INEOS CEO Sir Ratcliffe's Sh650bn bid to buy Chelsea rejected

The man behind the financing of Eliud Kipchoge's sub-two-hour INEOS 1:59 Challenge has had his £4.25 billion (Sh650billion) bid to buy Chelsea rejected.

Sir Jim Ratcliffe with Eliud Kipchoge

The man behind the financing of Eliud Kipchoge's sub-two-hour INEOS 1:59 Challenge has had his £4.25 billion (Sh650billion) bid to buy Chelsea rejected.

According to Sky Sports News, Ineos CEO Sir Jim Ratcliffe made the late bid on Friday, April 29 weeks after the March 18 deadline for bids.

The 69-year-old, widely regarded to be Britain's richest person is said to have not engaged in the process set out by the Raine Group hence the reason why his offer was rejected immediately and without due discussion or consideration.

The Raine Group, an investment bank are in charge of finding a new owner for the London based club. The group were employed by Russian oligarch Roman Abramovich in the aftermath of the latter being hit with sanctions from the UK government.

The special license allowing the Blues to operate after the sanctions were handed expires on May 31 and if new owners are not in place before then, the club faces an existential crisis.

A consortium led by LA Dodgers co-owner Todd Boehly is understood to have been named the preferred bid by Chelsea but a £1.6billion (Sh231billion) loan owed to Abramovich by Chelsea looks set to cause further delays to the process.

Two additional parties also remain interested in taking over the club: one led by Sir Martin Broughton, former Liverpool, which includes the billionaire Crystal Palace shareholders Dave Blitzer and Josh Harris and another led by Stephen Pagliuca, part-owner of the NBA's Boston Celtics and Serie A's Atalanta.

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