• Saturday, April 13, 2024
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BusinessDay

Ratcliffe’s wealth hit after Manchester United takeover

Sir Jim Ratcliffe=manchester-united_ (1)

Sir Jim Ratcliffe, co-owner of Manchester United, has seen his net worth decline by approximately £1.52bn, according to the latest Bloomberg Billionaire Index.

In a joint announcement with the club on Christmas Eve, the INEOS founder revealed his acquisition of a minority stake in the Reds. However, despite his anticipation, Ratcliffe had to wait for Premier League and FA approval.

During this period, Ratcliffe remained active, playing a pivotal role in Manchester City’s CEO Omar Berrada’s appointment. He also attended his first United game in mid-January, witnessing Erik ten Hag’s side draw 2-2 with Tottenham Hotspur.

In February, the 71-year-old finally received the awaited approval and officially became a minority owner of United. He has subsequently appointed Sir Dave Brailsford and Jean-Claude Blanc as directors at Old Trafford.

Nevertheless, the news of his fortune dropping to $17.6 billion (£13.8 billion) may come as a slight disappointment to Ratcliffe, as he now ranks as the world’s 110th richest person.

While a £1.52 billion loss, as reported by Bloomberg is a lot of money, billionaires’ net worths can fluctuate dramatically daily as their fortunes are usually invested in stocks and shares. Therefore, as the stock market rises and falls daily, so do their fortunes.

Following his involvement with Manchester United, Ratcliffe has expressed his desire to restore the club’s prominence both domestically and internationally. Notably, there are indications that Ratcliffe remains uncertain about Erik ten Hag’s suitability as manager and is contemplating his future at the end of the campaign.