ANALYSIS | The INEOS effect: A deep dive into the impact Sir Jim Ratcliffe has had on his sporting empire

The INEOS Grenadiers enter the 2025 season at a crossroads. Once the dominant force in professional cycling, their decline in recent years has been jaw dropping. The 2024 season was a disaster by their own high standards, marked by poor grand tour performances, internal tensions, and the high-profile departure of Tom Pidcock to Q36.5 Pro Cycling Team over the winter.

With expectations mounting and rivals UAE Team Emirates - XRG and Team Visma | Lease a Bike continuing to set the benchmark, 2025 must be a season of resurgence for the British squad. Or, it must be a year where they accept their shortcomings, and strive to find their new identity.

But the INEOS Grenadiers' struggles are not isolated. A pattern has emerged across multiple sports teams that have come under the INEOS banner. Whether it be Formula 1, rugby, sailing, or even football, the trend remains the same, initial success followed by a steep decline.

Given INEOS’s vast financial resources, why have their sporting ventures struggled? Does INEOS bring genuine sporting excellence, or does their involvement signal the beginning of the end for once-dominant teams?

INEOS is a multinational chemicals company, one of the largest privately owned firms in the world, valued at over $87 billion. Its founder, Sir Jim Ratcliffe, is one of Britain’s richest men, with a net worth exceeding $15.6 billion. Ratcliffe made his fortune by acquiring and restructuring underperforming assets in the chemicals industry, leveraging debt to finance acquisitions and then aggressively cutting costs to generate profits.

His business empire extends beyond chemicals, with INEOS now a major player in sports investments. But while Ratcliffe’s business power is beyond doubt, his sporting investments have yielded mixed results. Let’s take a closer look at the impact of INEOS across the sporting world.

Between 2010 and 2019, the team formerly known as Team Sky redefined professional cycling. Under the leadership of Dave Brailsford and backed by significant financial investment, Team Sky dominated the sport, winning six Tour de France titles, one with Bradley Wiggins (2012), four with Chris Froome (2013, 2015, 2016, 2017), and one with Geraint Thomas (2018). In addition, Froome secured two Vuelta a Espana titles (2011, 2017) and a Giro d’Italia victory (2018), bringing their total grand tour count to nine during the Sky era.

When INEOS took over the team in 2019, they continued this winning trend initially, with Egan Bernal claiming the Tour de France that year. Off to a good start, INEOS didn’t stop there. The Colombian followed up with a Giro d’Italia victory in 2021, while Tao Geoghegan Hart secured the Giro in 2020. However, since Bernal’s 2021 triumph, the decline has been undeniable.

The team’s best grand tour result since then was Geraint Thomas finishing second at the 2023 Giro, heartbreakingly losing the title to Primoz Roglic in the final-stage time trial. In 2024, their form hit rock bottom, with just a single grand tour stage win across the entire season, on the opening day of the Giro d’Italia when Jhonatan Narvaez defeated (his now new teammate) Tadej Pogacar.

Compared to their undisputed status in the 2010s, INEOS Grenadiers have become a fading force, struggling against the new Kings of cycling, Visma and UAE Team Emirates.

In 2020, INEOS became a principal partner of the Mercedes-AMG Petronas Formula 1 team, signing a five-year deal. Initially, their involvement coincided with continued excellence, Mercedes won the 2020 constructors’ championship, while Lewis Hamilton claimed his record-equalling seventh drivers’ title and became the most successful F1 driver of all time in terms of race wins.

Then came the downfall. The controversial 2021 season saw Hamilton narrowly lose the title to Max Verstappen after a dramatic final-lap showdown in Abu Dhabi. But it was in 2022 that the decline became fully apparent.

F1’s regulation changes dealt a massive blow to Mercedes, with Red Bull and Verstappen assuming complete control of the new era, much like Pogacar and Vingegaard have claimed this era over INEOS’ riders. Since the end of the 2021 season, Mercedes have won just five races. Five!

