Sir Jim Ratcliffe, Manchester United co-owner and INEOS chairman, is reported to want Manuel Ugarte sold — a view that, according to reports, hardened after he watched United’s 2-1 loss to Leeds United in which Ugarte started alongside Casemiro.
The Leeds match laid out the immediate case. Kobbie Mainoo had been ruled out with a last-minute training injury before kick-off, Leeds raced into a 2-0 lead after 30 minutes, and Lisandro Martinez was shown a controversial red card in the second half as United slipped to defeat.
That performance is the weight behind the push. Ratcliffe’s first-hand experience of the game is cited as strengthening his view that change is needed in midfield — a judgement given extra force by what happened on the pitch and by the club’s transfer planning for the summer.
Context is simple: Manchester United signed Manuel Ugarte from Paris Saint-Germain in summer 2024 for a total package worth £50.5 million — £42.3 million up front plus £8.2 million in potential add-ons. The club is now planning to bring in two midfielders this summer to replace Casemiro and potentially Ugarte.
There are competing financial calculations behind that plan. The sale of a midfielder to Napoli brought in £25.7 million earlier, money that helped underwrite last summer’s recruitment. If Ugarte’s add-ons have not been triggered, his outstanding book value sits at around £25 million — meaning United may have to accept a sale of roughly that sum to avoid a negative profit-and-sustainability-rule (PSR) hit on their accounts.
Outside interest complicates the picture. There is reported interest from Serie A, and Galatasaray made advances for Ugarte in January; those approaches could be reignited at the end of the season, offering United a potential route to move the player on before the summer business is settled.
The immediate tension is stark. Ugarte arrived after a prolonged pursuit from Paris Saint-Germain and at significant cost, yet the club is already weighing whether to cut its losses to balance the books and fund incoming recruits. At the same time, the squad showed a different face six days after the Leeds reverse: with Kobbie Mainoo back in the team, Manchester United beat Chelsea 1-0, a result that underlines how selective moments can reshape views about who is essential and who is expendable.
That contradiction — an expensive, recent signing on one hand and urgent summer rebuilding and accounting constraints on the other — is where this story will live over the coming weeks. The club’s decision will have immediate consequences for how it approaches the market: sell Ugarte now and accept a likely financial haircut, or hold him and push for alternatives to be found that do not force a rushed departure.
Ratcliffe’s own involvement makes the choice more consequential. His reported view, sharpened by seeing the Leeds defeat in person, increases the likelihood that United will prioritise short-term balance-sheet relief and the recruitment of two midfielders this summer. What follows will determine whether last summer’s £50.5 million investment becomes a bridge to a rebuilt midfield or a damaged asset moved on to steady the club’s accounts.
