Jim Ratcliffe

Jim Ratcliffe
Born	James Arthur Ratcliffe 18 10, 1952
Birthplace	Failsworth, England
Nationality	British
Occupation	Chairman, CEO and founder of INEOS
Known for	Founding and leading INEOS chemicals group; minority ownership of Manchester United
Education	MBA, London Business School
Spouse(s)	Catherine Polli
Children	3

Sir James Arthur Ratcliffe (born 18 October 1952) is a British billionaire, chemical engineer, and businessman who founded the multinational chemicals company INEOS in 1998 and serves as its chairman and chief executive officer. Born in Failsworth, a town in the north of England, Ratcliffe built INEOS through a series of acquisitions of petrochemical assets from major corporations into one of the world's largest privately held chemical companies. In May 2018, he was identified as the richest person in the United Kingdom. In February 2024, Ratcliffe became a minority shareholder in the English football club Manchester United, gaining control over its sporting operations. His business interests also extend to professional cycling, sailing, and automotive ventures. Ratcliffe was knighted in the 2018 New Year Honours for services to business and investment. In 2020, he relocated his tax residence from Hampshire to Monaco. He has attracted public controversy over comments regarding immigration, most notably in February 2026 when he stated that the United Kingdom had been "colonised by migrants," remarks that drew criticism from politicians, anti-racism campaigners, and football fan groups.

Early Life

James Arthur Ratcliffe was born on 18 October 1952 in Failsworth, a town then in Lancashire (now part of Greater Manchester), England. He grew up in a working-class household; his father was a joiner and his mother worked in a local factory. Ratcliffe was raised in modest circumstances in the north of England, an upbringing he has referenced in interviews as having shaped his approach to business and his perspective on British industry. His early years were spent in an environment defined by the manufacturing and industrial traditions of northern England.

Ratcliffe developed an early interest in science and engineering. He attended local schools before pursuing higher education in chemical engineering. His background in a working-class community in the industrial north would later inform much of his public persona and his stated commitment to reviving British manufacturing, themes he returned to frequently in public statements throughout his career.

Education

Ratcliffe studied chemical engineering at the University of Birmingham, where he earned his undergraduate degree. He later obtained a Master of Business Administration (MBA) from London Business School. The combination of technical training in chemical engineering and business education proved formative for his later career, equipping him with both the scientific understanding of the petrochemical industry and the financial acumen required to execute the large-scale corporate acquisitions that would define his business strategy at INEOS.

Career

Early Career

Before founding INEOS, Ratcliffe spent several years working in the chemicals and industrial sector. He held positions at various companies, gaining experience in the management and operation of chemical manufacturing businesses. His career included stints at Courtaulds, the British chemicals and textiles company, and at British Petroleum, where he was involved in the company's chemicals operations. These roles gave Ratcliffe direct experience of large-scale petrochemical operations and introduced him to the business dynamics of acquiring and restructuring industrial assets—a strategy he would later employ systematically at INEOS.

During the 1990s, Ratcliffe began pursuing the acquisition of underperforming or non-core chemical businesses from major corporations. He recognized that large oil and chemical companies were divesting petrochemical assets that, while not central to their strategic priorities, could be operated profitably under focused, independent management. This insight formed the basis of the INEOS business model.

Founding and Growth of INEOS

In 1998, Ratcliffe founded INEOS with the acquisition of an ethylene oxide and glycol business from BP Chemicals for a reported sum of approximately £80 million. The company's name was derived from "INSPEC Ethylene Oxide and Specialities," referencing Ratcliffe's earlier venture, INSPEC Group. From this initial purchase, Ratcliffe pursued an aggressive acquisition strategy, buying petrochemical plants and businesses from multinational companies that were looking to divest non-core operations.

Over the following decade, INEOS grew rapidly through a series of large transactions. The company acquired ICI's chlor-chemicals business, Innovene (BP's olefins and derivatives arm) in a deal valued at approximately $9 billion, and operations from Dow Chemical, BASF, and other major firms. The Innovene acquisition in 2005 was particularly significant, transforming INEOS from a mid-sized chemical company into one of the largest chemical manufacturers in the world.

