#sports Man United: How Sir Jim Ratcliffe went from a council house to £10.9bn net worth

#sports Man United: How Sir Jim Ratcliffe went from a council house to £10.9bn net worth

#sports activities Man United: How Sir Jim Ratcliffe went from a council house to £10.9bn net worth

Sir Jim Ratcliffe has revealed his curiosity in launching a takeover bid for Manchester United if it comes up on the market, in what can be some of the audacious strikes but for Britain’s richest man. 

Sir Jim, the 69-year-old founder and boss of chemical large Ineos, is a Brexit-supporting soccer obsessive who lately attracted controversy for his choice to abandon Britain for the tax haven of Monaco. 

The tycoon, who has an estimated net worth of £10.9billion, purchased French membership Nice for £91m in 2019 two years after buying Swiss staff FC Lausanne-Sport. 

He needs to purchase Manchester United outright, having lately failed with a bid to purchase Chelsea. ‘If the membership is on the market, Jim is certainly a potential purchaser,’ his spokesman advised The Times.  

Yet he faces an uphill battle. United’s hated homeowners Avram and Joel Glazer aren’t believed to have any plans to cede management of the membership any time quickly, whereas they lately entered unique talks with US personal fairness agency Apollo to offload a small stake. 

Born in 1952, Sir Jim grew up in a council house on Dunkerley Avenue in Failsworth, a small city between Manchester and Oldham, earlier than attending Beverley Grammar School when his household moved to Yorkshire.

On his first day on the University of Birmingham, he was embarrassed to see he was almost on the backside of a listing of 99 undergraduates ranked by their A-level outcomes, however went on to obtain a 2:1 in chemical engineering.

He labored for BP throughout a summer time vacation after graduating and was supplied a job. But he was fired after simply three days as a result of his boss had seen his medical report and wasn’t eager on him working there with delicate eczema.

Sir Jim went on to work as a trainee accountant at a prescription drugs firm earlier than shifting to Esso then Courtaulds. In 1992 he mortgaged his house to purchase BP’s chemical substances division for about £40 million.

He solely began his first enterprise weeks earlier than his fortieth birthday and based Ineos aged 45 in 1998. During the subsequent 20 years he remodeled it into the world’s fourth largest chemical substances firm, with annual revenues of £45bn. 

Sir Jim, the 69-year-old founder and boss of chemical giant Ineos, is a Brexit-supporting football obsessive who recently attracted controversy for his decision to abandon Britain for the tax haven of Monaco

Sir Jim, the 69-year-old founder and boss of chemical large Ineos, is a Brexit-supporting soccer obsessive who lately attracted controversy for his choice to abandon Britain for the tax haven of Monaco

Sir Jim faces an uphill battle to buy United, with its hated owners Joel (left) and Avram (right) Glazer are not believed to have any plans to cede control of the club any time soon

Sir Jim faces an uphill battle to purchase United, with its hated homeowners Joel (left) and Avram (proper) Glazer aren’t believed to have any plans to cede management of the membership any time quickly

Sir Jim is a lifelong Manchester United fan, though he additionally has a season ticket at Chelsea. 

He lately mentioned: ‘I’m a season ticket holder at Chelsea, have been for years, though I’m a Manchester United fan actually. Or was!’ 

He sponsors skilled biking staff the Ineos Grenadiers, who beneath their earlier title, Team Sky, gained the Tour de France seven instances.

In 2020, he was slammed for following a raft of wealthy Britons together with Topshop boss Phillip Green and his spouse Tina in relocating from the UK to Monaco the place he’s anticipated to save an estimated £4billion in tax.

People who stay in Monaco for no less than 183 days a 12 months don’t pay any revenue or property taxes. In the UK, in the meantime, the very best tax price is 45% on revenue above £150,000-a-year.

Sir Jim was the UK’s third highest particular person taxpayer and forked out £110million in 2017-18, in accordance to the Sunday Times tax listing.

The transfer got here quickly after he was knighted by the Queen for ‘companies to enterprise and funding’.

The businessman additionally got here beneath fireplace when it emerged he had furloughed virtually 800 members of employees from his luxurious lodge teams. 

Sir Jim married his first spouse Amanda Townson in 1985.  

The tycoon, who has an estimated net worth of £10.9billion, bought French club Nice for £91m

The tycoon, who has an estimated net worth of £10.9billion, purchased French membership Nice for £91m

Sir Jim Ratcliffe has widespread investments in sport, including in Team Sky (he is pictured on the left with Chris Froome and Sir David Brailsford)

Sir Jim Ratcliffe has widespread investments in sport, together with in Team Sky (he’s pictured on the left with Chris Froome and Sir David Brailsford) 

He is pictured outside the Grenadier Pub in London, where he came up with plans for a new 4x4

He is pictured outdoors the Grenadier Pub in London, the place he got here up with plans for a new 4×4

The pair, who’ve two sons, divorced in 1995. He has a daughter together with his second spouse Alicia. Cutting a svelte determine, he does distance working and triathlons to hold himself in form.

Earlier this 12 months the businessman tried to buy Chelsea however noticed his late bid turned down as present proprietor Todd Boehly and his consortium took possession of the London membership.

Ratcliffe tabled a last-minute £4.25billion supply to buy the Stamford Bridge facet in May however now goals to change into Manchester United proprietor after registering his curiosity. 

The billionaire has been outspoken in his perception that Man Utd has misplaced its method, and in 2019 slammed the membership for its ‘shockingly poor’ managerial alternatives and spending ‘dumb cash’ on ‘gamers like Fred’.  

Sir Jim's £130million superyacht, the Hampshire II. His company, Ineos, is one of the largest petrochemical firms in the world

Sir Jim’s £130million superyacht, the Hampshire II. His firm, Ineos, is likely one of the largest petrochemical companies on the earth 

Sir Jim has repeatedly been linked with Chelsea, however recognized the membership’s Stamford Bridge stadium as a main challenge for any potential proprietor.

‘There was some early alternate however we have been a important method aside on valuations,’ Ratcliffe advised BBC Five Live. 

‘The challenge with Chelsea is its stadium. We are all getting older and it’s a decade of your life to resolve that.’

And he defined to The Times in 2019: ‘Even although golf equipment have these valuations in the present day, no one has ever paid these quantities of cash.

‘How a lot did Abramovich pay for Chelsea, £100 million? The Glazers, what £500 million? You can say it is worth three, 4 billion however nobody has ever paid these sums.

‘Ineos has at all times tried to take a smart method. We don’t love squandering cash or we would not be the place we’re in the present day. It’s a part of our DNA, attempting to spend sensibly.’ 

Sir Jim (left) and Mercedes AMG Petronas F1 Team's team principal Toto Wolff revealing the team's livery for the 2020 season

Sir Jim (left) and Mercedes AMG Petronas F1 Team’s staff principal Toto Wolff revealing the staff’s livery for the 2020 season

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