sales postes anyway it we we got a winner of sorts so I suppose your question is really why it took so long from when we got the winner which is s Jim rackliff is going to buy a minority stake in the club to the announcement and and we haven’t had a

Great answer on that one that the best I can offer is you know this is this is based on speaking to the people that s to do this stuff for a living is it’s a very complicated deal Manch United are a partially listed company that listed in

The New York Stock Exchange um they have a sort of a fairly complex St share structure where the glazers own these super shares these Class B shares that have 10 times as many votes as the class A shares so there were there were there were some quite quite complicated legal issues

Around um how you treat minority shareholders uh was this the best offer right they had to make sure they weren’t going to be sued by because a lot of these other man United shares are actually owned by hedge funds who were just basically speculating on the share price during the during the Takeover

Which is pretty common in in merges and Acquisitions so there were there were various eyes and to be dotted and te’s to be crossed and all that so that and look and then the other thing is the glazers themselves I sort of said that they were a bit you know unusual bunch

And it’s very hard to sort of get them to make decisions so I think it was a complic it was a it was half this is a complicated deal and they had to make sure no one was going to get get sued you have this whole dynamic which I

Think is going to be fascinating for people in my world how this is actually going to work so you have a minority shareholder who specifically wants sporting control how does that work they also they already have other football clubs so there’s sort of some UEFA football Dynamics there how that works

You know how many clubs can you control particularly if they’re all going to go into the same competition in the Champions League so I think there were bits of it that required a lot of thought and then I think the other element I would definitely throw in

There is it’s just the Glazer and they go at their own pace and they don’t care what anyone else thinks and the fact they would do this to their own staff on Christmas Eve is just you know that’s that’s that’s the story own United yeah yeah we’re going have we’re going to

Have an all company Zoom guys at 400 p.m on Christmas Eve you must you must you must log in so so in terms of ratliffe this is by far the biggest move he’s ever made in the world of sport doesn’t it I mean it dwarfs the grenadiers investment it

Dwarfs anything else he’s done doesn’t it it it does in financial terms it does it’s it’s best pass you know it’s a billion quid and he’s he’s he’s also going to he’s actually going to end up probably with about 29% because he’s he’s there’s a little bit more to come

Which we think is being ring fenced for infrastructure improvements I.E Old Trafford and possibly the training ground um which will nudge him up to 29% when all is said and done and actually and I don’t think he’s going to stop there actually if you just look at his

Business career he he’s not a great minority partner he likes to be in charge so I suspect there is again part of the delay is getting the the the pathway the road to control proper control sort of sorted you know like who has the right to buy each other

Out and when and at what price so there’s a lot of that in there too um right so yeah it’s it’s it’s definitely the biggest in terms of the money but really I think the big thing and this totally blasts everything he’s ever done in the past his profile Manchester

United you know I’ve I’ve been a sorts journalist for you know I don’t know what is it about 30 odd years now and I’ve you know as you mentioned I’ve done other stuff and you know stuff that I really really enjoyed Olympics and sword of France and

All that there’s there’s all that and there’s Manchester United there aren’t many clubs you know it’s real and barcel probably and Bayern in Germany and what they do just generates traffic every day they are a circus uh the biggest show in town he he’s never done anything this high-profile in his

Career you know gra mouth may you know but but this is this is this is on this are papers every day newspapers every day yeah and Dave bford who’s obviously been in the papers in the past for good and bad reasons how do you think he’s going to approach this because

Inevitably there’s a fair bit of skepticism towards him as a footballing guru and uh I mean I found it quite a moment to see him in the stands with Alex Ferguson the other night what’s what’s your perspective on this I mean is is he set up for a fall here or how

Do you see things panning out this is this is one of for me one of the great stories going looking you know 2024 and Beyond I I don’t know and I I and I I’m reading and seeing and hearing people make you know very confident predictions as to how this is

Going to go and I and I and I’m not just you know guys let’s just see how this plays out because you know I’m looking for precedents and the obvious one is CLI Woodward when he when he transferred from English rubby Union to to football that was about 20 years ago at

Southampton you know and that sort of famousy didn’t go well I actually reported on that at the time it’s it is a bit complicated there are parallels between the the two men and the two situations but you know it was 20 years ago they’re not completely the same

