With all the rumors that Sir Jim Ratcliffe will take over Chelsea, it is now apparent that the billionaire has settled elsewhere. INEOS has closed an £88.77 million deal with French club Ligue 1 Nice in a contract that could last three to five years.
Jim Ratcliffe, UK’s richest man, is known as INSPEC’s co-founder who after getting huge profits with shale gas, created his company INEOS.
In 2017, the investor became the owner of FC Lausanne-Sport which raised him to the richest man status with a net worth of £21.05 billion.
According to the billionaire’s brother Bob, the company was keen on buying Premier League clubs however their valuation was too high. He, for instance, mentioned that the first six clubs all cost above £150 million that was a bit too high for their liking and budget, after estimating the expected returns.
For Chelsea, it was speculated that Roman Abramovich would give up ownership due to visa restriction that allows him to stay in the country for only 6 months. However, Bob explained that Abramovich was not ready to give up ownership at anything cheaper. Additionally, INEOS stopped pursuing the Blues because of some stadium disputes. Things that according to rumors could take them years to resolve.
As for Newcastle, a high valuation was also the reason the company did not negotiate with the owners. Its estimated value according to Bob was in the hundreds of millions. With that, INEOS will now focus on French Club Nice ending the speculation that the company is still interested in Premier League clubs. In Bob’s words, their new club will keep them occupied thus other teams are off their radar.