Manchester United co-owner Sir Jim Ratcliffe has lost almost £6.5billion in the past 12 months as he struggles to turn around the club’s fortunes. Last February, the INEOS boss agreed a deal worth £1.3bn with the Glazer family in exchange for control of the club’s football operations.
Ratcliffe bought a 27.70 per cent stake in the club and has since increased his stake to 28.94 per cent. However, his 15-month reign has proved divisive with fans. Despite last season’s FA Cup win and a Europa League final clash with Tottenham next Wednesday, United are 16th in the Premier League table amid a wretched domestic campaign.
The 72-year-old has also implemented a series of cost-cutting measures, presiding over a spate of club redundancies. Around 650 club workers are said to have been released on Ratcliffe’s watch, who has since claimed United “would have run out of money” this year had action not been taken.
Ticket prices have been raised, while those still employed at Old Trafford have lost their right to free lunches and other work perks. Sir Alex Ferguson’s ambassadorial contract has also been terminated.
However, while accusations have long been pointed towards the Glazer family over taking money out of the club, it doesn’t appear that Ratcliffe has followed suit. In fact, his net worth has dropped considerably since he began work in Manchester.
According to the Sunday Times Rich List, Ratcliffe’s wealth has fallen by £6.473bn. His fortune has been reduced from £23.519bn a year ago to just £17.046bn, leaving him seventh in the list of the richest people in the UK.
Despite this, Ratcliffe has unveiled grand plans to move the club to a new, larger stadium next to Old Trafford. The proposed venue, referred to as ‘the Wembley of the North’, is set to be a 100,000-seat arena, potentially the largest in the UK and the second-largest football stadium in Europe.
Construction is expected to take more than five years. It follows regular complaints from supporters over the state of Old Trafford, with spectators having been subjected to leaks in the roof when it has rained during matches.
Content Source: www.express.co.uk