The most valuable soccer team in the world is now in disarray.
Following a drop to 14th place in the 20-team English Premier League on Sunday, Manchester United announced the termination of manager Erik ten Hag on Monday morning. The club shared the news through an official statement.
“We are thankful to Erik for everything he has accomplished during his tenure with us and wish him all the best moving forward,” the statement read. “Ruud van Nistelrooy will step in as interim head coach, supported by the current coaching staff, as the search for a permanent head coach begins.”
Valued at $6.2 billion in Sportico’s latest assessments of franchises, Manchester United is experiencing its poorest start in the modern Premier League era, securing only three victories in nine league matches. The team has also faced challenges in other competitions, managing just one win in the English Carabao Cup against lower-league Barnsley and failing to achieve a win in three Europa League matches, ending with three draws.
Ten Hag was under pressure at the conclusion of the previous season due to the team’s eighth-place finish in the EPL, but the decision was made to keep him, partly because of Manchester United’s victory over local rival Manchester City in England’s FA Cup final.
The disastrous start to the 2024-25 season, the worst in 35 years, was solidified by Sunday’s 2-1 defeat against West Ham, sealing the manager’s fate.
The team, which is publicly traded, is primarily owned by the Glazer family, who also owns the Tampa Bay Buccaneers. However, it is being managed by Sir Jim Ratcliffe, the chairman of INEOS and one of the wealthiest individuals in the UK, who acquired a 25% share in the club earlier this year.
Off the pitch, the club’s financial performance has aligned more closely with its celebrated legacy. In September, the team announced record revenues. Nevertheless, Ratcliffe’s restructuring efforts have encountered challenges. This past summer, the club dismissed around 250 employees. Earlier in October, it was revealed that the club terminated a multimillion-dollar ambassador agreement with Sir Alex Ferguson, the iconic former manager who guided United to 13 EPL titles during his 26-year period in charge.
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