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Sir Jim Ratcliffe has seen a significant fall in his net worth since buying a 27.7% share in Manchester United back in December.
The INEOS owner bought a share of United for around £1.3 billion. His stake in the club controls the football operations, hence his hands-on involvement despite being a minority owner.
Since taking the reigns at the club, Ratcliffe has implemented a series of changes to attempt to solve the financial pressures the club is facing.
250 United employees have been made redundant, staff parties have been cancelled, and travelling staff have been minimised to name the lesser controversial ones.
The big ones turning heads have been the removal of Sir Alex Ferguson from his multi-million-pound post as the club’s global ambassador and the cutting of half of the funding to the Manchester United Disabled Supporters Association.
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Sir Jim Ratcliffe drops down world’s richest person list
Now, The Mirror has reported that Ratcliffe’s net worth has dropped by a colossal £4 million since buying a stake with United.
According to Bloomberg’s Billionaire Index, the 71-year-old has seen his net worth fall £3.9bn from £16.6bn to £12.7bn. It sees Ratcliffe slip from the 110th richest person in the world to 131st.
However, Ratcliffe seems unphased about any financial implications of the purchase, commenting back in February: “Yes, I’m not interested in the financial aspects of this investment at all, really, because I make enough money in chemicals and oil and gas really.”
He continued: “This is not a financial investment. It’s because I’m interested in seeing Manchester United being successful again. It hasn’t been successful the last 11 years, but it needs to get back to where it should be, which is at the top of the game.”
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