Why it was hard for Britain’s richest man to take over Premier League clubs

By Mirror: Monday, September 9th 2019 at 12:06 GMT +3 | Football
Britain's richest man Sir Jim Ratcliffe [Courtesy]

Britain's richest man Sir Jim Ratcliffe couldn't 'rationalise' taking over a Premier League club.

Billionaire Ratcliffe is the founder of chemical company INEOS, who purchased Nice this summer.

He has since been linked with takeovers in England, amid links to Chelsea, Manchester United and Newcastle.

His brother Bob, who is the head of INEOS' football division, confirmed talks with boyhood club Chelsea but admits a deal didn't make sense.

"We spent quite a lot of time looking at Premier League clubs and their valuations," he told BBC Radio 5 live.

"£5bn revenue from the Premier League, top six clubs being valued at £2bn and upwards and £450m of net profit before tax.

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"It was difficult to rationalise purchases in the Premier League for us."If you look below the top six, they are all £150m and above.

"You are going to write a cheque for £50m and get in the Everton cup. Where are you going to go?

"I think the foreseeable future it is off the radar. We have a three to five-year project in Nice and that will keep us busy."

Asked if he had face-to-face talks with Chelsea chief Roman Abramovich, he said: "No, no. There was some early exchange but we were a significant way apart on valuations.

"The issue with Chelsea is its stadium. We are all getting older and it is a decade of your life to resolve that."

Bob Ratcliffe was also pushed on the links to Newcastle, with owner Mike Ashley continuing his search for a successor.

He added: "You look at Newcastle, and we looked at a lot of clubs. You come back to a valuation in the hundreds of millions and it is difficult to contemplate."

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