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One of the UK's richest men, Sir Jim Ratcliffe, has built a multi-billion-pound business by buying unloved assets. He has now agreed to a deal worth about £1.25 billion to acquire a 25% stake in one of the UK's best-loved brands, Manchester United FC.
United's men's team, 20-time English champions, are languishing in the Premier League and have been dumped out of other competitions this season under manager Erik ten Hag. But as a business, the club has always scored highly, boasting fans around the world.
The Ineos founder first expressed his interest in buying a stake in the club in January, after the Glazer family said they were considering a sale.
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The Glazers have been criticized for their perceived lack of investment in the club, which has struggled since Sir Alex Ferguson retired in 2013. Before clinching the 2022–23 Carabao Cup, the club had not won a trophy since 2017.
Until recently, Sir Jim faced a rival bid from Qatari banker Sheikh Jassim bin Hamad Al Thani. But he withdrew his offer, leaving the field clear for Sir Jim.
Born the son of a joiner in Failsworth, in Greater Manchester, Sir Jim is a boyhood United fan.
Known for his tough negotiating stance, he was once called Dr No by trade unions.
Through buying up and turning around cast-off parts of other businesses, Sir Jim has built up a huge fortune - although estimates of his wealth vary.
Forbes puts it at about $18bn (£15.8bn), whereas the Sunday Times Rich List, which has him as the second wealthiest person in the UK, says it's closer to £30bn.
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Source: BBC
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