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Sir Jim Ratcliffe, the 73-year-old billionaire co-owner of Manchester United, has sparked outrage with controversial comments claiming the UK "is being colonised" by immigrants. Prime Minister Sir Keir Starmer, Greater Manchester Mayor Andy Burnham and football campaign group Kick It Out criticized the remarks made during a Sky News interview. Ratcliffe later apologized for language that "offended some people in the UK and Europe."
The founder of chemical giant Ineos told Sky News: "You can't have an economy with nine million people on benefits and huge levels of immigrants coming in. I mean, the UK is being colonised. It's costing too much money. The UK has been colonised by immigrants."
The comments drew immediate backlash from political leaders and campaigners. Kick It Out, a prominent football anti-discrimination organization, joined the chorus of criticism alongside senior political figures.
Self-Made Chemical Empire
Ratcliffe built his £23.52 billion fortune through Ineos, which he founded in 1998. The Manchester-born entrepreneur studied chemical engineering at Birmingham University before earning an MBA from London Business School. He initially worked for Exxon Chemicals and later joined private equity firm Advent International.
His breakthrough came in 1992 when he partnered with businessman John Hollowood to acquire BP's chemicals division for £40 million. The company rapidly expanded through strategic acquisitions, including an £89 million Belgian chemicals site purchase.
Ineos now employs more than 26,000 staff across 27 countries. Ratcliffe received a knighthood in 2018 for services to business and investment. The Sunday Times Rich List currently ranks him as the seventh richest individual in the UK, though his wealth dropped £6.47 billion compared to 2024.
Manchester United and Sporting Portfolio
Ratcliffe acquired a 27.7% stake in Manchester United for £1.25 billion in 2024. He has overseen controversial cost-cutting measures since taking charge of football operations at the Old Trafford club.
His sporting investments through Ineos also include French football club OGC Nice, Swiss side Lausanne and the Ineos Grenadiers cycling team.
Tax Move and Controversies
The billionaire moved from the UK to Monaco in 2020, a decision that reportedly allowed him to avoid roughly £4 billion in taxes. He has previously attracted criticism for importing the first shipment of shale gas derived from fracking into the UK in 2016.
Ratcliffe has also clashed with government over industrial policy. He warned last year that carbon emission taxes were "killing manufacturing." His Grangemouth chemical plant in Scotland received £120 million in government funding but stopped oil refining activities over the past year. A Hull chemicals plant cut a fifth of its workforce.
Ineos reported underlying profits of 375 million euros (£326.5 million) in its most recent quarter.
Note: This article was created with Artificial Intelligence (AI).