A team that had defined an era of F1 supremacy, winning eight consecutive constructors’ championships, suddenly found themselves playing catch-up. Much like INEOS Grenadiers, they went from the undisputed leaders to a team struggling to keep up with the new elite in eerily similar style to the cycling team.

INEOS’s sporting interests are not limited to cycling and F1. In 2018, Ratcliffe partnered with British sailing legend Sir Ben Ainslie to form INEOS Team UK, with the goal of winning the prestigious America’s Cup. The 36th edition in 2021 saw INEOS invest heavily, reportedly spending over £110 million on the campaign.

Despite the enormous financial outlay, INEOS Team UK failed in their challenge, losing to Luna Rossa Prada Pirelli in the challenger series. Their lack of success in sailing mirrors the trend seen in their other sporting ventures, initial promise, heavy investment, but ultimately, disappointment.

INEOS’s expansion into rugby and football has also faced significant scrutiny. In 2022, they secured a sponsorship deal with the All Blacks, New Zealand’s national rugby team. However, this partnership has since turned sour, with New Zealand Rugby recently taking legal action against INEOS in the last week over an alleged breach of contract related to their involvement with Manchester United.

And speaking of Manchester United, INEOS recently completed a partial purchase of the iconic football club, acquiring a 27.7% stake. The deal hands Ratcliffe and INEOS control over football operations, with ambitious plans to restore United’s former glory.

However, given the pattern across other sports, United fans may have reason for caution. Although the team did win the FA Cup last year, they’ve since sacked their managed and currently lie 13th in the Premier League table. Can INEOS succeed in football where they have faltered elsewhere?

Across cycling, Formula 1, sailing, rugby, and now football, a clear pattern emerges, early success followed by a downturn in form. While INEOS brings substantial financial backing, the results suggest that success does not always follow their involvement.

In the case of INEOS Grenadiers, their struggles are clear. The once-mighty force in cycling is now playing a secondary role to UAE and Visma. Similarly, Mercedes F1 have lost their dominance since INEOS became involved. Their sailing venture failed to make an impact, and their rugby partnership has led to legal disputes.

What does this mean for Manchester United? Only time will tell, but if history is any indication, the club’s supporters should temper their expectations.

Perhaps, from a cycling perspective, we have not addressed more pressing matters that are contributing to the downturn in success at the INEOS Grenadiers: other teams and riders are now just better. Even the most successful eras come to an end, and the likes of Pogacar, Vingegaard, Evenepoel and their teams have far more talent at their disposal than INEOS currently do.

Losing, is not currently the problem at INEOS. It is the manner in which they are being defeated, with no clear plan or direction going forward.

Returning to cycling, INEOS Grenadiers must make significant improvements in 2025 to avoid further decline. The loss of Tom Pidcock is a blow, as he was supposed to be the man that took over the mantle from Froome and Thomas going forward. With UAE and Visma continuing to strengthen, INEOS must redefine their strategy if they are to compete at the top once more.

It is not all doom and gloom, however. In the first few races of 2025, INEOS’ last grand tour winner (Egan Bernal) has picked up his first since before his horrific accident, and then soon after picked up a second. If he his able to come even close to his pre-crash form, that would be a huge boost for the team.

The solution may lie in developing young talent, rethinking their grand tour approach, and investing in riders who can challenge for the podiums. The days of overwhelming dominance are gone, but with the right adjustments, INEOS Grenadiers can still get back amongst the best teams.

The INEOS sporting empire is vast, yet its track record should be subject to more analysis. Their cycling team, once the dominant force, is in decline. Their F1 involvement coincided with Mercedes’ fall from the top. Their sailing project ended in failure. Their rugby partnership has turned into a legal battle. And now, they have turned their attention to football, a sport where financial investment alone does not guarantee success.

For INEOS Grenadiers, 2025 truly feels like a pivotal season, even more so now Geraint Thomas has confirmed it will be his last in the peloton. If they don’t show any signs of improvement, they could find themselves plummeting even further down the WorldTour rankings.

Now, more than ever, INEOS needs their riders to step up to the challenge.