Man United fires Ten Hag after woeful start to the season and puts Van Nistelrooy in interim control

Manchester United finally ran out of patience and fired manager Erik ten Hag on Monday after a troubled start to the season which has left the 20-time English champions languishing in the Premier League amid a period of major upheaval at the club.

The Dutch coach won two domestic cups in his 2 1/2 years in charge but has paid the price for leading United to its worst start to a season, with the team in 14th place and having lost four of its opening nine league games.

Heavy home losses to fierce rival Liverpool and Tottenham left Ten Hag under severe pressure and seemingly changed the mood among United fans who previously were prepared to give him more time. A 2-1 loss at West Ham on Sunday proved to be his last game in charge.

United has won just one of its last eight games in all competitions.

“Erik ten Hag has left his role as Manchester United men’s first-team manager,” United said, adding that Ruud van Nistelrooy, one of Ten Hag’s assistants and a former striker at the club, would be taking over as interim head coach while a permanent head coach is recruited.

“We are grateful to Erik for everything he has done during his time with us and wish him well for the future.”

Among those linked with taking over at United are former England coach Gareth Southgate, former Chelsea manager Graham Potter and former Barcelona coach Xavi Hernandez. Brentford manager Thomas Frank was asked about his interest in the vacancy and replied: “I’ve said many, many times, I’m very happy here. I think it’s one of the best clubs in the world. What happens in the future, who knows? But I’m very, very happy here."

Ten Hag joined from Dutch giant Ajax in 2022 and was tasked with the responsibility of bringing the good times back to a club that has been in decline since former manager Alex Ferguson retired in 2013.

Despite winning the League Cup in 2023 and the FA Cup this year, United was showing no sign of improving on its worst league campaign in 34 years, having finished in eighth place last season.

Already 12 points behind first-place Manchester City in the Premier League, United — which never had a distinguishable style of play under Ten Hag and often conceded late goals — appears to have little hope of challenging for the title and is in danger of missing out on qualification for the lucrative Champions League once again.

Ten Hag only held on to his job following an unexpected victory over fierce rival Man City in the FA Cup final in May and an extensive end-of-year review by United. He was then handed a one-year extension to his contract to 2026.

However, the club’s new soccer leadership — fronted by new minority owner Jim Ratcliffe — was unimpressed with the pace of change and the recent results under Ten Hag, who has overseen the spending of about 615 million pounds ($800 million) on new players since his arrival. In the Premier League, only Chelsea has spent more in that time.

Ratcliffe, the British billionaire, has taken over control of United’s soccer operations, with a new CEO, sporting director and technical director all installed in recent months. They now have to appoint a sixth permanent manager since Ferguson’s departure, following David Moyes, Louis van Gaal, Jose Mourinho, Ole Gunnar Solskjaer and Ten Hag.

"I don't think anybody will be truly shocked after what happened yesterday," former United defender Gary Neville said of the latest loss to West Ham.

“The fact they are in 14th is just unacceptable. You can't be 14th after nine games with the level of spending that has occurred, without being under significant pressure.”

Bruno Fernandes, United's current captain, posted on Instagram his best wishes to Ten Hag.

“Thanks for everything boss!” Fernandes wrote, alongside pictures of him and Ten Hag holding the FA Cup trophy. “I appreciate the trust and the moments we share together, I wish you all the best in the future.

Fernandes added: “Even knowing the last period hasn’t been great from all of us I hope you fans can keep with you the good things the manager has done for our club!”

United winger Alejandro Garnacho also took to Instagram, saying: “It hasn’t gone as well as we wanted, but I will remember the good times we had together and I wish you all the best in the future. Thank you very much Erik.”

United's next game is at home to Leicester in the English League Cup on Wednesday.

FILE - Manchester United manager Erik ten Hag gestures during the English Premier League soccer match between West Ham United and Manchester United at the London Stadium in London, Sunday, Oct. 27, 2024. (John Walton/PA via AP, File)

FILE - Manchester United's head coach Erik ten Hag celebrates with Manchester United's goalkeeper Andre Onana after winning the English FA Cup final soccer match between Manchester City and Manchester United at Wembley Stadium in London, Saturday, May 25, 2024. (AP Photo/Ian Walton, File)

FILE - Manchester United's head coach Erik ten Hag watches the play during an English Premier League soccer match between Manchester City and Manchester United at the Etihad Stadium in Manchester, England, Sunday, March 3, 2024. (AP Photo/Dave Thompson, File)

FILE - Manchester United's head coach Erik ten Hag, left, celebrates after Manchester United's Rasmus Hojlund scoring his side's second goal during the English Premier League soccer match between Manchester United and Brentford at Old Trafford stadium in Manchester, England, Saturday, Oct. 19, 2024. (AP Photo/Dave Thompson, File)

FILE - Manchester United's head coach Erik ten Hag shouts out from the touchline during the English Premier League soccer match between Manchester United and Fulham at Old Trafford, Friday, Aug. 16, 2024, in Manchester, England. (AP Photo/Dave Thompson, File)

FILE - Manchester United's Lisandro Martinez lifts Manchester United's head coach Erik ten Hag while celebrating victory in the English FA Cup final soccer match between Manchester City and Manchester United at Wembley Stadium in London, Saturday, May 25, 2024. (AP Photo/Ian Walton, File)

