Jim Ratcliffe

Sir James Arthur Ratcliffe (born October 18, 1952) is a British billionaire businessman and industrialist who serves as chairman and chief executive officer of INEOS, a multinational chemicals company he founded in 1998. In February 2024, he acquired a minority stake in Manchester United football club and gained control over its sporting operations. As of May 2025, the Sunday Times Rich List estimates his net worth at £17.05 billion (approximately US$22.7 billion), making him one of the wealthiest people in the United Kingdom.

Ratcliffe's business empire includes significant holdings in sports, including OGC Nice and FC Lausanne-Sport football clubs, the Ineos Grenadiers cycling team, and a stake in the Mercedes-AMG Petronas F1 Team. He was knighted in 2018 for his contributions to business and investment.

Early life and education

James Arthur Ratcliffe was born on October 18, 1952, in Failsworth, Lancashire (now part of Greater Manchester), England. His father worked as a joiner and later ran a factory that manufactured laboratory furniture, while his mother worked in an accounts office. The family lived in a council house until Ratcliffe was ten years old.

After the family moved to Yorkshire, Ratcliffe attended Beverley Grammar School in the market town of Beverley, where he developed an interest in science and engineering. He lived in Hull until age 18.

Ratcliffe studied chemical engineering at the University of Birmingham, graduating in 1974. Between 1978 and 1980, he earned an MBA from London Business School, funded by his employer Esso.

Career

Early career

After graduating from Birmingham, Ratcliffe was hired by oil company BP but was dismissed after just three days. The reason given was that he had eczema, which made him unfit to work around toxic chemicals - a medical condition BP had overlooked during the hiring process.

He subsequently took a position as a trainee accountant at a pharmaceuticals company before joining Esso, which funded his MBA at London Business School. Following his MBA, Ratcliffe worked for Courtaulds, a fabric and chemicals manufacturer, remaining there until his mid-thirties.

In 1989, Ratcliffe joined Advent International, a U.S. Private equity firm. He became chief executive officer and led a series of acquisitions. The resulting company, Inspec, listed on the London Stock Exchange in 1994. He departed Inspec in 1998.

Founding INEOS

In 1998, Ratcliffe led a management buyout of Inspec's Belgian chemicals plant for £84 million. He named the new company INEOS.

Using high-yield debt to finance acquisitions, Ratcliffe pursued a strategy of acquiring unwanted chemical operations from larger conglomerates, selecting targets based on their potential to double earnings over a five-year period. He purchased operations from companies including ICI and BP.

A transformative deal came in 2005 when INEOS acquired BP's refining and petrochemical division, Innovene, for US$8.7 billion. The acquisition gave INEOS refineries and plants across Scotland, Italy, Germany, France, Belgium, and Canada.

By 2011, INEOS had become one of the world's ten largest chemical enterprises, with annual sales reaching US$43 billion. Today, the company operates across 29 countries, employs over 26,000 people, and produces products ranging from plastics and synthetic oils to solvents used in pharmaceuticals.

Grangemouth refinery closure

In 2023, Petroineos - a joint venture between INEOS and Chinese state-owned PetroChina - announced it would cease refining operations at Grangemouth, Scotland's only oil refinery. Refining operations ended on April 29, 2025, with the site converting to a fuel import terminal.

The closure resulted in approximately 400 job losses. Ratcliffe blamed the UK's "lack of energy strategy" and high energy costs, warning that the country's chemicals industry faced "extinction."

Sports investments

Manchester United

In February 2024, Ratcliffe acquired a 25% stake in Manchester United F.C. for approximately £1.03 billion, along with operational control over all football-related decisions at the club.

In December 2024, Ratcliffe invested a further US$100 million into the club as part of a US$300 million commitment toward infrastructure improvements. This increased his stake to approximately 28.94%.

Ratcliffe transferred his Manchester United holdings to INEOS, where he serves as controlling shareholder. His investment coincided with a challenging period for the club both on and off the pitch.

Football clubs

Through INEOS, Ratcliffe owns OGC Nice in French Ligue 1 (acquired in 2018) and FC Lausanne-Sport in the Swiss Super League (acquired in 2017).

