Jim Ratcliffe: Man Utd fan turned part-owner, acquires 25% ownership share

Image: Sky Sports

Renowned British billionaire Jim Ratcliffe, already a prominent figure in football, Formula One, and cycling, has secured a significant stake in his childhood favorite, Manchester United.

The founder of chemical giant INEOS finalized the acquisition of a 25 percent share in the Premier League powerhouse, concluding a prolonged negotiation process.

INEOS entered the fray earlier this year, responding to the Glazer family's openness to offers for the club. Jim Ratcliffe, a devoted Manchester United fan who had previously attempted to acquire Chelsea, has been a longstanding name associated with Old Trafford.

The 71-year-old magnate boasts an extensive sports portfolio, including ownership of French club Nice and Swiss team FC Lausanne-Sport. Notably, Team Sky transformed into Team INEOS in 2019, and the following year, INEOS acquired a one-third stake in the Mercedes Formula One team.

The bid for majority ownership of Manchester United was officially confirmed by Ratcliffe and INEOS in February, positioning them in direct competition with Qatari banker Sheikh Jassim Bin Hamad Al Thani, who eventually withdrew from the race. The group, vowing to elevate the club to the "number one in the world again," pledged to act as long-term custodians on behalf of the fans and the broader community.

Despite falling short of obtaining majority shares from the Glazers, who remain the primary stakeholders since their leveraged takeover in 2005, Ratcliffe remains optimistic about contributing to the restoration of Manchester United's former football glory.

The Glazers' management, characterized by substantial debts and widespread fan disapproval, has spanned a challenging decade following the club's last Premier League title in 2013 under Alex Ferguson.

Jim Ratcliffe, listed among Britain's wealthiest individuals with a net worth estimated at $23 billion (£18.1 billion) by Forbes, has a remarkable journey from humble beginnings in social housing near Manchester to founding INEOS in 1998. The company has evolved into an industrial powerhouse, operating globally with 194 sites across 29 countries, generating an annual revenue of $65 billion and employing over 26,000 people.

In addition to his business ventures, Ratcliffe has diversified INEOS by entering the automotive sector, aiming to produce the INEOS Grenadier as a successor to the Land Rover Defender.

Despite his business acumen, Ratcliffe remains somewhat mysterious. An adventurer who has conquered the North and South Poles and scaled the Matterhorn, he describes himself as a risk-taker who avoids unnecessary chances.

Ratcliffe's approach to the Manchester United venture reflects INEOS's commitment to "helping extraordinary athletes achieve extraordinary things," leaving the sports world curious about the impact he can make on the club's fortunes.

Only time will reveal whether Ratcliffe can successfully navigate the challenges and steer Manchester United back to its former football eminence.

Source: punchng.com/AFP

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