Sir Jim Ratcliffe has jumped up the UK’s so-called ‘rich list’ on the eve of what could become a pivotal weekend in his attempt to buy a controlling stake in Manchester United Plc (NYSE:MANU).
The INEOS founder now ranks as the UK’s second richest person, according to the annual Sunday Times list, with his net worth swelling by some £23.6bn to £29.6bn (moving Ratcliffe 27 spots higher on the list).
Undoubtedly, 2022 into 2023 has been something of a windfall year in the hydrocarbons and petrochemicals businesses, amid soaring prices, nevertheless, a cynic might suggest this is particularly opportune time for some PR.
Ratcliffe is jostling with the apparent endless wealth of the Qatar establishment as he attempts to buy Manchester United, with Sheik Jassim bin Hamad al-Thani (a banker and the son of Qatar’s former prime minister) earlier this week making an ‘eleventh hour’ improved bid for the club.
Unlike the Qatari, Ratcliffe seeks to buy a partial but controlling stake rather 100% of the club – though he’s expected to take the holdings of some if not all the Glazer siblings. Reportedly, the offer from Ratcliffe valued the whole club above the Qatar offer.
Its probably a handy time to look really rich.
So how did Ratcliffe become the biggest riser on the list this past year?
Well, according to comments reported PA, Rich List compiler Rob Watts said that this year they had new information about the full scale of INEOS' profits and more information about Ratcliffe’s personal assets.
Manchester United has effectively been up for sale since November when the Glazer family, the club’s majority owners, launched a strategic review to explore all options including refinancing, partial or a full sale.
Sheikh Jassim and Ratcliffe have since emerged as leading bidders for the club, whilst other interested parties have also been involved in the process but have largely remained in the background.
The first deadline passed at the end of April, and, fans are waiting anxiously for signs of progress.