Ratcliffe: The Sh2.8 trillion tycoon sponsoring Eliud Kipchoge's INEOS 1:59 Challenge

Sir Jim Ratcliffe’s bid to sponsor the Ineos 1:59 Challenge elicits a mixture of excitement and expectations.

He was born in 1952 and grew up in a council house in Greater Manchester, attending grammar school before studying chemical engineering at the University of Birmingham.

After graduating, he joined Esso before gaining business experience at a US private equity group.

But his big break through came in 1998 when he founded Ineos - a petrochemical company now with a turnover of £48bn and sites across 26 countries.

His own personal fortune - an estimated £21bn - led him to reach the number one spot of the 2018 UK Sunday Times rich list.

Sir Jim Ratcliffe is funding Eliud Kipchoge's bid to break the two-hour marathon. [Courtesy]

In recent years Ratcliffe - knighted for his services to business - has continued to hit the headlines, largely for unconventional business moves.

In 2018, Ineos bought Belstaff, the luxury motorcycle clothing maker and became the sponsor of the British professional cycle team formerly called Team Sky.

The company also announced plans to build a new off-road vehicle based on the Land Rover Defender, which was discontinued in 2016.

Ratcliffe - a keen Brexiteer - is a known supporter of British brands and businesses, describing Britain as a "very creative nation, hard-working".

But perhaps this latest move is also down to his taste for adventure.

He is funding Eliud Kipchoge's bid to break the two-hour marathon.

He is also a keen amateur cyclist and recently spent five weeks motorbiking in the Andes.

Ratcliffe has taken over ownership of cycling's former Team Sky, funded Ben Ainslie's 2021 America's Cup sailing challenge and owns Swiss soccer club Lausanne Sport.

His move to sponsor Kipchoge’s 1:59 bid comes two years after Global Sports Communications, which manages the world record holder, unveiled the NN Running Team in Rotterdam.

The NN Running Team brings together top running athletes in the world that include Kipchoge and Ethiopia’s Kenenisa Bekele, who are just two of the 60 athletes who are members of the NN Running Team.

Others include two-time world marathon champion Abel Kirui, 2012 Olympic and 2013 world marathon champion Stephen Kiprotich of Uganda and Ethiopia’s former New York Marathon winner Ghirmay Ghebrsessie.

The athletes, supported by a team of professionals and kitted by American-sports apparel Nike, have appeared at some 150 competitions all over the world and further professionalise and innovate the sport.

“This cooperation between Global Sports Communication and NN Group means a new dimension in running. Investments by sponsors NN Group and Nike offer the team the possibility of professionalising coaching, facilities, medical support, competition, equipment, scientific innovation, marketing and communication,”  Global Sports Communications director Jos Hermens said in an interview.

“Basically, the elements of this revolutionary in athletes is centred on professionalising of the sport, innovation of the sport, bringing the heroes closer to fans and teamwork,” he said.

About Ratcliffe

He has taken over ownership of cycling's former Team Sky

Funded Ben Ainslie's 2021 America's Cup sailing challenge

He owns Swiss soccer club Lausanne Sport.