Sir Jim Ratcliffe has decided to cancel a sponsorship agreement with a second Premier League club amid ongoing cost-cutting measures at Manchester United, it has been reported.
Ratcliffe and his petrochemicals company INEOS took over as minority co-owner of United in February of last year, and they have since made a series of unpopular decisions in an attempt to reduce the club's debts.
His cost-cutting procedures at Old Trafford have included staff redundancies, a reduction in bonuses and even a stricter budget for catering staff.
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The British billionaire has also elected to scale back funding of the Manchester United Foundation, the club's charitable arm, as per Sky News.
He defended such measures in an interview with The United Stand in December, stating: "We have to make some difficult and unpopular decisions. If you shy away from the difficult decisions, then nothing much is going to change."
There have been attempts made to slash costs away from United.
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INEOS pulled out of a sponsorship agreement with New Zealand Rugby, which had been due to run from 2022 to 2027, by not paying the first instalment of its fee for 2025, NZR claimed in a statement.
They also confirmed that they would be sueing the company 'to protect our commercial position'.
Now, Ratcliffe has made another financial decision - this time relating to a little-known agreement with one of United's Premier League rivals.
Ratcliffe 'axes' agreement with Premier League club
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The Daily Mail report that the British billionaire and INEOS have paid a 'not insignificant sum' to end a five-year deal signed with Tottenham Hotspur, which began in 2022.
INEOS had been the official 4 x 4 partner of Spurs through their Grenadier vehicle. The company's branding appeared in the dugout and on advertisement boards at the Tottenham Hotspur Stadium.
However, the branding was not visible during Spurs' 3-1 win over AZ Alkmaar in the Europa League on Thursday.
The agreement did not prevent Ratcliffe and INEOS from taking over a minority stake in United, but the decision to withdraw early saves more funds for the company and allows them to focus even more on Ruben Amorim's side.
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United are currently 14th in the Premier League table amid claims from Ratcliffe that the club could have gone 'bust' by November of this year without cost-cutting measures.
He told club legend Gary Neville on The Overlap: "Manchester United would have run out of money at the end of this year. November this year, the club runs out of cash.
"We have to deal with the problem. And it's a big problem, not a small problem."
SPORTbible have contacted INEOS Group for comment.
Ryan Smart