Manchester United Co-Owner Sir Jim Ratcliffe Sees Wealth Decline by £6.473bn
================================================================================
The latest Sunday Times Rich List has revealed that Manchester United co-owner Sir Jim Ratcliffe’s wealth has fallen by £6.473bn, a decline of over a quarter of his fortune, in the last year. According to the list, Ratcliffe’s wealth has decreased from £23.519bn to £17.046bn in the past 12 months. This significant drop has resulted in him slipping from fourth to seventh on the annual list of the UK’s 350 richest people.
The decline in Ratcliffe’s wealth comes at a time when his company, Ineos Group, has faced financial pressures. Ineos bought a 27.7% stake in Manchester United in February 2024 in a deal worth about £1.25bn ($1.6bn) that saw Ineos take control of football operations. However, the British billionaire’s time at Old Trafford has drawn criticism after United raised ticket prices and made two rounds of redundancies in a bid to improve the club’s finances.
In an interview with the BBC in March, Ratcliffe defended some of United’s financial cost-cutting measures, stating that the club would have “run out of cash by the end of this year” had he not made “unpopular” decisions. However, the club’s financial struggles have been reflected in their on-field performance, with United sitting 16th in the Premier League with two games remaining. Their hopes for silverware and European football next term rest on their encounter with Tottenham in the Europa League final on Wednesday, the winner securing a place in the Champions League.
Ratcliffe has assured that financial pressures on British petrochemical firm Ineos would not impact Manchester United. However, Ineos has faced significant challenges, including walking away early from its sponsorship deal with New Zealand Rugby in February and parting ways with four-time Olympic champion Ben Ainslie earlier this year. The company has blamed “cost-saving measures” across its business, citing the struggling chemicals industry in Europe because of “high energy taxes and extreme carbon taxes”, along with “the deindustrialisation of Europe”.
When asked about Ineos’ financial issues, Ratcliffe told BBC sports editor Dan Roan in March: “Ineos is in a good place today but not in as good a place as it was three or four years ago. Europe has become a very difficult place to do business for industrial companies because energy prices now in Europe are five times America, which is where a lot of our competition is.” This statement highlights the challenges faced by Ineos and the impact of European economic conditions on the company’s performance.
Despite the financial struggles, Ratcliffe has unveiled ambitious plans to build an “iconic” new £2bn, 100,000-seater stadium close to Old Trafford. This move is seen as a significant investment in the club’s future, with the aim of improving the team’s performance and providing a better experience for fans.
The Sunday Times Rich List is a widely respected publication that provides an annual ranking of the UK’s 350 richest people. The list is based on a comprehensive assessment of the individuals’ wealth, taking into account their assets, investments, and other financial interests. According to the Sunday Times, Ratcliffe’s decline in wealth is a significant drop, and his ranking has suffered as a result.
In conclusion, Sir Jim Ratcliffe’s wealth has declined significantly over the past year, largely due to the financial pressures faced by his company, Ineos. Despite this, Ratcliffe remains committed to Manchester United, and his investment in the club is seen as a positive move. However, the club’s on-field performance and financial struggles will need to be addressed if they are to achieve success in the coming seasons.
Source: Sunday Times Rich List via BBC Sport
Source link
