Has Jim Ratcliffe bitten off more than he can chew with Man Utd?
Profits halved and when Lyondell Basell, a rival, filed for bankruptcy in the US, Ineos’s lenders turned on Ratcliffe. A breach of its borrowing terms provided a pretext to move in. “They became rapacious,” Ratcliffe lamented years later. After cutting capital expenditure, imposing a pay freeze, banning travel and axing jobs, Ineos still needed to … Read more