Jim Ratcliffe’s Manchester United Deal
Sir Jim Ratcliffe is a British Billionaire with a passion for football. Now he is becoming more famous with his recent acquisition of a 25% stake in Manchester United. This deal is valued at around $1.3 billion (£1.03 billion). This is a change in the ownership structure of one of the most recognizable football teams in the world.
Glazer family still maintains a majority stake of 69%. Ratcliffe’s Ineos Group will now take control of football operations. This move not only secures Ratcliffe’s position in the ownership hierarchy but also includes $300 million (£236 million) for future investments particularly in the Old Trafford stadium.
However, this transition isn’t without its regulatory hurdles. Premier League approval is essential for the deal’s finalization. Ratcliffe already signed the league’s owners’ charter. To bring transparency and accountability this deal undergoes scrutiny under the Premier League’s updated owner’s and director’s test.
Ineos’s influence extends beyond the men’s team. Now men’s and women’s football operations and academies both fields will oversight. Ineos will play a role in shaping the both Manchester United PLC and Manchester United Football Club Board’s future trajectory.
Ratcliffe’s journey to securing this stake has been correct and involves numerous meetings and engagements with stakeholders, including representatives from the Manchester United Supporter’s Trust and local leaders like Greater Manchester Mayor Andy Burnham. His commitment to the club’s heritage was evident as he participated in events like the Munich Air Disaster Memorial.
There’s excitement among fans about the potential revitalization of the club. With plans for infrastructure upgrades and a strategic rebuild of the playing squad. Manchester United supporters are hopeful that this partnership will lead to a new era of success on the pitch.
About Sir James Arthur Ratcliffe
Sir James Arthur Ratcliffe FIChemE (born 18 October 1952) is a British billionaire, chemical engineer, and businessman. In 1998, he founded INEOS Chemicals Group and he is the chairman and Chief Executive Officer (CEO)
Ratcliffe was born in Failsworth, Lancashire (now in Greater Manchester), England. His father worked as a joiner. Later he ran a factory that produced laboratory furniture. He grew up in a council house until the age of 10 when his family moved to East Yorkshire.
Ratcliffe attended Beverley Grammar School. He received a BSc in chemical engineering from the University of Birmingham. In 1980, he graduated with an MBA from the London Business School.
Ratcliffe’s professional journey began at Exxon Chemicals after completing his MBA. He later joined Courtaulds and in 1992 led the successful buyout of Inspec Group plc. In 1998, he acquired INEOS plc from Inspec and has been its chairman ever since. Ratcliffe co-founded Inspec, which leased the former BP Chemicals site in Antwerp, Belgium.
He formed INEOS in Hampshire to buy out Inspec and the freehold of the Antwerp site. Using high-yield debt, Ratcliffe expanded INEOS by acquiring unwanted operations from groups like ICI and BP.
By acquiring BP’s Refining and Petrochemical Arm, Innovene, in 2006, INEOS acquired refineries and plants located throughout Europe and Canada.
Ratcliffe is known for his low public profile and has been described as “publicity shy.” In May 2018, he was the richest person in the UK with a net worth of £21.05 billion.
His projected net worth as of May 2023 was £29.688 billion, according to the Sunday Times Rich List, making him the second richest person in the United Kingdom.
In September 2020, Ratcliffe officially changed his tax residence from Hampshire to Monaco, a move estimated to save him £4 billion in taxes.
FAQs
Sir James Arthur Ratcliffe was born on October 18, 1952, in Failsworth, Lancashire, England. His father worked as a joiner and later managed a factory producing laboratory furniture. Ratcliffe attended Beverley Grammar School and went on to earn a BSc in chemical engineering from the University of Birmingham. He furthered his education by obtaining an MBA from the London Business School in 1980. Ratcliffe founded INEOS Chemicals Group in 1998, where he serves as the chairman and CEO. Prior to this, he worked at Exxon Chemicals and Courtaulds before leading the successful buyout of Inspec Group plc in 1992. He acquired INEOS plc from Inspec, co-founding Inspec, and later forming INEOS in Hampshire. Through strategic acquisitions, notably acquiring BP’s Refining and Petrochemical Arm, Innovene, in 2006, Ratcliffe expanded INEOS significantly, acquiring refineries and plants across Europe and Canada. Ratcliffe is famously known for his low public profile and has been described as “publicity shy.” Despite his immense wealth and business success, he tends to avoid media attention and public appearances. Sir James Arthur Ratcliffe’s net worth has seen significant growth over the years. In May 2018, he was the richest person in the UK with a net worth of £21.05 billion. By May 2023, his projected net worth reached £29.688 billion, according to the Sunday Times Rich List, making him the second richest person in the United Kingdom. In September 2020, Ratcliffe officially changed his tax residence from Hampshire to Monaco. This move was estimated to save him approximately £4 billion in taxes.What is Sir James Arthur Ratcliffe’s background and education?
What are Sir James Arthur Ratcliffe’s notable business achievements?
How does Sir James Arthur Ratcliffe maintain a low public profile?
What is the estimated net worth of Sir James Arthur Ratcliffe?
What significant tax-related decision did Sir James Arthur Ratcliffe make in September 2020?
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