Sir Jim Ratcliffe Manchester United
Image Credits: Getty Images
Manchester United co-oner Sir Jim Ratcliffe has had a rocky first year in charge of football operations at Old Trafford.
After acquiring his 27.7% stake of United, the INEOS owner has been routinely implementing cost-cutting measures to ensure the financial sustainability of the club.
With decisions being made like mass redundancies, ticket price hikes and cutting contributions to affiliated groups, Ratcliffe’s means to the end have been controversial to say the least.
However, the British entrepreneur has claimed that without these drastic measures, the club would have been bust by Christmas.
Unfortunately for Ratcliffe, United aren’t the only sports club he’s having trouble with.
The INEOS owner is attempting to sell Ligue 1 side OGC Nice, however the recent breakdown of DAZN’s broadcasting contract, leaving French football without a national television deal is causing issues.
With Ligue 1 sides unable to include broadcasting revenue in their budgets for next season, few investors are looking to buy a French club.
Alongside this, INEOS have also been in hot water with New Zealand Rugby after pulling out of the deal as the international side’s performance partner, however a settlement has now been agreed.
Now, on top of all this, the Sunday Times Rich List has revealed that Ratcliffe’s wealth has suffered a major blow.
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Sir Jim Ratcliffe loses a quarter of his wealth
Sir Jim Ratcliffe Manchester United
Image Credits: Getty Images
According to the report, Ratcliffe’s total wealth has fallen from £23.519 billion to £17.046 billion over the last 12 months.
This makes a loss of £6.473 billion and a drop of 27.5% for the INEOS owner, over a quarter of his total wealth.
As a result, Ratcliffe has slipped down the annual list of the UK’s 350 richest people, falling from fourth to seventh.
Whilst these loses will predominantly link to INEOS’ financial pressures, with the company citing “high energy taxes and extreme carbon taxes”, along with “the deindustrialisation of Europe”.
It’s these factors which have seen the petrochemical firm pull out of contract’s like the deal with New Zealand Rugby.
However, with Ratcliffe looking to sell OGC Nice purely to invest further in United, he’s made a clear position that INEOS’ pressures will not impact life at Old Trafford.
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