Despite Raine Group’s decision to exclude him from the process, Sir Jim Ratcliffe has made constructive negotiations with the UK Government about the takeover of Chelsea. The owner of INEOS acknowledged on Friday that he made a late £4 billion bid for the Blues.
According to Tom Crotty, a director at INEOS, the British billionaire’s proposal was rejected by the US banking group overseeing the west London club’s sale on Wednesday.
Since owner Roman Abramovich opted to sell the club in March after being sanctioned by the UK government in the aftermath of Russia’s invasion of Ukraine, Raine Group has been in control of the takeover process.
Ratcliffe’s proposal tossed a cat among the pigeons after submitting a bid in the dying embers, given the rigorous scrutiny the other candidates have undergone during the process.
In an interview with the BBC, Ratcliffe declared that he hasn’t given in on buying Chelsea’s shares, despite a consortium led by LA Dodgers co-owner Todd Boehly being the favored bidder.
The British tycoon claimed why his attempt was late and vowed not to give up and spoke about the long-lasting obligations after taking over the Blues.
“I think that is quite simple – it is a big decision to buy a national asset and it’s a big commitment in terms of time and money.”
“We’re there for the long term that’s a lot of responsibility to take on and it takes time to reach a decision to be fully committed. We got there at the end of the day and we are committed. We’re not giving up.”
According to a story published last week, the west London club has alerted the UK Government – as well as bidding parties – that they want to re-architect the handover procedure, casting doubt on the process.
‘Paying off debt’ from Chelsea’s parent firm Fordstam Ltd to a Jersey-based company Camberley International Investments, which appears to be tied to the Russian oligarch, is said to be part of the restructuring.
As a busy summer transfer window for the West-Londoners is on the horizon an immediate buyout would definitely ease the burden on Thomas Tuche; and his staff.
