Manchester United Owner Experiences Significant Wealth Decline
Jim Ratcliffe's net worth declines by nearly a quarter amid financial challenges for the football club.
Jim Ratcliffe, the co-owner of Manchester United, has experienced a substantial decrease in his net worth, losing approximately a quarter according to the latest billionaire rankings.
Ratcliffe’s wealth has fallen from £23.519 billion ($27.90 billion) to £17.046 billion ($20.24 billion), causing him to drop from fourth to seventh place on the list of the wealthiest individuals in the United Kingdom.
Ratcliffe, who leads INEOS, a major chemical manufacturing company, acquired a 27.7% stake in Manchester United in December 2023 for £1.25 billion ($1.48 billion).
Since the completion of this transaction, he has implemented stringent austerity measures within the club to address the financial losses that have accumulated over the past five years, amid reports suggesting that the club is nearing the brink of bankruptcy.
As part of its cost-reduction strategy, Manchester United laid off 400 employees in the previous year, increased ticket prices at Old Trafford, and eliminated employee perks such as complimentary meals and fully-funded travel reimbursements for teams.
Despite these cost-cutting initiatives, the club has spent around £15 million on terminating the contract of manager Erik ten Hag, along with expenses incurred in appointing Dan Ashworth as sporting director for a duration of only six months.
Ratcliffe’s wealth has fallen from £23.519 billion ($27.90 billion) to £17.046 billion ($20.24 billion), causing him to drop from fourth to seventh place on the list of the wealthiest individuals in the United Kingdom.
Ratcliffe, who leads INEOS, a major chemical manufacturing company, acquired a 27.7% stake in Manchester United in December 2023 for £1.25 billion ($1.48 billion).
Since the completion of this transaction, he has implemented stringent austerity measures within the club to address the financial losses that have accumulated over the past five years, amid reports suggesting that the club is nearing the brink of bankruptcy.
As part of its cost-reduction strategy, Manchester United laid off 400 employees in the previous year, increased ticket prices at Old Trafford, and eliminated employee perks such as complimentary meals and fully-funded travel reimbursements for teams.
Despite these cost-cutting initiatives, the club has spent around £15 million on terminating the contract of manager Erik ten Hag, along with expenses incurred in appointing Dan Ashworth as sporting director for a duration of only six months.
