Ineos owner Sir Jim Ratcliffe makes £4.25 billion bid to buy Chelsea from Roman Abramovich
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Updated 29/04/2022 at 17:26 GMT
Chelsea are on the market following Roman Abramovich's decision to put the club up for sale. Bidders had been handed a deadline of earlier in April, but Ineos owner Sir Jim Ratcliffe has moved to usurp rival bidders following a conversation with club chairman Bruce Buck. Ratcliffe's bid is said to be well in excess of other offers.
Jim Ratcliffe
Image credit: Eurosport
Sir Jim Ratcliffe, owner of Ineos, has tabled a bid to buy Chelsea from Roman Abramovich.
Abramovich put Chelsea up for sale following Russia’s invasion of Ukraine, and it was reported that a deadline of April 11 had been made for bids to be tabled.
It was reported that four bidders had been put on the shortlist, and they were looking to find out which had been handed preferred status by the Raine Group who are handling the sale on behalf of Abramovich.
However, it has now emerged that Ratcliffe held talks with Blues chairman Bruce Buck, leading to a bid - believed to be in excess of any other offer - to be tabled.
An Ineos statement read: “Sir Jim Ratcliffe, chairman of Ineos, has made a formal bid for Chelsea FC, for £4.25bn; £2.5bn is committed to the Charitable Trust to support victims of the war, with £1.75bn committed to investment directly into the club over the next 10 years.
“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."
Ratcliffe has confirmed it will be a long-term commitment, with the intention of revamping Stamford Bridge to put the stadium on a par with Premier League rivals.
The statement continued: “We are committing to spending £1.75bn over 10 years that will be for the direct benefit of the club.
“We will invest in Stamford Bridge to make it a world-class stadium, befitting of Chelsea FC. This will be organic and ongoing so that we will not move away from the home of Chelsea and risk losing the support of loyal fans
“We will continue to invest in the team to ensure we have a first-class squad of the world’s greatest players, coaches and support staff, in the men’s and women’s games.
“And we hope to continue to invest in the academy to provide opportunity for talented youngsters to develop into first class players.
“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 considered a bid to buy Chelsea in 2019, only to make a move for French side Nice instead.
Despite Ratcliffe’s late gambit, the Telegraph claims the group headed by Los Angeles co-owner Todd Boehly will be handed preferred-bidder status by Raine.
Once the Raine Group selects its preferred bidder, it is then up to the UK government to grant a licence for the sale to be completed.
Chelsea are hopeful that a new owner can be in place by the end of May.
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