The Manchester United investor and INEOS is undertaking a revamp of the club's sporting setup.
While many United fans are optimistic about Ratcliffe's work, Souness may give them some pause.
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In an interview with Up Front with Simon Jordan, the Liverpool legend said: Jim Ratcliffe is a year older than me, I think he is 71 now.
This (United) isn't a quick fix. I had a meeting with him, he asked to see me about buying a football club. I think he was about 66 at the time.
I can vividly remember him saying: 'I haven't got time to buy a club and develop it'. He was talking about Fulham and he had a season ticket at Chelsea. I said: 'Chelsea, maybe buy that?' He did say: 'Fulham, it's a project, it's not going to happen overnight'. He said: I don't have that amount of time'."