When it appeared like the process to find a new owner for Chelsea football club was finally reaching a conclusion, the spokesperson for Ineos Chemical Group owner, Sir Jim Ratcliffe confirmed that an offer has been made to buy the West London club.
The statement which confirms the formal bid made for the London football club also includes that the bid is worth £4.25billion. The £2.5billion to satisfy the purchase value of the football club which is to be committed to the Charitable Trust to support victims of the ongoing war in Ukraine while the remaining £1.75billion is committed to investment towards the club for at least 10 years.
Ratcliffe reportedly held talks with Chelsea Chairman, Bruce Buck and also the UK government before submitting a formal bid on Friday morning to Raine group, who’s handling the sale. The bid is understood to represent the most prominent for the football club.
Who is Sir Jim Ratcliffe?
Sir James Arthur Ratcliffe is a Monaco-based British billionaire, chemical engineer turned financier and industrialist. Ratcliffe is the chairman and chief executive officer (CEO) of the Ineos Chemicals Group.
The 69-year-old has a net worth of $15.2 billion. In 2019, he explored in detail a possible bid for the London football club but it was unsuccessful and he later bought the French club, Nice.
Per reports, he is a Manchester United fan but also a Chelsea season ticket holder.
Sir Jim Ratcliffe statement in full
The 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.
- “That is why 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.
- “No further comment will be made from Sir Jim or INEOS during the bidding process.”
An imminent announcement on the successful bidder is expected in the coming days by the American merchant bank handling the sale.
Other top bidders for the club include Sir Martin Broughton, Todd Boehly and Steve Pagliuca.