Person they’re really not um Southampton is not the same as Manchester United so I don’t know how that’s you know if that’s if we should draw too many lessons from that he has as you guys know better than anyone basically stepped away from cycling for the the

Last couple years and has had this overarching sporting director role at inos which has exposed him to other sports other disciplines and really given him a chance to you know I remember talking to him about 10 years ago he was at some sort of football business conference called leaders this

You know he’s very involved in that and it it basically takes him around the world and he gets to lecture people but it was at Chelsea and it was around the time people yeah exactly he loves it he loves it and appar and they love him I’m

I’m you know I don’t honestly the feedback from other sporting coaches and managers around BR when I’ve spoken to about you know seriously was you know you our cycling people have been around him a long time and we perhaps got a little bit tired of it but when he walks

Into a room and lectures them on Elite Performance or you know whatever is in his head at that time they love him they think he’s really really really really good and I’ve heard that from NFL people basketball people Rugby Union you know you know football they are impressed

People like him are impressed by him so I remember he said at that thing about 10 years ago that I think it had been in the papers that he’d like that he he’d been having dinner with u a guy called Mike Ford from Chelsea and I think the

Was it was it who was it was um Andy flow the England cricket guy and he was definitely sort of starting to think about you know where do I go next where can I take my energy my ideas my sort of leadership all that what what next you

Know sort of this sort of sense that cycling was maybe a bit small and he wanted to do something else and he did he sort of J funny because I it’s funny cuz I caught up with him at the tour this year cuz he was there for a couple

Of days and he showed up at the finishing well he was there there for two stages uh first day M Mikel kosi won on the gr Colombia and the second day caros Rodriguez won in morine and as he got out of the car in Moine I was I was

There and he was like he was pretty nostalgic for it he was saying you know I’ve realized how much I still love the sport and it’s you know so spectacular and it’s crazy and but it’s brilliant you know and he was he was and I sensed

A little bit of a tinge of regret that he wasn’t still at the cold face of py but so that was last year was this summer this was this summer this was this summer but I don’t I mean obvious obviously he’s he’s somebody who I think

He gets bored quite quickly he wants to challenge he loves proving people wrong doesn’t he he’s never so yeah that he said that then because what we hear is he’s basically spent well the last few months gearing up for this and actually we’re talking and I think he went into Caron yesterday

So man United’s training ground yesterday as you said you saw him at the at the notan forest game so next to Fergie so he’s he’s he’s kind of sort of doing the job right whatever this job is and it’s going to be an AIT you know he

Loves that doesn’t he he’s going to look at everyone and not make any mind you know decisions and basically going to be interviewing people for their jobs I think that’s already started um and I think there is going to be there’s going to be a tear down there there and and

It’s much needed to be honest whether he is the right person to do it I don’t know but but but you know he’s done it before though hasn’t he he has because he did that’s that’s what he did at British cycling it is and I point I was to

Make he he did it at ojc nce right so so for the last let’s say from about last summer so so 18 months ago to about this summer he’s he’s worked really hard at n ogc n that’s that’s where we hear he’s been sort of really focused his

Attention on a real turnaround down there there I don’t want to get into sort of you know too a tangent there but that was their sort of biggest previous football investment and sort of they’d had some moments it was a bit it was where was it going it was sort of you

Know Meandering a bit um and he you know he kind of sees control about 18 months ago and um new CEO new manager a lot of work at the training ground hired a load of people and binned a load of people and last season it was okay K start you

Know start to sort of see signs of improvement this season they’re flying so he has been focused on football for a while so we don’t we don’t really expect to see him at bik races much anymore I mean I think that’s something that uh maybe the graders are going to accept as

Well and the media have to accept as well because he was always good for a sound bite but but on that subject we both know that brailford and the British media have not always been on the best of terms we’ both experienced that you know when we’ve been working

At races with him do you think he will get a rough ride he’s going to renew acquaintance is he with some of the people who were kind of like you know the dcms hearings and who were critical of him over Jiffy bags etc etc everybody knows those stories do do you think he’s

That he’s going to lock horns again with certain individuals um well you you have advantage over me you well yes you have an advantage of me in that I had uh it ended badly s in him at cycling um and I haven’t really seen him since dcms and

