Although, the 70-year-old faces strong competition from Qatari businessman Sheikh Jassim, who submitted a final ‘take it or leave it’ to buy the club.

Ratcliffe, who was ranked 27th on the 2022 Sunday Times Rich List, has now risen to second in the 2023 ranking with wealth believed to be £29.688b, only behind the Hinduja family.

The compiler of the Rich List, Robert Watts told PA: ‘This year we have new information about the full scale of INEOS’ profits and that has made us confident that INEOS is now worth at least £40bn.

‘We have also learned more about the personal assets that Jim has accumulated over the past 25 years.’

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