Friday, May 6, 2022

Ratcliffe makes dramatic £4.25bn bid to buy Chelsea, which he claims is ‘the only British offer’

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The deadline for bidders for the club ended weeks ago, but it’s unclear if that will affect the Ineos chairman’s chances of success

After Raine, the American merchant bank in charge of the sale process, reduced the bidder groups to the last three, Ratcliffe, owner of petrochemical company Ineos, made a huge last-minute bid of £4.25 billion.

The bidding process to determine Chelsea’s new owner was turned on its head on Friday as it headed towards a conclusion when British billionaire Sir Jim Ratcliffe made a dramatic late bid for the club.

Raine did not respond to an email from I asking if Ratcliffe’s offer would be considered despite missing the deadline by several weeks. The other bidding groups had given Raine final pitches at Stamford Bridge last week before Ratcliffe made an attempt to chase her out of the water.

The consortium led by Boston Celtics partner Steve Pagliuca was dropped from the proceedings on Friday afternoon and it is believed the bid by the consortium led by Sir Martin Broughton was also unsuccessful.

That left the group led by LA Dodgers part owner Todd Boehly from the original three.

said Ratcliffe The times on Friday afternoon: “We made an offer this morning. We are the only UK offering. Our motives are simply trying to start a very good club in London. We have no profit motive because we make our money in other ways.”

A spokesman for Ratcliffe had previously said there was “no substance” to reports the billionaire was interested in buying Chelsea shortly after Roman Abramovich was sanctioned by the UK government for supporting Russian President Vladimir Putin’s war in Ukraine . But the 69-year-old, who has started investing his vast fortune in the sport in recent years, has clearly changed his mind.

“Sir Jim Ratcliffe, Chairman of Ineos, has made a formal £4.25bn bid for Chelsea FC. £2.5bn will be pledged to the Charitable Trust to help victims of war, with £1.75bn invested directly in the club over the next 10 years,” read a statement from Ineos, although this is a matter for the government will decide where the sales proceeds go.

The Treasury Department has yet to issue a special license for the sale due to Abramovich’s sanctions and will ensure he does not benefit from the transaction.

Ineos’ statement further read: “This is a British offer for a British club.

“We believe that a club is bigger than its owners, who are temporary custodians of a great tradition. With responsibility towards the fans and the community.

“That is why we are committed to spending £1.75 billion over 10 years which will benefit the club directly.

“We will invest in Stamford Bridge to make it a world-class stadium worthy of Chelsea FC.

“This will be organic and ongoing so we don’t move away from Chelsea’s homeland and risk losing the support of loyal fans.

“We will continue to invest in the team to ensure we have a quality roster of the world’s best players, coaches and support staff, both men and women.

“And we hope to continue investing in the academy to give talented young players the opportunity to develop into top-class players.

“We believe London should have a club that reflects the size of the city. One that is equated with Real Madrid, Barcelona or Bayern Munich. We intend Chelsea to be that club.

“We’re making this investment as fans of the beautiful game – not to make a profit. We do that with our core businesses. The club is rooted in its community and its fans. And that’s why we want to invest in Chelsea FC.

“No further comments will be made by Sir Jim or Ineos during the bidding process.”

In 2020 it was reported that Ratcliffe had saved £4billion in taxes by moving to Monaco.

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