By the mid-2010s, INEOS had grown into a sprawling enterprise with operations across Europe, North America, and Asia, employing tens of thousands of people and generating annual revenues in the tens of billions of dollars. The company's operations encompassed the production of petrochemicals, specialty chemicals, and oil products. INEOS reported that its combined operations produced some 60 million tonnes of chemical products annually.

Ratcliffe's management style at INEOS was characterized by a focus on operational efficiency, lean management structures, and a willingness to invest counter-cyclically—purchasing assets when markets were depressed and prices low. The company remained privately held, with Ratcliffe retaining majority ownership, which allowed him to pursue long-term strategies without the pressures of public market quarterly reporting.

Financial Challenges and Recovery

The 2008 global financial crisis posed a significant threat to INEOS. The company carried substantial debt from its acquisitions, particularly the leveraged buyout of Innovene, and the sharp downturn in chemical markets strained its finances. INEOS was forced to negotiate emergency refinancing with its creditors to avoid default. The company successfully restructured its debt, and as chemical markets recovered, INEOS returned to profitability and began paying down its borrowings.

By the early 2010s, INEOS had stabilized financially, and Ratcliffe resumed pursuing growth opportunities. The company benefited from lower energy costs in North America driven by the shale gas revolution, and INEOS invested in importing US shale gas ethane to its European crackers, a strategy it called a game-changer for European petrochemical competitiveness.

Brexit and Political Engagement

Ratcliffe publicly supported the United Kingdom's departure from the European Union, and following the June 2016 referendum result, INEOS published statements expressing confidence in a post-Brexit Britain. Ratcliffe stated that Brexit presented economic opportunities for the UK and argued that the country could thrive outside the EU's regulatory framework.

However, Ratcliffe's relationship with post-Brexit Britain attracted scrutiny. In September 2020, he officially changed his tax residence from Hampshire to Monaco, a move that critics estimated would save him billions of pounds in tax. The relocation drew criticism given his prior public support for Brexit and for British industry, with commentators highlighting what they saw as a contradiction between his stated patriotism and his decision to base himself in a low-tax jurisdiction.

Environmental Controversies

INEOS's operations attracted criticism from environmental campaigners and organizations. Greenpeace investigated the company's environmental record, reporting on pollution incidents and the company's lobbying activities within the European Union regarding chemical regulations. In 2019, INEOS's subsidiary on Teesside was reported to have threatened closure of its operations in the area amid disputes over environmental compliance and operating costs.

INEOS was also a prominent proponent of shale gas extraction (fracking) in the UK, acquiring licences to explore for shale gas across parts of England and Scotland. The company's fracking ambitions generated opposition from local communities and environmental groups concerned about the environmental impact of the extraction process.

Football: Manchester United and OGC Nice

Ratcliffe's involvement in professional football became one of the most publicly visible aspects of his business portfolio. In 2019, INEOS acquired the French Ligue 1 club OGC Nice. The purchase was part of a broader INEOS sports strategy that also encompassed professional cycling and sailing.

In January 2026, reports emerged that Ratcliffe had reduced the asking price for OGC Nice, signalling a potential divestment from the French club.

In February 2024, Ratcliffe completed a deal to acquire a minority stake in Manchester United F.C., gaining operational control over the club's sporting decisions. His involvement with one of the world's most prominent football clubs placed him under sustained public and media scrutiny, particularly regarding the club's performance and his broader public statements.

Sailing and the America's Cup

INEOS entered competitive sailing through its backing of a America's Cup challenge. In 2018, Ratcliffe announced that INEOS would sponsor the British sailing team led by Sir Ben Ainslie, the Olympic gold medallist. The team, known as INEOS Team UK and later INEOS Britannia, competed in the America's Cup with the goal of bringing the trophy to Britain for the first time. The sailing venture was part of Ratcliffe's broader sports investment strategy, which positioned INEOS as a major sponsor and owner across multiple elite sporting disciplines.

