Back or sack ETH, clean up a £28m black hole & revamp an underachieving squad

It could be a while before Sir Jim Ratcliffe is pulling the strings at Manchester United.

Even when the Ineos owner’s £1.25billion investment is confirmed, it may be a further two months before Ratcliffe passes the Premier League’s fit and proper persons test, and the process of acquiring A-shares in United on the New York Stock Exchange is complete.

Once the British billionaire’s investment is given the green light, however, he will have more power at United than could be expected of a 25 per cent shareholder after agreeing with the Glazer family to take charge of football operations at United.

Mail Sport takes a look at the most pressing issues in Ratcliffe’s in-tray when he finally assumes control at Old Trafford.

MANAGER

Erik ten Hag’s position has never looked more uncertain after United’s meek exit from Europe on Tuesday night. The defeat at Old Trafford by Bayern Munich means that United have lost half their games this season. They finished bottom of their Champions League group with the club’s lowest-ever points total.

Ten Hag’s side are sixth in the Premier League but face leaders Liverpool and third-placed Aston Villa in two of their next three games, as pressure builds on the manager once again.

Assuming Ten Hag survives long enough, Ratcliffe and his director of sport Sir Dave Brailsford face a huge decision over whether to stand by the Dutchman or start the search for United’s sixth permanent manager since Sir Alex Ferguson retired a decade ago.

RECRUITMENT

INEOS are known to be concerned over United’s recruitment policy, which has led to £400million being spent on the squad since Ten Hag arrived 18 months ago. Antony and Rasmus Hojlund were singled out against Munich, having cost a combined total of nearly £160m, but other signings will come under scrutiny.

Mason Mount has made little impact since joining from Chelsea for £60m in the summer, while Casemiro’s move from Real Madrid has not aged well after United paid £70m for the Brazilian, who was 30 at the time, and handed him a four-year contract. Christian Eriksen was also 30 when he joined United.

The decision to ditch goalkeeper David de Gea and spend £47.3m on Andre Onana has not paid off so far, and Jadon Sancho’s value decreases by the day after the £73m winger was frozen out by Ten Hag.

United’s football director John Murtough continues to play an active role and wants to work under the new regime. However, appointing a new director of football has to be a possibility.

SQUAD

Ratcliffe will have to oversee a revamp of an underachieving squad assembled under a number of different managers.

Some players may have left before he arrives, with Sancho and Donny van de Beek set to go out on loan in January. Anthony Martial, Casemiro and Raphael Varane could also be sold in the transfer window as United try to balance the books after going out of Europe.

Former United interim boss Ralf Rangnick famously said that United’s squad needed ‘open-heart surgery’ and Ratcliffe will have to oversee that operation.

FINANCES

UNITED budgeted for reaching the quarter-finals of the Champions League, so going out at the group stage — and missing out on the Europa League as well — has left a £28m black hole in their finances.

It means Financial Fair Play rules will squeeze even tighter next summer, when United may have to sell more players and make fewer new signings than anticipated.

In theory, Ratcliffe’s investment will pump extra funds into the club, and United also have an additional £200m through a revolving credit facility, but they can’t access either due to FFP regulations.

There is a feeling that United’s overspending off the pitch, and lack of success on it, will lead to a day of reckoning next summer, and Ineos will be left to clean up the mess.

STADIUM

Old Trafford is falling down, according to the song heard from visiting fans at the crumbling Theatre of Dreams these days, and the Bayern supporters who bounced up and down in unison on Tuesday night probably didn’t know just how big a risk they were taking.

Ratcliffe has pledged an additional £250m to improve the stadium and Carrington training base, but it will cost around £2bn to redevelop the stadium completely.

It is 20 months since United appointed master planners to oversee the project, and it is one that the Glazer family seem happy to hand over to the next generation of owners.

Qatar’s Sheik Jassim was prepared to foot the bill if the Americans accepted his offer for 100 per cent control of United, and it looks as though the thorny issue will land in Ratcliffe’s lap now he has bought a quarter of the club.