Manchester United new investor Sir Jim Ratcliffe has admitted INEOS has made mistakes in the past.

The petrochemicals company have been investing in sport for many years under Ratcliffe's guidance.

However, their previous clubs in Nice and Lausanne have not always been resounding successes.

“I don't want to finish up criticising Chelsea," he stated to a reporter when asked about whether Chelsea had shown him how not to operate.

“But what I would say is that, in having bought other clubs in Lausanne and Nice, we have made a lot of cock-ups.

“We've made some really stupid decisions in both those clubs. There are a lot of organizations in the world where, if you make a mistake, you get shot, so nobody ever puts their head above the parapet."