Manchester United co-owner Sir Jim Ratcliffe loses quarter of total wealth, slips in rich list
Sir Jim Ratcliff sat alongside Sir Alex Ferguson/ Manchester United
Sir Jim Ratcliffe
, the co-owner of
Manchester United
, has seen his wealth take a major hit, losing £6.5 billion ($8.6bn) in the past year. According to the latest Sunday Times
Rich List
, the 72-year-old British billionaire's fortune dropped from £23.519 billion ($31.2bn) to £17.046 billion ($22.6bn), marking a decline of over 25%. This significant loss has led to Ratcliffe falling from fourth to seventh place in the rankings of the UK's 350 richest people.
Ratcliffe's decline in wealth comes amid his involvement with Manchester United, a venture that has sparked both excitement and criticism. In February 2024, Ratcliffe's company,
Ineos
, acquired a 27.7% stake in United, worth approximately £1.25 billion ($1.6bn), taking over the club's football operations from the Glazer family. However, the billionaire's tenure has been far from smooth.
Cost-cutting measures and criticism at Old Trafford
Ratcliffe's time at Manchester United has been marked by financial cost-cutting measures, which have included raising ticket prices and making multiple rounds of redundancies. These decisions have led to considerable unrest among United's supporters. The club's financial woes have also affected the football team, with United currently sitting 16th in the
Premier League
, their worst-ever position in the league's history.
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In a wide-ranging interview with the BBC earlier this year, Ratcliffe defended these tough financial choices. He explained that without these "unpopular" decisions, the club would have "run out of cash by the end of this year." Despite the backlash, Ratcliffe remains confident that his involvement in United will not be impacted by the financial pressures facing his petrochemical business, Ineos, or its struggles in the European chemicals sector.
Europa League final and stadium ambitions
Despite the off-field troubles, there is still hope for Manchester United fans. With two games remaining, the club's European future hangs in the balance. United will face Tottenham in the Europa League final on May 21, with the winner securing a coveted spot in next season's
Champions League
.
Additionally, Ratcliffe has backed an ambitious proposal for a new £2bn ($2.7bn), 100,000-seater stadium near Old Trafford, a move that could potentially redefine the future of the club. However, the ongoing financial measures at the club, including managerial staff being asked to pay for their own tickets to the Europa League final, have kept tensions high.
Ratcliffe's Ineos business struggles
The decline in Ratcliffe's personal wealth is partly due to the financial strain on Ineos, the petrochemical giant he controls. The company has faced difficulties due to "high energy taxes and extreme carbon taxes" in Europe, combined with the broader "deindustrialisation of Europe." Ineos also withdrew from its sponsorship deal with New Zealand Rugby in February and ended its partnership with Olympic sailor Ben Ainslie earlier this year due to cost-cutting measures across its business.
Despite these challenges, Ratcliffe has insisted that these pressures will not affect his plans for Manchester United. "Ineos will not impact Manchester United," he stated in previous interviews. However, this claim is now being closely scrutinized as both the football team's and Ineos' fortunes remain uncertain.
The rise of other wealthy figures
While Ratcliffe's wealth has declined sharply, other individuals on the Sunday Times Rich List have seen their fortunes grow. Notable athletes like golfer
Rory McIlroy
, boxer Anthony Joshua, and footballer
Harry Kane
have seen increases in their wealth. McIlroy, for instance, is now worth £260 million ($328.7m), climbing to 19th place on the list. Meanwhile, Kane's net worth has grown by £25 million ($31.7m), reaching £100 million ($126.8m) as of this year.
As the Premier League season comes to a close, all eyes are on Manchester United and the impact of Ratcliffe's decisions, both on and off the field. With financial pressures mounting, the outcome of the Europa League final and the long-term viability of United's ambitious stadium plans remain uncertain, adding to the ongoing narrative of tension surrounding the club's future under Ratcliffe's leadership.
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