Produced by: Tarun Mishra Designed by: Mohsin Shaikh
British billionaire Jim Ratcliffe has finalised a deal to acquire a 25% stake in English football club, Manchester United, for approximately $1.3 billion (£1.03 billion).
As part of the agreement, Jim Ratcliffe will inject $300 million (£236 million) into the future investment of Manchester United's iconic Old Trafford stadium, signifying a substantial financial commitment. The Glazer family, Manchester United's current owners, will retain a majority stake in the club despite the significant share acquisition by Ratcliffe.
The move comes after the Glazer family, who acquired the club for £790 million in 2005, expressed intentions to explore strategic alternatives for the club's ownership about 13 months ago. Ratcliffe's purchase includes 25% of the club's class B shares, predominantly held by the Glazer family, and up to 25% of its class A shares listed on the New York Stock Market. The acquired shares are valued at $33 per share.
Jim Ratcliffe, born on October 18, 1952, is a British billionaire, chemical engineer, and the founder, chairman, and CEO of INEOS, a chemical group with an estimated turnover of $65 billion in 2021.
Born in Failsworth, Lancashire, Jim Ratcliffe spent his early years in a council house before the family moved to East Yorkshire when he was ten. Ratcliffe attended Beverley Grammar School and pursued chemical engineering at Birmingham University, earning a BSc. He later obtained an MBA from London Business School in 1980.
Jim Ratcliffe commenced his career with oil giant Esso but later diversified into finance, studying management accounting. In 1989, he joined the US private equity group Advent International, showcasing his versatility in both the oil and finance sectors.
Founded in 1998, Jim Ratcliffe's INEOS chemicals group has grown significantly. The company's estimated turnover reached an impressive $65 billion in 2021.
In May 2018, Jim Ratcliffe became the richest person in the UK, with a net worth of £21.05 billion. As of May 2023, the Sunday Times Rich List estimates his net worth at £29.688 billion. In 2020, he changed his tax residence from Hampshire to Monaco, anticipating savings of £4 billion in tax.
In recognition of his contributions to business and investment, Jim Ratcliffe was knighted at the 2018 Birthday Honors. He received an honorary fellowship from the Institution of Chemical Engineers in May 2009 and the Petrochemical Heritage Award in 2013.
Jim Ratcliffe, known for his low public profile, has a keen interest in sports. He completed the Marathon Des Sables in 2013 and founded the charity "Go Run for Fun", promoting physical activity among children. Additionally, he supported the INEOS 1:59 Challenge and established the Jim Ratcliffe Foundation for philanthropic initiatives. His interests extend beyond business, as reflected in his honorary fellowship from the Institution of Chemical Engineers and his Knighthood in the 2018 Birthday Honours for contributions to business and investment.