Chelsea takeover: Sir Jim Ratcliffe confirms last-minute bid to buy club
British billionaire Sir Jim Ratcliffe has made a sensational late bid in excess of £4bn to buy Chelsea FC, a month after it was claimed there was "no substance" to his reported interest.
90min first revealed that Ratcliffe was among those considering a takeover of the club back on 1 March - the day before Chelsea's oligarch owner Roman Abramovich preemptively put his prized asset up for sale, before being hit by sanctions by the UK government following Russia's invasion of Ukraine.
But two days later, a spokesperson for Ineos - the chemical company that Ratcliffe owns, as well as OGC Nice in Ligue 1 - denied their chairman's interest, saying: "There is no substance to the stories."
However, the billionaire has now confirmed to The Times that he has made a late, late move to buy Chelsea as he attempts to compete with the three US-backed consortiums, led by Stephen Pagliuca, Todd Boehly and Sir Martin Broughton respectively.
“We put an offer in this morning,” Ratcliffe said on Friday. “We are the only British bid. Our motives are simply to try and create a very fine club in London. We have no profit motive because we make our money in other ways.”
Ineos have confirmed the bid is worth £4.25bn and includes an investment pledge of £1.75bn over the next decade, including redeveloping Stamford Bridge and investing in the playing squad. Meanwhile, £2.5bn will be committed to the charitable trust to support victims of the war in Ukraine.
The 69-year-old told The Times that such was the size of Ineos and its resources, his company would be in a position to tie up a deal this weekend if required.
An Ineos statement read: “This is a British bid for a British club.
"We believe that a club is bigger than its owners who are temporary custodians of a great tradition. With responsibility to the fans and the community."
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It continued: "We believe that London should have a club that reflects the stature of the city. One that is held in the same regard as Real Madrid, Barcelona or Bayern Munich.
"We intend Chelsea to be that club. We are making this investment as fans of the beautiful game – not as a means to turn a profit. We do that with our core businesses. The club is rooted in its community and its fans. And it is our intention to invest in Chelsea FC for that reason.”
Ratcliffe's bid arrives long, long after the 14 April deadline set by the merchant bank Raine, but he has already held discussions with Chelsea chairman Bruce Buck and the government.
90min understands the financier and industrialist has been exploring the possibility of purchasing a leading English football club, and it seems he has done a U-turn and made his move having initially distanced himself.
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