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British billionaire Sir Jim Ratcliffe has made a sensational last-minute £4 billion bid to buy Chelsea, according to reports.
According to The Times, the Monaco-based businessman held discussions with Chelsea chairman Bruce Buck on Thursday, April 28, before officially lodging a bid to the merchant bank that is conducting the process.
Ratcliffe made the offer in a late attempt to hijack any attempt by three American consortiums to purchase the West London club. He told The Times:
“We put an offer in this morning,” Ratcliffe told The Times. “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.”
The 69-year-old claims the offer includes a pledge of a £1.75 billion investment in the club over the next decade to develop Stamford Bridge, as well as the playing squad and infrastructure at the club. The investment will be on top of the £2.5 billion market valuation held by the club.
If Ratcliffe's deal were to be successful, it would make it the most expensive takeover of a franchise or club in the history of the sport.
Who is Chelsea's potential new owner?
Born in Lancashire in 1952, Ratcliffe is a chemical engineer turned financier and industrialist, who is the majority shareholder of Ineos, a multinational chemicals company based in London.
According to Bloomberg, as of 2020, Ratcliffe had an estimated net wealth of $28.2 billion, which made him the 55th richest man in the world, and the second wealthiest Brit.
According to The Telegraph, Ratcliffe has been linked on several occasions with a potential takeover of the club, but his brother claimed there was a difference in opinion over the valuation of the club.
The shocking bid comes hours after shortlisted bidders, fronted by Todd Boehly, Sir Martin Broughton and Stephen Pagliuca, were advised to raise their bids by £500 million to meet current owner Roman Abramovich's £3 billion asking price.
Ratcliffe has significant experience in running sporting organizations, with sailing team Ineos Britannia, cycling’s Team Ineos (formerly Team Sky) as well the current Formula 1 world constructors champions Mercedes.
The billionaire also bought Swiss club FC Lausanne-Sport in 2017, followed by Ligue 1 side Nice two years later. He reportedly owns a Stamford Bridge season ticket, despite being a Manchester United supporter.
