Manchester United’s co-owner Sir Jim Ratcliffe’s INEOS are being sued by the New Zealand rugby union team after failing to pay sponsorship fees
Sir Jim Ratcliffe’s INEOS are being sued by the New Zealand rugby team after failing to pay sponsorship fees.
The petrochemical company agreed a six-year deal with the All Blacks in 2021, with the contract worth £3.65million each year. However, New Zealand rugby chief’s have now accused INEOS of ending the deal three years early.
They are claiming INEOS are yet to pay any of this year’s fee – and have now launched legal proceedings. “New Zealand Rugby (NZR) is disappointed that INEOS has breached its sponsorship agreement,” a statement read.
“Most recently, it failed to pay the first instalment of the 2025 sponsorship fee, confirming its decision to exit our six-year agreement.
“Having learned of INEOS’ decision to walk away three years early, we have moved to protect the interests of New Zealand Rugby and the wider game.
“We have been left with no option but to launch legal proceedings to protect our commercial position. NZR is actively pursuing new commercial opportunities, and global interest in the All Blacks and other Teams in Black remains high.
“We are committed to being world-class on and off the field, and deliver unique value to sponsors through our iconic brands.”
INEOS have not responded to the claims.
It’s the latest headache for Sir Jim, 72, who is already cutting costs at Manchester United. The Red Devils have made around 250 members of staff redundant and as ticket prices have gone up.
INEOS have also parted ways with Ben Ainslie’s America’s Cup Team and offloaded double gold medalist Tom Pidcock from their cycling team.