The Red Devils have been enduring a miserable time since the retirement of Sir Alex Ferguson in 2013.
While United have not won the Premier League since, Jordan is not convinced that incoming minority investor Ratcliffe can right the ship either.
"The idea that Ratcliffe will be some kind of saviour riding in to deliver everything supporters have been crying out for is for the birds, as is the idea he is the financial light to the Glazers dark," he wrote in The Daily Mail.
"Let's see if the money he buys the shares with is actually from his own pocket and if it finds its way into United's coffers rather than the hands of the existing shareholders – predominately the Glazers – with this amazing act of philanthropy.
"What he will bring is a fresh set of eyes and he could bring some much-needed coherency to the decision-making process of buying and selling players and employing managers.
“But Ratcliffe won't solve all of United's problems and supporters should be careful what kind of dreams they want to have because they could end up on Elm Street."