Sir Jim Ratcliffe AXES sponsorship deal with Man Utd’s Premier League rivals two years early and pays ‘significant’ sum
SIR JIM RATCLIFFE’S Ineos have paid millions to end a sponsorship deal with Tottenham.
The Manchester United co-owner’s petrochemicals company penned a five-year contract with Spurs back in 2022.
Ineos had been Tottenham’s official 4×4 vehicle partner.
While their logo was also splashed across the dugouts and screens at Tottenham Hotspur Stadium as part of the deal.
Conversations over bringing the sponsorship to an early end began last month.
And according to the Mail, an agreement has since been amicably reached.
Ineos have had to pay a “not insignificant sum” worth millions to end the arrangement.
Having a received a lucrative pay off, Spurs will now be free to seek out a new 4×4 partner.
Speaking to The Times this week, Ratcliffe spoke positively of Tottenham chairman Daniel Levy.
Contrasting Spurs’ executive set-up to Manchester United’s previous regimes with Ed Woodward and Richard Arnold, the 72-year-old said: “The way I look at it is that you had two management teams at Manchester United for the past 12 years who did a poor job because the owners weren’t like, say, Steve Parish [Crystal Palace] and Daniel Levy, they weren’t really into the details.
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“Those two know what’s going on. They’re there every day and the management at their clubs are on a short leash.
“The management of Manchester United have been given a huge amount of rope.
“The owners just managed the club and left the football side alone and they’ve made a lot of very poor decisions over 12 years, stupid things.
“They made a complete cock-up of it, shocking really. They couldn’t see where they were headed.
“The first management group, they thought they understood and wanted to get involved in buying footballers but they didn’t have the knowledge to buy footballers, you know, so they went in the marketplace, spraying money around and it was just random, wasn’t it?”
Ratcliffe has engaged in huge cost-cutting measures since buying his stake in Man Utd.
The British billionaire has controversially made around 250 staff members redundant with a similar number facing the axe.
Ratcliffe has also slashed costs across the club, including ditching the annual Christmas party and removing Sir Alex Ferguson from his paid role as an ambassador.
He told the BBC earlier this week: “The losses are because the club’s just been spending money needlessly.
“We’ve got a body language consultant. There’s all sorts of stuff we’re spending money on that we don’t need to be.”