FILE - Manchester United's head coach Erik ten Hag sits on the bench during a Europa League opening phase soccer match between FC Porto and Manchester United at the Dragao stadium in Porto, Portugal, Thursday, Oct. 3, 2024. (AP Photo/Luis Vieira, File)

FILE - Manchester United's head coach Erik ten Hag and Manchester United's Bruno Fernandes pose with the trophy after winning the English FA Cup final soccer match between Manchester City and Manchester United at Wembley Stadium in London, Saturday, May 25, 2024. (AP Photo/Ian Walton, File)

Manchester United manager Erik ten Hag reacts on the touchline during the English Premier League soccer match between West Ham United and Manchester United at the London Stadium in London, Sunday, Oct. 27, 2024. (John Walton/PA via AP)

Manchester United manager Erik ten Hag on the touchline during the English Premier League soccer match between West Ham United and Manchester United at the London Stadium in London, Sunday, Oct. 27, 2024. (John Walton/PA via AP)

NEW YORK (AP) — Reviving a campaign pledge, President Donald Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner.

Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office.

Strong opposition is certain from Wall Street in addition to the credit card companies, which donated heavily to his 2024 campaign and have supported Trump's second-term agenda. Banks are making the argument that such a plan would most hurt poor people, at a time of economic concern, by curtailing or eliminating credit lines, driving them to high-cost alternatives like payday loans or pawnshops.

“We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20 to 30%,” Trump wrote on his Truth Social platform.

Researchers who studied Trump’s campaign pledge after it was first announced found that Americans would save roughly $100 billion in interest a year if credit card rates were capped at 10%. The same researchers found that while the credit card industry would take a major hit, it would still be profitable, although credit card rewards and other perks might be scaled back.

About 195 million people in the United States had credit cards in 2024 and were assessed $160 billion in interest charges, the Consumer Financial Protection Bureau says. Americans are now carrying more credit card debt than ever, to the tune of about $1.23 trillion, according to figures from the New York Federal Reserve for the third quarter last year.

Further, Americans are paying, on average, between 19.65% and 21.5% in interest on credit cards according to the Federal Reserve and other industry tracking sources. That has come down in the past year as the central bank lowered benchmark rates, but is near the highs since federal regulators started tracking credit card rates in the mid-1990s. That’s significantly higher than a decade ago, when the average credit card interest rate was roughly 12%.

The Republican administration has proved particularly friendly until now to the credit card industry.

Capital One got little resistance from the White House when it finalized its purchase and merger with Discover Financial in early 2025, a deal that created the nation’s largest credit card company. The Consumer Financial Protection Bureau, which is largely tasked with going after credit card companies for alleged wrongdoing, has been largely nonfunctional since Trump took office.

In a joint statement, the banking industry was opposed to Trump's proposal.

“If enacted, this cap would only drive consumers toward less regulated, more costly alternatives," the American Bankers Association and allied groups said.

Bank lobbyists have long argued that lowering interest rates on their credit card products would require the banks to lend less to high-risk borrowers. When Congress enacted a cap on the fee that stores pay large banks when customers use a debit card, banks responded by removing all rewards and perks from those cards. Debit card rewards only recently have trickled back into consumers' hands. For example, United Airlines now has a debit card that gives miles with purchases.

The U.S. already places interest rate caps on some financial products and for some demographics. The Military Lending Act makes it illegal to charge active-duty service members more than 36% for any financial product. The national regulator for credit unions has capped interest rates on credit union credit cards at 18%.

Credit card companies earn three streams of revenue from their products: fees charged to merchants, fees charged to customers and the interest charged on balances. The argument from some researchers and left-leaning policymakers is that the banks earn enough revenue from merchants to keep them profitable if interest rates were capped.

"A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim. That’s because the few large banks that dominate the credit card market are making absolutely massive profits on customers at all income levels," said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator, who wrote the research on the industry's impact of Trump's proposal last year.

There are some historic examples that interest rate caps do cut off the less creditworthy to financial products because banks are not able to price risk correctly. Arkansas has a strictly enforced interest rate cap of 17% and evidence points to the poor and less creditworthy being cut out of consumer credit markets in the state. Shearer's research showed that an interest rate cap of 10% would likely result in banks lending less to those with credit scores below 600.

The White House did not respond to questions about how the president seeks to cap the rate or whether he has spoken with credit card companies about the idea.

Sen. Roger Marshall, R-Kan., who said he talked with Trump on Friday night, said the effort is meant to “lower costs for American families and to reign in greedy credit card companies who have been ripping off hardworking Americans for too long."

Legislation in both the House and the Senate would do what Trump is seeking.

Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., released a plan in February that would immediately cap interest rates at 10% for five years, hoping to use Trump’s campaign promise to build momentum for their measure.

Hours before Trump's post, Sanders said that the president, rather than working to cap interest rates, had taken steps to deregulate big banks that allowed them to charge much higher credit card fees.

Reps. Alexandria Ocasio-Cortez, D-N.Y., and Anna Paulina Luna, R-Fla., have proposed similar legislation. Ocasio-Cortez is a frequent political target of Trump, while Luna is a close ally of the president.

Seung Min Kim reported from West Palm Beach, Fla.

President Donald Trump arrives on Air Force One at Palm Beach International Airport, Friday, Jan. 9, 2025, in West Palm Beach, Fla. (AP Photo/Julia Demaree Nikhinson)

FILE - Visa and Mastercard credit cards are shown in Buffalo Grove, Ill., Feb. 8, 2024. (AP Photo/Nam Y. Huh, File)