Sir Jim Ratcliffe has said Manchester United will need to take "difficult and unpopular decisions" if the club is to restore its place at the top of English and European football.
Ratcliffe acquired a 27.7% stake of United earlier this year and later said he wished to break Manchester City and Liverpool's recent dominance. However, it has proved a difficult year at Old Trafford, with manager Erik ten Hag sacked as the club was on course to place even lower than last season's worst-ever Premier League finish.
United have rebounded slightly under new manager Ruben Amorim, although they remain in the bottom half of the Premier League.
Speaking to club fanzine United We Stand, Ratcliffe described United's existing state as "mediocre."
"Manchester United has become mediocre," he said. "It is supposed to be one of the best football clubs in the world.
"We have to make some difficult and unpopular decisions. If you shy away from the difficult decisions, then nothing much is going to change."
United made nearly a quarter of the club's workforce redundant in the summer, with the money saved intended to be used to improve performances on the pitch. The club also said it would end Sir Alex Ferguson's ambassadorial role which he had held since his retirement in 2013 following more than 25 years as manager.
