71-year-old billionaire Sir Jim Ratcliffe is in a race to secure his legacy

The 71-year-old is among the richest people in the UK, with an estimated net worth of £23.5 billion, according to the latest data. Sunday Times Rich List.

What to do with all that wealth? For Ratcliffe, the answer seems to be to fulfill all his childhood fantasies.

Ratcliffe’s Hobbies

The petrochemical billionaire has an eclectic and bizarre mix of ventures, combining his passions for sports, cars, fishing and drinking.

Ratcliffe was a regular at the Grenadier pub, located on a side street in London’s upmarket Knightsbridge district.

Ratcliffe was having a drink in a pub when he decided to re-ignite a Land Rover Discovery, naming the soon-to-be-released model the Grenadier after his favourite watering hole.

He bought the bar in 2022.

But his most notable side interest was buying a minority stake in Manchester United last year, which will allow him and his team to take over the club’s football operations.

Through his previous sporting ventures, such as his ownership of the hugely successful Ineos Grenadier cycling team and Nice football club and his continued support of the club, Ratcliffe has presented himself as the ideal man to help turn around Manchester United’s fortunes.

Ratcliffe has already carried out a major overhaul of Manchester United’s football team, appointing new chief executive Omar Berrada and poaching new sporting director Dan Ashworth from rivals Newcastle United.

He also quietly bought 400,000 acres of land in Iceland, where he likes to go fishing.

When asked by The Times If there was anyone who owned more land than him in the country, Ratcliffe replied, “Perhaps the church?”

“All the intensity of everyday life where everything is covered in concrete or asphalt and you’re tied to your iPhone disappears very quickly in this environment,” Ratcliffe told the newspaper. “It will be good for my longevity, I hope.”

Heritage building

Looking at Ratcliffe’s investments, and judging by his comments, it’s easy to conclude that his purchases are simply expensive billionaire traps designed to help him escape the pressures of running a major global company.

That’s clearly part of it, says Liz Culver, associate director and certified financial planner at wealth management firm Five Wealth.

“When you’ve been running a company for as long as he has, you’ve kind of achieved that goal. Then you have to think about what else you can get involved in, what else you can do,” Colfer said. luck.

“If you have that mindset, you’re never going to be satisfied to some degree. There’s always something else. You’re always thinking of another idea.”

Ratcliffe often used personal anecdotes to build momentum for his purchases, and rarely cited the potential for financial gain.

Before buying a major stake in Manchester United, Ratcliffe spoke of supporting the club while growing up in the Manchester town of Failsworth, which is about seven miles from Old Trafford.

However, there is likely a more tactical motive behind this fulfillment of childhood dreams.

Although he is still active at the age of 71, having completed the London Marathon last May in just four hours and 30 minutes, Ratcliffe will be paying tribute to his legacy through his impressive purchases.

Despite his vast wealth, Ratcliffe was a marginal figure outside the business world during most of his tenure at Ineos.

However, his purchase of a minority stake in Manchester United has propelled him to household name status, and with the exception of a few rival fans, it has been for good reason.

Taking charge of a club that was in disarray before he bought it, with a fan base increasingly angry at the club’s majority owners, the Glazer family, gives Ratcliffe the chance to be seen as a saviour.

Ratcliffe remained at Ineos.

After building his net worth on a petrochemical giant that owns factories, face legal action Despite fierce opposition from environmental groups, Ratcliffe’s legacy is far from assured as the planet moves away from polluting fossil fuels and the effects of climate change become increasingly clear.

The new Grenadier 4×4 will run on hydrogen, serving as a prototype for Ineos’ renewable energy arm. However, the vast majority of its revenues still come from its petrochemicals business.

In July, Ineos pulled plans for an electric SUV called the Fusilier, citing weak demand and the UK government’s “industry uncertainty around tariffs, timing and taxation”.

The land purchase in Iceland could also pave the way for greener initiatives, says Jessica Crane, a wealth and business coach.

“Investing in such a beautiful location not only offers the potential for value addition, but also opens the door to eco-tourism and renewable energy projects.”

But it is not yet clear how history will judge Ratcliffe’s attempts to change his image later in life.

“The origins of wealth – and society’s responses to it – often influence the wealth holder’s approach to it, and owning that narrative is essential to ensuring they are at the forefront and in control of their reputation and legacy,” said Matthew Braithwaite, a partner at London law firm Wedlake Bell. luck“Ratcliffe’s purchase of land in Iceland appears to be a sign of this commitment, helping to address the environmental impact of INEOS and his wealth.”

Whether his efforts will be enough is “interesting,” says Five Wealth’s Culver.

Ratcliffe is reportedly looking to build a new 100,000-seat stadium to replace Manchester United’s iconic Old Trafford, a structure that will last long after he is gone.

If he can help oversee Manchester United’s first Premier League title since 2013 or their first Champions League title since 2008, his name is also likely to be adorning the halls of the new stadium for generations to come.

An Ineos representative did not respond to a request for comment.