Those occasions where it was incredibly tense and uh confrontational and his relationship with the with the ssy British cycling media had fallen apart as far as I was concerned um and I just you know I’m just a fan now in terms of cycling and I just sort of got the

Impression I’m just seeing his name less I know the team isn’t doing quite so well um and I just sort of thought he stepped away well he fine great I can understand that he he now has almost no choice he might not be cting the media

The way he does iny the way he used to do in the good old days of cycling when you’re right it was always amazing for a quot he was always doing the little kind of impromptu press conferences around the around the team bus which which frankly were were godsend you know we

You know thank you the number of times he sort of bailed me out with with some you know something interesting to talk about he’s you don’t have to do that in football particularly in the type of role I think he’ll end up doing but everything he does everywhere he goes

Every decision he makes is going to be analyzed and scrutinized in a way that he never really had in cycl before yes I I know you guys we we did but but not to the same level it it there is no comparison there isn’t really much comparison between other football clubs

At times so is he going to have that kind of close media relationship I don’t know I suspect not is he going to have levels of scrutiny that he hasn’t experienced probably since the height of his you know downfall if you like maybe that’s too strong but when things starting to turn

That that that’s what he’s walking into whether he likes it or not and I think the thing that will probably really I I don’t know him well enough but I I hope he’s ready for it there’s going to be an awful lot of retelling of that story for a whole new

Audience Matt yeah how do you expect him to to actually split his time because you’ve mentioned n we’ve mentioned the cycling team they’ve also got interesting sailing in F1 in a few other spots as well how do you expect billford to kind of divide his time is man united

Going to be 100% of his Focus 80% or is he going to be juggling these templates at once well this is this is the the question or what one of the questions certainly for for me I I I think he has to be 100% on Manchester United right

Now he has to be otherwise this this is sort of Dooms of failure you there are there are already people sort of waiting for this to go wrong right that that wanted the kataris uh or they just want man united to fail or you know they’re so angry with the glazers anything the

Glazers did so he’s there is there is an element of he’s being sort of set up to fail here and it is it’s a really tough turnaround job there are real problems there you know it’s a huge organization you know all the usual analogies about all tankers and all that they all apply

Um so I think he has to absolutely focus on this which is you know not what you guys presumably want to hear because his cycling team needs a bit of a turnaround um look they’ve got a minority stake in Mercedes F1 I don’t think he’s really hands- on there they

Trust the F1 guys they they they’ve got a bit of a turnaround job to do certainly a catchup job to do um the America’s Cup thing well I think I’m not a sailing expert but I believe the Americans cup is next year they’ve been doing these final preliminary races

There was one about two weeks ago in Saudi Arabia you know a tough job there it’s a competition that we’ve never won so um you know he goes after stretch targets doesn’t he um you as you see nice I think he’s he can he can he can

Box that one away they’re going nicely they’re going they’re going really well second in League G um and he’s got some other little bit bits and Bobs to do but but but really it’s football I think and it’s Manchester United and he has to he

Almost has to be seen to be doing it 100% as well that that’s what people will be If he if he rocks up at a bike race in January or February that is Back Page News I’m afraid for the wrong reason Matt just wanted to ask um one

One of the things that cycling fans are most concerned about with all this is what what is rackless interest and investment likely to be in the grenadiers going ahead I mean it is it something I mean you compare it to the Man United deal and it’s it’s peanuts

Really what he puts into the club and uh I me I know his fortune apparently GRE five-fold during during the past 12 months or so so you kind of think there’s no reason for him not to continue is that how you’d see it yeah I think this is a really interesting

Question so you know where where does sort of cycling fit in any sports portfolio where you know and and I suppose we sort of I’d be thinking about what sky sort of came to the conclusion you know I know there was a takeover there was a sort of corporate change

There they lost their big champion in James Murdoch but there was a sort of sense that s te that Sky the corporation had got everything everything they needed to get out of that relationship now are inios in that position I I don’t think they are I think one because he’s a very wealthy

Guy he doesn’t sell much you know he’s sort of an accumulator if you look at how he’s put together inos which is a really fascinating business story if you ever get a chance to sort of look at that just this sort of Bol bolted together pieces of unfashionable bits of

