The net worth of Manchester United part-owner Sir Jim Ratcliffe has declined by more than PS6bn over the past year, the 2024 Sunday Times Rich List shows.
The founder of petrochemicals manufacturer Ineos is now worth a reported PS23.5bn as compared to PS29.7bn in 2023, and he has fallen from second to fourth on the list of Britain's richest families and individuals.
He and Dyson founder Sir James Dyson saw the biggest annual decrease in wealth among people on the list.
Ratcliffe took a 25% stake in Manchester United last December as part of a deal that gave him control of footballing operations, and he has since sought to overhaul the Premier League club and spoken of plans to build a "Wembley of the north" to replace Old Trafford.
The Sunday Times pointed to a 40% reduction in profit at Ineos Group Holdings, one of Ineos' larger companies, for its decision to reduce its valuation of the group, of which Ratcliffe owns around 62% of shares, to PS30bn. However, PS5bn was added to his wealth outside the company.
Ineos follows a model of buying and reviving pharmaceutical plants for larger corporations such as BP, and the group now employs more than 26,000 staff at 194 sites in 29 countries.
Ratcliffe has leveraged the success of Ineos to move into sport and, in addition to Manchester United, he has stakes in cycling team Ineos Grenadiers, the Mercedes-AMG Petronas Formula 1 team, and football clubs OGC Nice and FC Lausanne-Sport.
He is a tax resident of Monaco, a decision that was claimed would save him PS4bn in tax, and he also owns homes in Hampshire and on Lake Geneva as well as hotels in the New Forest and Courchevel, France.
Ratcliffe was one of two publicised bidders for Manchester United, along with Qatari sheikh Hamad bin Jassam bin Jaber Al Thani, when long-time owner the Glazer family indicated they would consider a sale or outside investment in 2022.
The Glazers reportedly wanted PS6bn to sanction a full sale of the club, but after more than a year of intrigue, they decided to stay on as majority shareholders while allowing Ratcliffe and Ineos to take over the football side of the club.
Ratcliffe has since appointed Omar Berrada, COO of local rivals Manchester City, as CEO, with Jason Wilcox joining from Southampton as technical director within the new-look management and recruitment hierarchy.
Dan Ashworth has been tabbed as the club's sporting director, and he is set to take his current employer, Newcastle United, to arbitration to force the move, which has been held up by a stalemate between the club over how much compensation Manchester United should pay for his services.
Ashworth, who held similar roles with the English FA and Brighton & Hove Albion, has a contract with Newcastle until June 2026 and was put on gardening leave by the club after informing the leadership of his intention to move to Manchester United.
Speculation about the future of Manchester United manager Erik ten Hag has been rampant following the club's poor form, with the club reportedly considering a shortlist of alternatives that includes Bayern Munich manager Thomas Tuchel and former youth team coach Kieran McKenna.
Investor Gopi Hinduja and his family topped the list for the third successive year with an estimated fortune of PS37bn, and the top 10 have an average wealth of PS21bn.