71-year-old billionaire Sir Jim Ratcliffe is in a race to protect his legacy
Sir Jim Ratcliffe likes to be busy. To reward himself for working seven days a week at his €40 billion ($52 billion) petrochemicals empire Ineos, the British billionaire has indulged himself in a series of side projects, from owning a London pub and a football club to taking part in the most remote property purchase in Iceland.
The 71-year-old is one of the UK’s richest people, with an estimated net worth of £23.5bn, according to the latest figures. Sunday Times Rich List.
What do you do with all that wealth? For Ratcliffe, the answer seems to be living out every childhood fantasy.
Ratcliffe’s hobbies
The petrochemical billionaire has an odd and eclectic mix of interests, including a passion for sports, cars, fishing and drinking.
Ratcliffe was a regular at the Grenadier pub, located at the end of a small street in London’s affluent Knightsbridge neighborhood.
During a beer at that pub, Ratcliffe decided to give the Land Rover Discovery a facelift, naming the upcoming model the Grenadier after his favourite pub.
He bought this pub in 2022.
Kiran Ridley—Getty Images
His most prominent interest, however, was buying a minority stake in Manchester United last year, which saw him and his team take over football operations at the club.
From his previous sporting ventures, such as ownership of the hugely successful cycling team Ineos Grenadier and the Nice football club, and his lifelong support of the club, Ratcliffe saw himself as the ideal person to help turn around Manchester United’s fortunes.
Ratcliffe has overhauled Manchester United’s football team, appointing a new CEO, Omar Barrada, and recruiting new sporting director Dan Ashworth from rivals Newcastle United.
He has also quietly bought 400,000 acres of land in Iceland, where he enjoys fishing.
When asked by Times If anyone owned more territory than he did in this country, Ratcliffe replied: “Maybe the church?”
“All the stress of everyday life, where everything is covered in concrete or asphalt and you’re glued to your iPhone, disappears very quickly in this environment,” Ratcliffe told the publication. “I hope it’s good for my longevity.”
Heritage Building
Looking at Ratcliffe’s investments and judging by his comments, it’s easy to conclude that his purchases are simply an expensive billionaire’s trap designed to help him escape the pressures of running a large global company.
That’s clearly part of the problem, says Liz Colfer, vice president and chief financial planner at wealth management firm Five Wealth.
“When you run a company as long as he has, you check that box to some extent. And then you think about other things you can get involved in and other things you can do,” Colfer said. Luck.
“If you have that mindset, to some extent, it’s never going to be satisfied. There’s always something else. You’re always thinking of another idea.”
Ratcliffe often used personal anecdotes to motivate his purchases, rarely citing the potential for financial gain.
Before buying a large stake in Man United, Ratcliffe spoke about supporting the club when he grew up in the Manchester town of Failsworth, about seven miles from Old Trafford.
However, lurking beneath the fulfillment of these childhood dreams may be a more tactical motivation.
Despite still being spry at 71, having completed the London Marathon in May in just over four hours and 30 minutes, Ratcliffe will be weighing up his legacy with some incredible purchases.
Despite his huge net worth, Ratcliffe remained a relatively low-profile figure outside the business world for much of his time leading Ineos.
However, buying a minority stake in Man United has catapulted him to household name status, and, apart from a handful of rival fans, for good reason.
Michael Regan—FA/Getty Images
Taking over a club that was in turmoil before his purchase, coupled with a fan base increasingly angry with the club’s majority owners, the Glazer family, gave Ratcliffe the opportunity to be seen as a saviour.
Ratcliffe’s Ineos shadow
After building his net worth on a giant petrochemical company with a plant face legal action From environmental groups, Ratcliffe’s legacy is far from assured as the planet turns away from polluting fossil fuels as the effects of climate change become more apparent.
Its new Grenadier 4×4 will run on hydrogen, serving as a blueprint for Ineos’ renewable energy arm. However, the bulk of the company’s revenue still comes from its petrochemicals business.
In July, Ineos the plan has been pulled for an electric SUV called the Fusilier, citing weak demand and the UK government’s “uncertainty about tariffs, timing and industry taxes”.
Hollie Adams/Bloomberg via Getty Images
Jessica Crane, a property and business consultant, said his land purchase in Iceland could also pave the way for greener initiatives.
“Investing in such a beautiful location not only brings potential for value addition but also opens the door for eco-tourism and renewable energy projects.”
However, it remains unclear how history will judge Ratcliffe’s later efforts to reform his life.
“The source of a person’s wealth – and society’s reaction to it – often influences the wealth holder’s approach to it, and owning this story is key to ensuring they remain proactive and in control of their reputation and legacy,” said Matthew Braithwaite, partner at London law firm Wedlake Bell. Luck“Ratcliffe’s purchase of land in Iceland appears to be an acknowledgement of this obligation, helping to combat INEOS’s environmental impact and the source of his wealth.”
Whether his efforts are enough remains “interesting,” said Five Wealth’s Colfer.
Ratcliffe is reportedly eyeing a new 100,000-capacity stadium to replace Manchester United’s iconic Old Trafford, one that will last long after he leaves.
If he can help Manchester United win their first Premier League title since 2013 or their first Champions League since 2008, his name could be inscribed on the corridors of the new stadium for generations to come.
A representative for Ineos did not respond to a request for comment.