Industry um and and he does you know he’s got a really good business track record um I don’t know what what’s what’s in what do we think is ino’s budget these days is it about 40 45 million a year 55 or 50 I think million fine but there you go so he’s just

Dropped a billion on on on buying a quarter of Manchester United uh God knows what he spends on the sailing but but it’s for me it’s really interesting because I mean I think they’ll stay within cycling but what happens in if in two years time man

United are even worse now well than what they are now and they really need to buy a brand new midfielder who’s going to cost them 60 million pound the man united fans would much prefer them to spend that 60 million on man united instead of a cycling team that’s not winning

Anything so kind of how does that well yeah well this is where we get into sort of just Twitter nonsense right that’s not really how football and Manchester United as a business operate you know so so the glazers themselves never put a penny in but Manchester United still had

This huge net spend and never really that the reason they’re bad is not because they didn’t spend they didn’t buy the60 million Striker they bought the wrong 60 million Striker again and again and again and again right that’s that’s that’s why they’re bad Manchester United generate enough cash and and you

Know rackliff knows this they generate enough cash to kind of compete with whoever they want to compete with right man city and the rest um and then the the the sort of other com thing to mention there is of course football has basically a soft salary cap in this

Financial these Financial fair play rules which again I don’t want to get into too much here but but you can’t just keep buying the 60 million pound Striker again and again and again it’s that’s just not how it works right at some point you you are you’re constrained by the

Rules what what I think is the bigger issue I guess in terms of money and where he allocates resources is that man united have must do something to Old Trafford they must that is where they’re being left behind and that is a massive amount of money you know they either

Redo a stand and it’s a complicated build because it’s over a train line or they redo the whole state medium you know you know so that is something a conversation he has to have with the glazers right how we funding this is it more debt which is sort of how he

Traditionally built inos um and of course debt has a sort of scary element football fans hate it and Bally the history of man united and the Glazer ownership is very very you know loaded term um so that I think is probably more where the resource allocation bit will

Go I just think on the cycling scene again I’m you’re closer to than I am it just seems to be ticking away quite nicely he he has moved so the company has changed in the last couple years it it spent 20 odd years doing stuff that

You or I never cared about it business to business it was building block stuff it was Plastics and it was it was chemicals etc etc a a few years ago he got into stuff that he’s trying to sell you and I well I don’t know if I don’t

If you can afford one of their cars but but but my point is he’s moved into sort of a consumer facing right part of I can’t I can’t even afford a personalized number plate Matt well maybe you can afford his cleaning products you know the hand sanitizer or

Or Bell staff clothes which I see Dave brille is like a sortel for so let’s let’s I’m conscious um you you have you have a game to go on watch don’t you but um just to wrap wrap things up I mean do do you think this will work do you see

It being a success in a year’s time do you think there will be a there will be a transformation at Old Trafford and the team will be paying better which will basically be what everybody wants right I I’m I’m quite happy to put I’m not putting any money on this but

You know sort of money mouth is uh sort of say something yes I I do actually I I because because whilst I sort of fell out with him I still think he’s quite good um and I and I and I sort of I kind of rap Ratcliffe as well I think I think

He’s a really smart guy I think he’s a really interesting guy I think the glazers were bloody awful owners awful owners amazing investors and it it probably is there’ll be a debate to be had at some point whether it’s the greatest sports investment of all time their investment in Manchester United

Certainly in terms of what they’ve taken out of it so he’s he’s following really dff owners he’s kind of taking over in some ways at a good time you know they’re not quite rck bottom but but you know it’s not a bad time to take over um I’ve said I think he’s good

Interesting parallels then with um with British cycling because that was the situation at British cycling when BR came in radic radical overhaul and a complete an utter reboot yeah if he’s given If he if this relationship ship with the with the glazers works and and this sporting control which you know is unprecedented

Really this sort of minority shareholder having control over what most fans would say is the most important thing that a football club does I play games um you know how that Dynamic Works um whether the media gives him time with the man united fans give him time I think

There’s you know that they’re rubbish I say that my my my Lads are man united fans and that’s the word they use rubbish uh so um I look I am optimistic that he can do this I don’t know how long it’s going to take though and I wouldn’t put the house

On it I just think I just think he can yeah he can well we’ll see we’ll see won’t we so Matt thank you so much for joining us on radio cycling real pleasure