Professional Cycling

INEOS became a major force in professional road cycling through its ownership of the cycling team formerly known as Team Sky, which was rebranded as Team INEOS (later INEOS Grenadiers) in 2019. Under the Team Sky and INEOS banners, the team won multiple Tour de France titles and became one of the dominant forces in professional cycling.

Automotive: INEOS Grenadier

Ratcliffe oversaw the development and launch of the INEOS Grenadier, a utilitarian 4×4 vehicle inspired by the original Land Rover Defender. The project, announced in 2017, reflected Ratcliffe's stated desire to produce a no-nonsense off-road vehicle after Land Rover discontinued the original Defender. The Grenadier was developed as a standalone vehicle project under INEOS Automotive, with production eventually established at a factory in Hambach, France, using a former Smart car plant.

Adventuring and Expeditions

Ratcliffe has undertaken several adventure expeditions. In 2011, he participated in a South Pole expedition, part of a centenary commemoration of the original expeditions by Roald Amundsen and Robert Falcon Scott.

Personal Life

Ratcliffe is married to Catherine Polli, and the couple have three children. In September 2020, Ratcliffe relocated his official tax residence from Hampshire, England, to Monaco. The move generated significant public commentary, particularly given his prior public advocacy for Brexit and British industry. Critics argued that the relocation to a tax haven undermined his professed commitment to the United Kingdom.

Ratcliffe has been reported to own significant luxury assets, including the superyacht Hampshire II. He submitted multiple planning applications for the construction of a large private residence in the New Forest area of Hampshire, with reports indicating that his fifth application was eventually considered.

Immigration Comments Controversy (2026)

In February 2026, Ratcliffe made comments in an interview with Sky News in which he stated that the United Kingdom had been "colonised by migrants" who were draining resources from public services. The remarks generated significant backlash. UK Prime Minister Keir Starmer described the comments as "offensive" and called on Ratcliffe to apologise. The comments were also criticised by football fan groups, trade union leaders, and anti-racism campaigners.

The Football Association (FA) reviewed the comments but determined that Ratcliffe would not face formal disciplinary action. The FA did, however, remind Ratcliffe of his responsibilities as a prominent figure in English football. Ratcliffe subsequently defended his comments, though the episode became one of the most scrutinised public controversies of his career.

Recognition

Ratcliffe was knighted in the 2018 New Year Honours for services to business and investment. In May 2018, the Sunday Times Rich List identified him as the wealthiest person in the United Kingdom, with an estimated fortune of £21.05 billion, a dramatic rise from relative obscurity on previous editions of the list.

Ratcliffe received the Petrochemical Heritage Award from the Science History Institute in recognition of his contributions to the petrochemical industry. He was also the recipient of honorary recognition from the Institution of Chemical Engineers (IChemE).

In 2019, Forbes and the Sunday Times Rich List continued to rank Ratcliffe among the wealthiest individuals in the United Kingdom and Europe. His wealth was derived primarily from his majority ownership of INEOS. By 2023, the Sunday Times Rich List estimated his net worth at £29.6 billion, making him the second wealthiest individual in the UK.

Legacy

Ratcliffe's career is defined principally by the creation and expansion of INEOS, which grew from a single acquisition in 1998 into one of the world's largest chemical companies. His strategy of acquiring non-core petrochemical assets from major corporations and operating them under a lean, privately held structure represented a distinctive approach within the global chemicals industry. INEOS's growth under Ratcliffe's leadership demonstrated that significant value could be unlocked from industrial assets that larger conglomerates had deprioritised.

His expansion into elite sports—encompassing football, cycling, sailing, and automotive ventures—broadened his public profile beyond the chemicals industry. The acquisition of a controlling interest in Manchester United's sporting operations placed Ratcliffe at the helm of one of the most commercially valuable and culturally significant football clubs in the world.

Ratcliffe's career has also been marked by public controversies, including his relocation to Monaco, environmental criticisms of INEOS's operations, and his 2026 comments on immigration. These episodes have generated debate about the responsibilities of wealthy business figures in public discourse and about the relationship between industrial wealth, political influence, and civic engagement in the United Kingdom.