Sir Jim Ratcliffe’s tenure as a member of Manchester United has drawn criticism after the club has increased ticket prices and carried out two rounds of layoffs, while results on the pitch are historically poor.
Fortune decline of billions
According to the latest Sunday Times Rich List, Manchester United co-owner Sir Jim Ratcliffe has seen his fortune reduced by £6.473 billion – more than a quarter of his total wealth – over the past year.
- The 72-year-old’s net worth has fallen from £23.519 billion to £17.046 billion in 12 months
- He has fallen from 4th to 7th place on the list of Britain’s 350 richest people
Investing in Manchester United
Ratcliffe’s Ineos Group bought a 27.7% stake in United in February 2024 in a deal worth approximately £1.25 billion ($1.6 billion), giving Ineos control of the club’s football operations.
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Criticism of economic measures
The British billionaire’s time at United has met with opposition after the club:
- Increased ticket prices
- Carried out two rounds of layoffs to strengthen the economy
In an interview with the BBC in March, Ratcliffe defended some of the club’s austerity cuts, claiming that United would have “run out of money by the end of the year” if he hadn’t made “unpopular decisions”.
Ambitious stadium plans
At the same time, United unveiled plans in March to build a new iconic stadium worth £2 billion with room for 100,000 spectators near Old Trafford.
Ineos’ financial challenges
Ratcliffe has claimed that the financial challenges of the British petrochemical company Ineos will not affect Manchester United.
- Ineos ended its sponsorship deal with New Zealand Rugby in early February
- They also ended their partnership with four-time Olympic champion Ben Ainslie after supporting his America’s Cup team since 2018
The company has blamed “cost-cutting measures” throughout its business, pointing to the difficult situation for the European chemical industry due to:
- High energy taxes
- Extreme carbon taxes
- “Deindustrialisation of Europe”
Asked about Ineos’ financial problems, Ratcliffe told BBC sports editor Dan Roan in March:
“Ineos is in a good position today but not as good as it was three or four years ago. Europe has become a very difficult place to do business because energy prices are now five times higher than in the United States, where much of our competition is located.”
United’s sporting situation
With only two games left in the Premier League and 16th place, United’s hopes of trophies and European Cup play next season rest on the Europa League final against Tottenham on Wednesday. The winner secures a place in the Champions League.
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