In the chemical industry, INEOS is a significant manufacturer of speciality chemicals, petrochemicals, and raw materials for a range of sectors, including the building, automotive, and healthcare industries. Products such as PVC, polypropylene, and polyethylene, which are essential components in manufacturing processes worldwide, are part of its extensive portfolio. Additionally, INEOS is a market leader in the ethanol production industry, which is essential to the development of renewable energy sources.

INEOS has become a major player in the oil and gas industry through acquisitions and wise investments. Being able to refine crude oil into necessities like gasoline, diesel, and jet fuel is made possible by the company’s ownership and operation of multiple refineries. To further diversify its energy portfolio, INEOS has also ventured into shale gas production and exploration.

As the need for sustainable solutions grows, INEOS has been making significant investments in renewable energy projects. Its efforts in wind energy, biofuels, and hydrogen production demonstrate its dedication to cutting carbon emissions and lessening the negative effects on the environment.

In addition to its primary business operations, INEOS has gained attention for its engagement in prominent sports endeavours. Particularly, the company is a sponsor of the INEOS Grenadiers cycling team and has also ventured into the realm of yacht racing, competing in renowned competitions such as the America’s Cup.

INEOS remains committed to expanding and diversifying its business, utilising its knowledge and assets to meet the changing demands of global industries, all while prioritising sustainability and innovation.

The brain behind this successful venture is 71-year-old Jim Ratcliffe, a British billionaire, chemical engineer, businessman and the founder of the company.

Who Is Jim Ratcliffe?
• Jim Ratcliffe was born and brought up in Failsworth, Lancashire, North West England
• He studied chemical engineering at Birmingham University, gaining a BSc, and later gained an MBA from London Business School in 1980
• Jim Ratcliffe’s first job was with oil giant Esso, but he decided to broaden his skills in finance by studying management accounting at the London Business School
• Later he joined the US private equity group Advent International in 1989
• In 1998, Jim Ratcliffe formed INEOS, and later bought BP’s refining and petrochemical arm Innovene, giving INEOS refineries and plants in Scotland, Italy, Germany, France, Belgium and Canada
• He moved INEOS’s head office from Hampshire to Rolle, Switzerland, decreasing the amount of tax the company paid by £100m a year
• In the Sunday Times Rich List 2018, Jim Ratcliffe was named as the richest man in the UK, with a net worth of 21.05 billion pounds
• In 2021, he announced plans to invest more than 2 billion euros (1.7 billion pounds) into electrolysis projects to make zero-carbon green hydrogen across Europe
• Jim Ratcliffe is keen on sport and in 2013; he completed the Marathon Des Sables across the Sahara Desert
• He was granted an honorary fellowship by the Institution of Chemical Engineers citing ‘his sustained leadership in building the INEOS Group’, In May 2009
• As of May 2023, the Sunday Times Rich List 2023 estimated Jim Ratcliffe’s net worth at 29.688 billion pounds, making him the second wealthiest figure in the UK

Meet Jim Ratcliffe, The New Part-Owner Of Manchester United

Jim Ratcliffe is an avid sports lover. In 2013, the British billionaire completed the “Marathon Des Sables” across the Sahara Desert. He has also established a charity named “Go Run for Fun”, encouraging children aged between five and ten to get active by creating celebrity-driven events. Ratcliffe also supported the 2019 INEOS 1:59 Challenge, a successful effort by Kenyan long-distance runner Eliud Kipchoge to run the classic marathon distance (42.195 kilometres or 26 miles 385 yards) under 2 hours.

Jim Ratcliffe also purchased Lausanne-Sport, a Swiss Super League club, in 2017. Through INEOS, the businessman bought French football club Nice in 2019. As the Ukraine war started in 2022, sanctions on Russian oligarch Roman Abramovich, long-term owner of Premier League side Chelsea, forced him to sell the club. Jim Ratcliffe made an unsuccessful 4.25 billion pound bid to buy the club, as American businessman Todd Boehly got the ownership.

Immediately after that, Jim Ratcliffe showed his interest in buying Manchester United, the English Premier League giant (the businessman’s favourite club as well). In January 2023, INEOS announced entering into the formal process of bidding for Manchester United, as the Glazer family, the then owners of the club, started looking for new investors.

