Sir Jim Ratcliffe finds himself navigating turbulent financial waters, as he experiences a staggering loss of £6.4 billion, according to the latest Sunday Times Rich List. Amidst his ventures into Formula 1 and the English Premier League, Ratcliffe, founder of INEOS and a key stakeholder in both arenas, faces significant financial setbacks.
INEOS, a chemical company established by Ratcliffe, ventured into Formula 1 by becoming a principal partner and part-owner of the Mercedes F1 team in 2020. This marked the company’s initial foray into the world of Formula 1, having already achieved success in cycling and football. Meanwhile, Ratcliffe expanded his sports investments by purchasing a 25% stake in the iconic Manchester United football club in December 2023. INEOS assumed full control over the club’s football operations, aiming to revive the team’s glory days after a downturn post-Sir Alex Ferguson’s retirement.
This season, Manchester United’s performance has been a topic of contention, likely finishing 16th in the Premier League. The club, however, has an opportunity for redemption as they face Tottenham Hotspur in the Europa League final. Despite these challenges, the financial blow dealt to Ratcliffe is significant, with his personal wealth reduced by £6.473 billion over the past year as reported by the Sunday Times Rich List. Currently, his net worth stands at £17.046 billion, positioning him as the ‘biggest faller’ on this year’s list.
The magnitude of Ratcliffe’s financial losses overshadows other high-profile individuals on the list, such as Sir Leonard Blavatnik, who saw a decrease of £3.521 billion. INEOS director Andy Currie, who owns a 20% stake, was also impacted with a £1.919 billion loss. In spite of these setbacks, Toto Wolff, Mercedes team principal, maintains confidence in their partnership with INEOS. Describing Ratcliffe as one of the ‘three amigos,’ Wolff reassures that Ratcliffe’s involvement with the team remains steadfast, emphasizing there are no intentions for INEOS to withdraw support.
Ratcliffe’s dedication to the Mercedes F1 team is evident through his presence at the recent Australian and Miami Grand Prix events, affirming his commitment to the sport. This persistence demonstrates his resolve to maintain and strengthen his foothold in Formula 1 amidst financial adversity.
While financial setbacks have placed Sir Jim Ratcliffe in the spotlight for unfavorable reasons, his determination to remain engaged in Formula 1 and football remains unshaken. By maintaining his alliances and continuing to invest, Ratcliffe seems poised to navigate through these challenges with resilience.
