Ratcliffe loses huge chunk of his wealth amid Man Utd cost-cutting he and his company Ineos have undertaken at the club.
Ratcliffe ‘loses quarter of total wealth’ .
According to the most recent Sunday Times Rich List, external, Sir Jim Ratcliffe, a co-owner of Manchester United, has lost more than a quarter of his fortune, or £6.473 billion, in the past year.
In the last 12 months, the 72-year-old’s wealth has decreased from £23.519 billion to £17.046 billion.
On the yearly list of the 350 richest persons in the UK, he dropped from fourth to seventh place.
In February 2024, Ratcliffe’s Ineos Group acquired a 27.7% share in United for approximately £1.25 billion ($1.6 billion), assuming management of the football division.
After United increased ticket prices and implemented two rounds of layoffs in an attempt to strengthen the club’s finances, the British billionaire’s tenure at Old Trafford has come under fire.
In an extensive interview with the BBC in March, Ratcliffe justified some of United’s financial cost-cutting tactics, claiming that if he hadn’t taken “unpopular” choices, the team would have “run out of cash by the end of this year”.
Nonetheless, United announced bold plans in March to construct a new stadium near Old Trafford that would hold 100,000 people and be “iconic” for £2 billion.
According to Ratcliffe, Manchester United will not be impacted by the financial strains on the British petrochemical company Ineos.
After supporting the Britannia America’s Cup sailing team since 2018, Ineos ended its sponsorship agreement with New Zealand Rugby in February and broke off ties with four-time Olympic champion Ben Ainslie earlier this year.
Ineos cited “cost-saving measures” across its business, pointing to “the deindustrialisation of Europe” and “high energy taxes and extreme carbon taxes” as the reasons for the European chemicals industry’s struggles.
With two games left in the Premier League, United is currently in 16th place. Their chances of winning a trophy and playing in Europe next season depend on their matchup with Tottenham in the Europa League final on Wednesday, with the victor guaranteed a spot in the Champions League.