On 24 December 2023, Manchester United announced that Jim Ratcliffe had acquired a 25% stake in the club, as INEOS Sport assumed control over the football operations. The purchase was completed in February 2024.

While INEOS has made investments into other sports like sailing, professional cycling, rugby and Formula One, the venture’s role will be crucial in reviving Manchester United’s fortune, which since the departure of its legendary manager Sir Alex Ferguson in 2013, has been below par in the English and world football circuits, apart from being embroiled in too many off the field controversies.

Jim Ratcliffe’s biggest test will come in the upcoming summer transfer season, as the club has already offloaded more than a dozen players in the January 2024 window. Reports suggest that as many as eleven more footballers are now facing an uncertain future in the club, as INEOS is eyeing wholesale changes to bring the English giant back to the path of glory.

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According to unidentified sources cited by Bloomberg, the Qatari royal family is getting ready to make a USD 6 billion opening offer for the club.

Reportedly, a consortium led by Hamad bin Jassim bin Jaber Al Thani, a former leader of Qatar Investment Authority and the nation’s former prime minister, has submitted a proposal to buy the club.

The former Qatar PM’s son, Sheikh Jassim Bin Hamad JJ Al Thani, issued a press release announcing his multi-billion-pound bid for Manchester United.

The lesser-known royal family member is now heading the bidding race for the renowned football club, and has hired Bank of America Corp. as one of the advisers.

Sheikh Jassim could post a final offer that values Manchester United, currently owned by the Glazer family, at about £5 billion (USD 6 billion), which would surpass the USD 4.65 billion paid in 2022 by a group led by Walmart Inc. heir Rob Walton for the Denver Broncos NFL team.

Sheikh Jassim’s family has been involved in major sports deals in the past. His father was the Qatar Prime Minister in 2010 when the country won its bid to host the 2022 World Cup.

As per reports, the 40-year-old will have to convince Europe’s top football body UEFA and Manchester United that the source of his wealth is not linked to Paris St. Germain, currently owned by Qatar Sports Investments, which has considered plays for Tottenham Hotspur and Liverpool FC.

According to a Reuters article, US private equity firms and British billionaire Jim Ratcliffe, who founded the chemicals company INEOS and has been a lifelong admirer of the team, is among the possible bidders.

Tech billionaire Elon Musk, the owner of Tesla and Twitter, has also indicated an interest in purchasing the football team.

The US-based Glazer family purchased the club in 2005 for GBP 790 million and is the prospective vendor.

As per Manchester Evening News, key figures at Manchester United are being kept in the dark by the Glazer family over the process to sell the club to avoid on-pitch distractions.

The Glazers are reportedly dealing with the Raine Group, the investment bank managing the probable sale of Manchester United, to avoid distracting the football staff.

Manchester United supporters have reiterated their opposition to the Glazer family through several chants during the 3-0 win over Leicester at Old Trafford. The club is just five points afar from second-ranked Manchester City and Premier League table toppers Arsenal.

The Manchester United Supporters’ Trust (MUST) demanded that the prospective owner must back manager Erik ten Hag in a statement issued on the eve of the Leicester game.

MUST has implored any prospective bidder to “explicitly commit to backing Erik and his plans to restore Manchester United to glory”.

The Glazer family, led by Avram Glazer and Joel Glazer, executive co-chairmen and directors of Manchester United, has been considering selling their stakes in the club since 2022.

The late Malcolm Glazer bought Manchester United in 2005, and the move brought massive debts for the family, apart from distrust from hardcore supporters, even though the club kept on winning laurels at domestic and global events. Things turned for worse after the 2012-13 successful campaign under the club’s legendary manager Sir Alex Ferguson (who retired in 2013). While the Red Devils have failed to win a Premier League title in the last nine years, its performances at the European circuit have taken a nosedive.

Also, frequent changes of managers, along with indifferent transfer seasons, have been adding more fuel to the fire.

Bidders now have access to confidential data on the club’s revenue, and the bidding race will likely get intense in the coming days. Jim Ratcliffe has offered to buy the 69% of shares owned by the Glazers, according to sources, while Sheikh Jassim has put forward an offer for 100% of the club.

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