British tycoon Ratcliffe makes $5.3 billion bid for Chelsea

Sir James Arthur Ratcliffe waves before the French L1 football match between AS Monaco and OGC Nice at the “Louis II Stadium” in Monaco on April 20, 2022. (Photo by Valery HACHE / AFP)

British businessman Jim Ratcliffe has made a £4.25 billion ($5.3 billion) offer to buy Premier League club Chelsea, his company Ineos said on Friday.

The club’s Russian owner Roman Abramovich put the Blues up for sale on March 2 before being sanctioned the following week by the British government over Russia’s invasion of Ukraine.

The lengthy sale was believed to be close to a conclusion, with New York bank the Raine Group — handling the process for Abramovich — reported to be set to announce their preferred bidder.

But Ratcliffe has now thrown his hat into the ring, with a bid that would mean £1.75 billion of investment into Chelsea over 10 years while a further £2.5 billion has been committed to a charitable trust to support victims of the war in Ukraine.

It has been reported that Ratcliffe’s offer is the biggest so far for the London club.

Ratcliffe founded chemicals company Ineos, which is known for its sponsorship of British cycling’s Team Ineos.

The 69-year-old explored a potential bid for Chelsea in 2019, but instead purchased French club Nice.

British bid “This is a British bid, for a British club,” an Ineos statement said. “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