"Does Gao Shen understand football?"
In a luxurious VIP box at Stamford Bridge, 67-year-old British billionaire James Ratcliffe stood by the railing, watching the nearly concluded match with a smug expression, and asked with a sneer.
Tonight, Chelsea had been utterly humiliated at home.
Real Madrid displayed absolute dominance, leaving Chelsea with no strength to resist or fight back.
Under such circumstances, losing by only four goals could be considered fortunate.
If Real Madrid had been even more clinical, it might have turned into a massacre.
James Ratcliffe held a long-term VIP box at Stamford Bridge, where he often watched games and entertained clients.
Many people didn't realize that in Europe, entertaining clients at a Premier League club's stadium was a highly respectable affair, because football here is culture.
A culture accessible to all, from royalty and prime ministers to everyday citizens.
But tonight, Chelsea's performance had been utterly disgraceful.
"I just don't get it. How does someone from a weak footballing nation, one that can't even qualify for the World Cup, become the best manager in world football? It doesn't make sense, does it?"
Everyone around him nodded in agreement.
"He reminds me of those two Chinese investors in Nice," Ratcliffe scoffed, his disdain clear. "They didn't understand football at all, especially not British football."
Ligue 1 side Nice had changed ownership just over six months ago, purchased by Ratcliffe and his INEOS Group for 110 million euros.
Before that, the club was owned by two Chinese-American investors, Li Jian and Zheng Nanyan. They had injected considerable funds after acquiring Nice in 2016, and at one point even led the team to third place in Ligue 1, but the club's performance had quickly declined afterward.
Within INEOS, it was well known that Ratcliffe had spoken condescendingly about the two men, believing their investment in Nice was just throwing money away, and that they had no real understanding of football.
In his view, they should be grateful to have walked away with 110 million euros.
In fact, they should thank Sir Ratcliffe for his generosity.
This season, Nice's performance in Ligue 1 had improved.
But in reality, Ratcliffe hadn't injected much funding to achieve that.
He also understood clearly that next season, or the one after, Nice's results might decline again.
He simply didn't care.
His acquisition of Nice had been a strategic business move.
Few people knew that INEOS had a production facility in Nice, France, with a close relationship with the local government.
In addition, the British cycling team, Team Sky—acquired by INEOS and renamed Team INEOS—trained in Nice.
Prior market research by INEOS had also shown that French players held the highest market value in European football, with only Portuguese players close in comparison.
This was an obvious trend. After all, the current European record for the highest transfer fee was held by French player Kylian Mbappé at 250 million euros.
And just last summer, from Dembélé to Griezmann, Varane, Pogba, and Lucas Hernández, to previous names like Martial, Benjamin Mendy, and Kanté, they were all French.
French players had become synonymous with high-value transfers.
The reason wasn't hard to understand: demographics.
Given all this, and with his financial resources, when the previous owners of Nice could no longer manage the club and were eager to sell, Ratcliffe's team assessed the situation and found that Nice had a solid foundation and modern training facilities.
More importantly, the cost of building Nice's new stadium would be covered by the local government.
What better deal could there be in the world?
So, Ratcliffe acted decisively, buying Nice from the eager Chinese-American sellers.
He had met them and come away unimpressed.
He felt they simply did not understand football.
And he now viewed Gao Shen in exactly the same way.
That's why, when his team suggested partnering with Gao Shen for the Manchester United acquisition, he flatly rejected it and even mocked, "Does Gao Shen understand football?"
..."If you look closely at Gao Shen's resume, it's not hard to see that he's not as knowledgeable as people think. He's been severely overrated. He's the product of a modern deification movement created by the media."
James Ratcliffe spoke with contempt.
"You've met with people at Manchester United, and also the Glazers. Earlier in London, I met Todd Boehly and his partners too. Americans give me the impression of being very arrogant."
"They have this innate self-righteousness. They think everything they create is a universal standard. So when they enter the Premier League, they come with a savior complex, wanting to reform the so-called backward and inefficient league."
"Gao Shen and those two Chinese guys are the complete opposite. They come across as ignorant. They know nothing about professional football because they simply don't understand what it is. In their formative years, professional football wasn't even a thing."
"How can you understand something that didn't even exist in your world growing up?"
Ratcliffe laid out his views on Gao Shen and the Americans.
"But, Sir, you must admit, Gao Shen is very successful," a subordinate pointed out.
"Yes, my boy, in a certain sense, he is successful. He's a smart man. He understands how capital works and how to apply that to football."
Ratcliffe chuckled.
"Someone once said, in professional football, money isn't everything, but without money, you can't do anything."
"Look at the clubs Gao Shen has managed. Real Madrid were already a Galáctico project built with massive capital. Napoli were in the lower leagues when he took over, but he completely rebuilt them with huge investment. Manchester City—don't even mention it, they spent money like water. When he returned to Real Madrid for a second time, he still spent heavily."
"To put it bluntly, his understanding of football is shallow. He only knows how to spend money. Just last summer, Real Madrid and PSG broke the record for transfer spending in football history."
Ratcliffe gestured toward the pitch.
By now, the match had ended, and the referee had blown the final whistle.
"That's how tonight's massacre at Stamford Bridge happened!"
Some nodded. Others pretended to be thoughtful. A few remained silent.
INEOS employees knew very well that their boss had an almost religious belief in capital operations.
He had started his career at Esso, then studied finance at London Business School, joined a private equity firm in 1989, and eventually founded INEOS in 1998.
Within just 21 years, INEOS had become a world-renowned petrochemical giant, thanks to Ratcliffe's aggressive approach and frequent acquisitions.
His rivals often described him with one phrase: a ruthless madman.
Everything he had now was built on capital.
That's why he moved INEOS's headquarters to Switzerland in 2010 to save 100 million pounds in taxes, which severely damaged his reputation.
In 2015, he was forced to bring the company back to London.
It was then he realized he needed to change his image. He started appearing regularly in Chelsea's VIP box and publicly claimed to be a die-hard Manchester United fan.
He had visited Chelsea's training ground twice and even discussed a possible acquisition.
He had also made overtures about buying Newcastle, a club that had been "on the market" in various banks for years, but he never pulled the trigger.
When Abramovich demanded £3 billion for Chelsea, he rejected it outright with a cold "NO!"
He had always been waiting for the right moment.
He had even contacted Liverpool and Spurs.
At one point, the media had mocked him, claiming he was only interested in publicity, not serious about buying a club.
It wasn't until recently that he finally decided to make a move on Manchester United.
But he did not believe Gao Shen would be a suitable partner post-acquisition.
"That style of his, it's nothing special. Throwing money around is the least technical way to manage a football club."
When Ratcliffe said this, those around him had a strange feeling.
What he was really saying was: if I had the same money, I could spend it better than Gao Shen.
So why should I hire him?
Isn't spending money the core of his approach?
Wouldn't I enjoy spending it myself?
"But using him for hype isn't a bad idea," Ratcliffe laughed heartily.
He always welcomed free publicity.
"Release a story saying that if I acquire Manchester United, I will invite Gao Shen to become manager, even call him our new Ferguson. But as for transfer control or first-team authority, he can forget about it."
Ratcliffe exhaled slowly.
"Also, inform the media outlets we work with. In the coming days, start pushing one core message: the best team in England should belong to the English people."
"Add this too: American capital has ruined Manchester United. Only the English understand the club's true value. The Qataris would only drive the club into further decline!"
His subordinates quickly acknowledged the orders.
The battle to acquire Manchester United had reached a boiling point, and a public opinion war was inevitable.
It might even decide the final outcome.
Ratcliffe was about to launch another wave of deification.
(To be continued.)