Jim Ratcliffe, a British businessman, has made a £4.25 billion ($5.3 billion) proposal to take over Premier League team Chelsea, according to his company Ineos.
Roman Abramovich, the club’s Russian owner, put the Blues up for sale on March 2 before being sanctioned by the British government the following week for Russia’s invasion of Ukraine.
The lengthy auction was thought to be nearing completion, with Raine Group, the New York bank in charge of Abramovich’s sale, expected to announce their preferred bidder soon.
Ratcliffe, however, has stepped into the race with a bid that would invest £1.75 billion in Chelsea over the next ten years, with a further £2.5 billion going to a charitable trust to help victims of the Ukraine war.
Ratcliffe’s offer is said to be the most significant for the London club so far.
Ratcliffe created Ineos, a chemical firm well known for sponsoring Team Ineos, a British cycling team.
The 69-year-old considered a move for Chelsea in 2019 but instead bought Nice in France.
The statement from his company reads, “This is a British bid, for a British 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.”
The other three groups competing to buy the London club are led by Los Angeles Dodgers co-owner Todd Boehly, former Liverpool chairman Martin Broughton, and Boston Celtics co-owner Steve Pagliuca.
Chelsea’s manager, Thomas Tuchel, hopes to have a new owner in place by the end of May as he prepares for next season.
Tuchel is presently unable to offer new contracts to existing players or sign players from other teams due to Abramovich’s restrictions.
Antonio Rudiger and Andreas Christensen, both Chelsea defenders, are anticipated to leave as free agents at the conclusion of the season.
