Source: REUTERS/Russell Cheyne
[Saba Sports News] According to British media reports, since taking over Manchester United, James Ratcliffe’s net worth has decreased by nearly £4 billion. In December last year, Ratcliffe completed a deal worth around £1.3 billion to acquire a 25% stake in the Red Devils. Since then, he has taken full control of the club’s football operations and has made significant investments. Ratcliffe has implemented a series of reforms behind the scenes and spent heavily to improve Manchester United’s squad. Additionally, Ratcliffe has adopted a series of cost-cutting measures, including layoffs, and controversially reduced the value of Sir Alex Ferguson’s image ambassador contract by several million pounds. However, the cost-cutting has not helped Ratcliffe’s wealth. According to Bloomberg’s Billionaires Index, the 71-year-old Ratcliffe’s net worth has dropped from £16.6 billion to £12.7 billion, a decrease of £3.9 billion. This has caused Ratcliffe to fall from the 110th to the 131st richest person in the world. Reports indicate that the decline in wealth is due to volatility in the industrial sector managed by INEOS, and if conditions stabilize, Ratcliffe’s net worth is expected to rise again.