Man United owners labelled ’embarrassing’ for attempted Tottenham deal

Man United co-owners, INEOS, have been blasted by former Aston Villa and Everton CEO, Keith Wyness after reports emerged about their attempts to renege on an agreement that they had with Tottenham Hotspur.

Sir Jim Ratcliffe’s INEOS, who own 25 per cent of Manchester United, announced a multi-million-pound, five-year deal in December 2022 with Spurs to promote INEOS Grenadier car as the club’s ‘official 4×4 vehicle partner’.

However, it emerged a few days ago that talks are underway to end the sponsorship deal between Spurs and INEOS two years before it runs out, with the United owners being the ones to initiate conversations over an early termination.

It was explained in the report that Man Utd’s owners have taken this decision as they are having to undertake major cost-cutting measures due to financial pressures.

INEOS blasted for trying to walk away from Tottenham deal

It remains to be seen if Sir Jim Ratcliffe and co will get their wish and whether Daniel Levy agrees to terminate the sponsorship agreement, with reports suggesting that talks between Tottenham and INEOS have been cordial so far.

However, Kieth Wyness has blasted the petrochemicals company for trying to renege on their agreement and opined that it is a sign that things are going very wrong for the Man Utd owners.

The former Everton chief told Football Inside about INEOS: “Every sports partnership or sponsorship they’re in, it’s not a happy one. I think it’s embarrassing for them to walk away from the Tottenham deal. You’d have thought it has nothing to do with Man United, it’s meant to be that the INEOS Grenadier 4×4 has a separate budget and separate strategy.

“If it’s really the case that he’s having to rob money from other divisions to put into Man United, that’s a bad sign. It could be that they are just not getting the right results and now want to terminate the deal. We’ll have to get more detail. But INEOS aren’t thinking things through right now and there’s conflict around every corner – something is fundamentally wrong.”

Daniel Levy backed to demand compensation for Spurs

Speaking on the attempt by INEOS to prematurely end their agreement with Spurs, football finance expert, Stefan Borson, suggested a few days ago that Levy will want the company to compensate Spurs.

Borson explained that ending the agreement would not make a big difference to Tottenham’s bottom line as other brands would jump at the chance to fill the void.

He remarked: “Levy is in the driving seat, he’s got a contract. But, I doubt he likes having INEOS having plastered on the side of the pitch when they own 25% of United now. I doubt it’s ideal, but it’s cash. Unless Levy can find someone to replace INEOS, I doubt he will play ball.

“The most likely scenario is that Spurs have someone in mind to take on the asset, the sponsorship, and they will effectively replace INEOS with them having to pay some sort of termination fee.

“Spurs will probably want to get to a position where they make a bit of money, but I think it is possible that everyone can be happy with the scenario. There could be a termination fee paid which gives Tottenham a bit of upside early on, and they then go and find a replacement for INEOS.

“The bottom line is that Spurs won’t be out of pocket here. There’s no way they will let a company like INEOS walk away from a sponsorship agreement. Tottenham have done nothing wrong and have filled their part of the bargain.”

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