British billionaire Jim Ratcliffe, the founder of chemical giant Ineos, has bought a 25 percent stake in his childhood club, Manchester United. Ratcliffe already owns French club Nice and Swiss team FC Lausanne-Sport, in addition to investments in bicycles and Formula 1 cars. Manchester United's current owners, the Glazer family, expressed a willingness to listen to the purchase intentions, which eventually led Ratcliffe to make a bid. The 71-year-old billionaire had previously tried unsuccessfully to buy Chelsea.
Ratcliffe is hoping to restore the team to its former glory after nearly a decade of slump at Manchester United, which last won the Premier League title under Alex Ferguson in 2013. However, he was still unable to obtain majority ownership, and the Glazer family remained the majority shareholder. Since they used leverage to take over the team in 2005, these American owners have been unpopular with the fans, which has left the club in debt. Ratcliffe is estimated at $23 billion and has operations in 29 countries through INEOS and generates $65 billion in annual revenue.
In addition, he entered the automotive industry with the founding of Ineos Grenadier. Despite being very commercially successful, Ratcliffe remained relatively low-key. Known as an adventurer, he has made expeditions to the North and South Poles and climbed the Matterhorn. Ratcliffe believes in challenging himself, but at the same time he is cautious and does not take risks. It remains to be seen whether Ratcliffe's investment and involvement can help revive Manchester United's fortunes and put them at the top of English and European football once again.