(12 February), two leading credit ratings agencies have downgraded INEOS’ outlook to "negative" with debts set to reach £10billionthis year.

Ratcliffe has increased his stake in Man United to 28.9 per cent after injecting £238million into the club.

The British billionaire has faced criticism for a series of cost-cutting measures at Old Trafford, while New Zealand Rugby are preparing to his INEOS with legal action for pulling out of a five-year sponsorship deal.

Former Man City financial adviser Stefan Borson exclusively told that the financial woes at INEOS should not be a concern for United as the club is a “vanity project” for Ratcliffe.

That is despite the famous Manchester club posting five consecutive years of losses, amounting to a net loss of £370million in that period.

Borson insisted United should be considered separate from INEOS as Ratcliffe “wants to make them a success as a fun project”.

He told : "I don't think this will be a concern to United.

"INEOS themselves have this situation with New Zealand Rugby, where they're trying to pull out of a five-year sponsorship deal.

"They made a statement which details why they want to pull out, they said they are struggling with the 'deindustrialisation of Europe'.

"They've said themselves that they are struggling. So INEOS have got business issues, but it won't affect United.

"We all know this is a vanity project for Ratcliffe, and it's meant to be fun for him.

"I would separate the club from INEOS. The reality is that Ratcliffe wants to make this a success as a fun project, and to spend some of the money he has worked very hard to earn over the years.

"I wouldn't focus on INEOS and their problems."

revealed on Thursday (13 February) that Ratcliffe could demand more shares in Man United to help fund the Old Trafford regeneration project.

United's new stadium plans could cost the club more than £2billion as they will be financially responsible for that part of the project.

The club and a stadium regeneration task force are considering plans to either expand Old Trafford or build a new facility altogether.

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