Ratcliffe’s involvement in Manchester United has been particularly difficult. The club, where Ineos holds a stake and oversees football operations, has recorded its worst start to a Premier League season in history.
Head coach Michael Carrick has also come under pressure despite his permanent appointment in May.
Other sporting ventures have faced setbacks. Ineos abandoned its costly America’s Cup sailing project. Its decision to end sponsorship of New Zealand’s All Blacks rugby team also triggered a legal dispute.
The group has struggled to sell French club Nice. Meanwhile, its cycling team has not won a major tour since the 2021 Giro d’Italia.
“As far as Ineos and Ratcliffe are concerned right now, you’ll take any win that you can because pretty much all of his sporting assets are underachieving,” said Simon Chadwick, professor of Afro-Eurasian sport at Emlyon Business School.
“Arguably Mercedes is the one team that is doing what it was intended to.”
Mercedes success offers relief
Ratcliffe, 74, built his fortune by turning around struggling chemicals companies. However, he has found it harder to achieve similar results in sports.
Ineos defended its sporting record by pointing to Manchester United’s 2024 FA Cup victory. It also cited Ineos Britannia’s achievement as Britain’s most successful America’s Cup team that year.
The company added that its cycling team won the 2020 Giro d’Italia. It also organised the 2019 event where Eliud Kipchoge became the first person to run a marathon in under two hours.
Mercedes’ success has also benefited from the rising value of Formula One. A stake sale to CrowdStrike chief executive George Kurtz last year valued the team at $6 billion.
The victory comes as Ineos faces challenges in its chemicals business. High energy costs forced the group to idle three plants in Hull, England, in September.
Kieran Maguire, a football finance professor at the University of Liverpool, described Antonelli’s achievement as “a welcome respite for Ratcliffe”.
“Although how much input Ineos has in Mercedes compared to the level of control at football, sailing and other sports is open to question.”
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