Sir Jim Ratcliffe, a British billionaire, has launched a last-minute £4 billion offer to buy Chelsea, taking on three other consortiums fighting for ownership of the Stamford Bridge club.
Ratcliffe and Last-Minute Bidding
The owner of the petrochemicals company Ineos said he met with Chelsea chairman Bruce Buck on Thursday and agreed to make the incredible offer.
Ratcliffe told the Times: “We put an offer in this morning. 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.’
On Friday morning, the British millionaire made his offer to Raine Group, the merchant bank handling the transaction. According to the Telegraph, the group led by Boston Celtics co-owner Stephen Pagliuca was advised on Friday that they would not be the preferred bidder.
About the Offer
Ratcliffe stated that his bid would involve a £1.75 billion investment over ten years to improve Stamford Bridge and other club infrastructure, as well as ensure the team’s continued success.
This is on top of the club’s £2.5 billion valuations that prospective new owners must meet. His fortune is believed to be over £12 billion. Despite being a Manchester United fan, he holds a Chelsea season ticket. Nice, a Ligue 1 club, is already owned by Ineos.
Ratcliffe, who has previously spoken with the government about the agreement, believes Ineos will be able to finalize it this weekend if necessary. When Russian owner Roman Abramovich was fined by the UK government in March following Russia’s invasion of Ukraine, the club was placed up for sale.