Billionaire Drops £6.5Bn in One Year As Financial Strain Hits Ineos and Old Trafford Operations.
Sir Jim Ratcliffe, the 72-year-old British billionaire and co-owner of Manchester United, has seen a sharp decline in his wealth over the past year. According to the recent Sunday Times Rich List, Ratcliffe’s fortune has plummeted by over a quarter. Reportedly, his fortuner has gone to £17 billion from £23.5 billion.
Thus, marking a loss of £6.5 billion ($8.6 billion). Once the UK’s fourth-richest person, he now ranks seventh. The downturn coincides with the ongoing turbulent times both for Man United and Ratcliffe’s petrochemical giant Ineos. Life at his newly acquired football investment has not been easy.
In February 2024, Ineos bought a 27.7% stake at the club for £1.25 billion. They took control of the club’s football operations. Since then, Ratcliffe has implemented sweeping changes. This includes raising ticket prices and conducting multiple rounds of staff redundancies. Reportedly, all has been done in an attempt to stabilize the club’s shaky finances.
Ratcliffe’s financial troubles stem not only from his football venture but also from mounting issues within his business at Ineos. The company has been hit hard by “high energy taxes and extreme carbon taxes” in Europe. Ratcliffe has called it “the deindustrialisation of Europe.”
In a March interview with the BBC, he said, “Energy prices now in Europe are five times America, which is where a lot of our competition is.” The situation at Manchester United hasn’t been any better for him either. The club sits 16th in the Premier League. This is their worst-ever position.
Additionally, off-field discontent has intensified in recent times. Reportedly, manager Ruben Amorim had to personally pay for Europa League final tickets for 30 staff members after the club refused to cover costs. Even with the unrest, Ratcliffe continues to push for a bold future.
Also read: Tottenham Suffer Huge Injury Blow Ahead of Europa League Final Against Manchester United
He backs a £2 billion plan to build a 100,000-seater stadium near Old Trafford. He has branded the project “iconic.” Yet with financial pressures mounting, even those ambitions are now being questioned. However, they have denied any changes to the plans. Meanwhile, as Ratcliffe’s wealth declines, others have seen gains.
Rory McIlroy tops the Sunday Times’ athlete list with £260 million. Harry Kane’s fortune has also risen by £25 million this year to £100 million. As Ratcliffe tries to sail through the tumultuous time, the spotlight remains on the Red Devils’ Europa League final clash against Tottenham Hotspur on May 21.
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