THE wealthy backers behind the region’s two big football rivals have experienced contrasting financial fortunes according to the latest Sunday Times Rich List.

Newcastle owner Mike Ashley remains the region’s richest man with a fortune of £2.437bn, up £277m on last year.

But just down the road at Sunderland outgoing owner American Ellis Short has seen his fortune ‘slump’ by £200m to £1bn following the club’s second successive relegation to League One.

Mr Short recently agreed to wipe out Sunderland’s estimated £120m worth of debt to smooth the sale of the Black Cats to an international consortium headed by Eastleigh owner Stewart Donald.

Robert Watts, who complies the annual list, said: “They say the surest way to become a millionaire is to start out as a billionaire - and then buy a football club.

“It’s a grim joke that Sunderland owner Ellis Short may not wish to hear right now.

“For Newcastle owner Mike Ashley it’s been a slightly better year and he has recovered some of his wealth after the wobbles of Sports Directs share price in recent years.”

Steve Gibson, the owner of the region’s third major football club, Middlesbrough, ranks 11th richest in the North-East with a fortune of £195m, mostly tied up in his Bulkhaul tank transport operation.

The 2018 Sunday Times Rich List, which describes itself as the definitive guide to wealth in the UK, is based on identifiable wealth, including land, property, other assets such as art and racehorses, or significant shares in publicly quoted companies.

However it excludes bank accounts, to which the paper has no access, meaning those that feature are likely to be even wealthier than listed.

The next biggest riser in the North-East version of the rich list is Darlington-based gym entrepreneur and former ‘Dragons Den’ star Duncan Bannatyne, whose wealth swelled by £55m to £280m.

There are also new entries for co-founder of Boohoo, Newcastle-born Carol Kane, and Christopher Maughan, whose £152m fortune comes from the Newcastle-registered Dragonfly Venture Group, which designs, makes and sells footwear, outdoor accessories and workwear.

Boohoo, a fashion retailer, has benefitted from the internet shopping boom, particularly among young people, and its turnover is expected to reach £1bn by 2020.

Meanwhile, Mr Maughan’s company has a licence to distribute Karrimor and DeWalt products and his valuation includes recent dividends from the business.

Another fixture in the rich list, musician Sting, cemented his place by seeing a £5m rise in his net worth to £190m.

Last year he sold his duplex overlooking New York's Central Park as well as art including works by Picasso and Matisse, ahead of a pending move into the redeveloped Battersea power station complex.

He also played a huge 115 shows last year, taking an estimated £46.2m at the box office.

But there was bad news for Jomast boss Stuart Monk whose fortune fell £43m to £142m.

Mr Monk, who lives in Carlton-in-Cleveland, amassed his fortune in property development and regeneration projects.

Jomast, which is subcontracted by G4S to provide asylum seeker accommodation, was caught up in controversy in 2016 when it emerged some properties in Gresham, Middlesbrough, had been painted red.

Mr Monk later appeared before the Commons Home Affairs Select Committee to insist there was no deliberate decision to paint the properties of asylum seekers that colour.

Readers can view The Sunday Times Rich List 2018 at thesundaytimes.co.uk/richlist2018. Non-subscribers can gain complimentary access to two articles a week when they enter an email address and register.

THE RICHEST IN THE NORTH-EAST

Name 2018 wealth Wealth increase/decrease

1 Mike Ashley £2.437bn Up £277m

2 Ellis Short £1bn Down £200m

3 Mark Fenwick and family£730m No change

4 Peter Stephenson and family £483m Up £51m

5= Alastair and Michael Powell £425m Up £1m

5= Jonathan Ruffer £425m Up £19m

7 The Duke of Northumberland£382m Up £12m

8 Dame Margaret and Helen Barbour and family£355m Up £10m

9 Duncan Bannatyne £280m Up £55m

10 Sir Peter Vardy and family £197m Up £20m

11 Steve Gibson £195m No change

12 Sting £190m Up £5m

13 Duncan Davidson and family £175m Up £32m

14 Michael Cannon £170m No change

15= Raj Sehgal and Sanjeev Mehan and family £160m No change

15= Graham Wylie £160m No change

17 Phil Cronin and family £153m Up £18m

18 Christopher Maughan £152m New entry

19 Stuart Monk and family £142m Down £43m

20= Aran and Arvan Handa and family£140m Up £3m

20= Philip Noble and family £140m No change

22 Carol Kane £120m New entry

Source: Sunday Times Rich List 2018