Sir Jim Ratcliffe, Britain's richest man, makes an offer to buy Chelsea for £4 billion

Sir Jim Ratcliffe, the owner of petrochemical behemoth Ineos, has launched a spectacular last-minute bid for Chelsea.

Ratcliffe, one of Britain's wealthiest men, has previously been linked with a takeover of Chelsea, but a spokeswoman for the club recently denied suggestions that he could succeed Roman Abramovich.

Following the sanctioning of Russian billionaire Roman Abramovich, the race to buy the club was reduced to three contenders, with consortiums led by former Liverpool chairman Sir Michael Broughton, LA Dodgers part-owner Todd Boehly, and Steve Pagliuca, who co-owns the Boston Celtics, remaining in the running after a fourth prospective owner, the Ricketts family, pulled out.

After meeting with Blues chairman Bruce Buck yesterday, Ratcliffe, 69, revealed to The Times that he had submitted a late offer for more over £4 billion to US merchant bank Raine Group, which is supervising the sale, on Friday morning.

"Sir Jim Ratcliffe, Chairman of INEOS, has submitted a formal bid for Chelsea FC for £4.25 billion," said an Ineos statement. The Charitable Trust has pledged £2.5 billion to help war victims, with £1.75 billion set aside for direct investment in the club over the next ten years.

"This is a British bid for a British club," says the bidder. We think that a club is greater than its owners, who are merely transitory stewards of a magnificent institution. With a sense of obligation to the fans and community.

That is why we have committed to spending £1.75 billion over ten years for the club's direct benefit. We will invest in Stamford Bridge in order to transform it into a world-class venue worthy of Chelsea FC. This will be organic and ongoing in order to avoid moving away from Chelsea's home and risk losing the support of devoted fans."

Ratcliffe has extensive sporting expertise, having previously owned the Ligue 1 club OGC Nice and the Tour de France-winning cycling team Ineos Grenadiers.

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