In 2025, reports indicated Ratcliffe was seeking to sell OGC Nice for approximately €250 million, having engaged investment bank Lazard to find a buyer. Ratcliffe told The Times that he did not "particularly enjoy going to watch Nice" and acknowledged that "the best season that Nice has had is this one where we've not been allowed to get involved because of multi-club ownership rules."

Cycling: Ineos Grenadiers

In May 2019, INEOS became title sponsor of Team Sky, the British professional cycling team, renaming it Team Ineos. In 2020, the team was rebranded as Ineos Grenadiers.

The team has been one of the most successful in professional cycling, winning the Tour de France seven times, the Giro d'Italia twice, and the Vuelta a España twice. Notable victories include those by Bradley Wiggins (2012), Chris Froome (2013, 2015, 2016, 2017), Geraint Thomas (2018), and Egan Bernal (2019).

Formula One

Ratcliffe holds a one-third stake in the Mercedes-AMG Petronas F1 Team, alongside Daimler AG and team principal Toto Wolff.

Controversies

Tax residence and Brexit

Ratcliffe is a prominent Eurosceptic who publicly supported the UK's departure from the European Union. In 2019, he stated: "As a business, INEOS supported the common market, but not a United States of Europe."

In September 2020, Ratcliffe officially changed his tax residence from Hampshire, England, to Monaco - a move estimated to save him approximately £4 billion in tax.

The move drew criticism given his outspoken support for Brexit, with commentators noting the irony of an advocate for British sovereignty relocating to a tax haven. The UK's Honours Forfeiture Committee subsequently inserted what has been termed a "Ratcliffe clause" into the honours system, reserving the right to reclaim honours from individuals who collect knighthoods and subsequently move their fortunes offshore.

Environmental concerns

INEOS is one of Europe's largest producers of plastics and petrochemicals, and the company has faced persistent criticism from environmental groups.

The company's Grangemouth facility in Scotland has been repeatedly cited as one of the country's worst air polluters, emitting over 3.2 million tonnes of carbon dioxide in 2019. An analysis by the Environment Agency found the plant had recorded 176 permit violations between 2014 and 2017.

Greenpeace has targeted INEOS over plastic pollution and the company's opposition to the Global Plastics Treaty. INEOS is the UK's largest plastics manufacturer, producing pellets daily at Grangemouth sufficient to make 60 million plastic bottles.

Environmental campaigners have criticized INEOS's acquisition of the Team Sky cycling team as "greenwashing," given the apparent contradiction between sponsoring a sport associated with health and fitness while operating inherently polluting businesses.

"Project One" petrochemical plant

INEOS has faced criticism for its "Project One" petrochemical plant in Antwerp, Belgium, which will import fracked shale gas from the United States to produce ethylene - a building block for plastics - at a rate of 1,450 kilotons per year. Environmental campaigners have labeled the project a "carbon bomb."

Personal life

Ratcliffe married Amanda Townson in 1985. The couple had two sons - George and Samuel - before divorcing in 1995.

He has a daughter, Julia, from a subsequent relationship with Maria Alessia Maresca, an Italian tax lawyer.

Ratcliffe splits his time between Monaco and Hampshire. He has described himself as an adventurer, having traveled to both the North Pole and South Pole, completed a three-month motorcycle trip across South Africa, and finished the Marathon des Sables across the Sahara Desert in 2013.

Honors and awards

Ratcliffe was made a Knight Bachelor in 2018 for his contributions to business and investment.

Net worth

As of May 2025, the Sunday Times Rich List estimates Ratcliffe's net worth at £17.05 billion (approximately US$22.7 billion). This represents a decline of £6.5 billion (approximately US$8.7 billion, or 28%) from the previous year, attributed to challenges in the chemicals industry and at Manchester United. Ratcliffe fell from fourth to seventh place on the list.

The Bloomberg Billionaires Index provides a lower estimate of approximately US$15 billion.

In May 2018, Ratcliffe briefly became the richest person in the UK, with a net worth of £21.05 billion.

External links

• INEOS official website
• Ineos Grenadiers official website
• Bloomberg Billionaires profile