The team’s star player Christiano Ronaldo had his contract mutually torn in November after making negative comments about the club and its ownership, and there have been several demonstrations from fans targeting the Glazer family throughout the season.
Due in large part to the Americans’ troubled tenure at the helm of the Premier League team, a new football club was formed, FC United of Manchester. During their time in charge, the team’s on-field success has declined and they have not won the Premier League for a decade.
Man U are currently in fourth place, nine points behind league leaders and fierce rivals Arsenal. The Red Devils started the season slowly with lackluster performances against Brentford and Brighton, but under a new manager Eric Ten Hag, they find their footing. Fans of the club have long called for new leadership, and billionaire Ineos CEO Jim Ratcliffe is among those vying to buy the team. But how did he get his wealth? Detailed information can be found below.
Who is Jim Ratcliffe?
British millionaire Jim Ratcliffe is 70 years old. He is the founder, chairman and CEO of Ineos. He was born in Oldham but now lives in Monaco. The company is a major global player in the chemical industry, making products ranging from paint, smartphone cases and packaging.
Despite spending more time around the Manchester City stadium than at Old Trafford, Ratcliffe is a true representative of Manchester’s red half, having been a fan of Manchester United since childhood. In January 2023, Ineos, Ratcliffe’s company, issued a statement saying they had formally begun the bidding process.
The cycling team Ineos Grenadiers (named after a new car) and the sailing team led by Sir Ben Ainslie are just two of Ratcliffe’s many sporting endeavours. In addition to supporting the Mercedes Formula 1 team, Ineos is a major backer of the New Zealand All Blacks rugby union team.
Sir Jim Ratcliffe has four times the wealth of Todd Boehly and £5bn more than the Chelsea consortium combined.
INEOS also has an annual turnover of £58 billion.
FIFTY-BACK BILLION 😳😳😳😳
— WHF!🔰 (@UtdWesleyy) January 17, 2023
Jim Ratcliffe has worked over the years to include Chelsea FC in this group of legendary sporting organisations. After Roman Abramovich had to sell his shares in the West London club in 2022 due to the Russian invasion of Ukraine, he made a bid to buy the team in 2019. But the American businessman Todd Boehly knocked him out.
Must read our previous articles for more latest updates on Manchester United
Ratcliffe has been accused of sports laundering because of his ties to the industry, particularly through the Ineos brand. Both Ineos and Jim Ratcliffe have lobbied against environmental taxes and are strong advocates of fracking, a controversial method of extracting natural gas. The company has repeatedly expressed its intention to fight climate catastrophe.
Some have also criticized Ratcliffe for leaving the UK in 2020 for the low-tax jurisdiction of Monaco, despite being a staunch supporter of Brexit. The Queen recognized his contributions to the business and investment communities by naming him “Sir” on her 2018 birthday list.
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The main player, Christiano Ronaldo, was amicably terminated in November over his criticism of the club and its ownership, and there have been numerous demonstrations against the Glazer family during the season.
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