Sir Jim Ratcliffe was tipped to take over Chelsea before eventually pulling out of the deal and later investing in rivals Manchester United.
Manchester United co-owner Sir Jim Ratcliffe came close to buying Premier League rivals Chelsea (twice) before pulling out of the deal. The INEOS billionaire is expected to be at Stamford Bridge on Saturday as his current club face the Blues.
However, there was one major problem affecting his takeover attempt in west London. This will force Chelsea to renovate their stadium at an eye-watering cost.
Ratcliffe launched his own move to buy the Blues between 2018 and 2019, before Roman Abramovich was forced to sell his stake in the club. He was then linked as a potential buyer again in 2022 when the Russian billionaire was forced to sell.
The numbers made more sense to Ratcliffe and his business partner, brother Bob, when that second attempt took place in 2022. The British tycoon saw a last-gasp offer worth £2.5bn (plus a further £1.75bn investment commitment) and Todd Boeh “rejected” before completing his takeover.
“We spent a lot of time looking at Premier League clubs and their valuations,” said Bob Ratcliffe during an appearance on BBC Radio 5 Live in 2019. “It’s been difficult for us to rationalize the buying in the Premier League. If you look at the bottom of the top six, they’re all £150m and over.
“I think it’s off the radar for the foreseeable future. We have a 3-5 year project in Nice and that will keep us busy. There was some early exchange. [with Chelsea] but we had a significant difference in assessments.
“The problem with Chelsea is their stadium. We’re all getting old and it’s ten years of your life to sort that out.”
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INEOS’ takeover of United is somewhat ironic given that their stadium concerns are far greater than Chelsea’s. Moreover, upgrading the Carrington training center was an immediate priority for the new investors after taking over operations.
Fans have widely criticized the deteriorating conditions at Old Trafford, which has suffered from leaks and other problems in recent years. United are currently building a new 100,000-seat stadium that could cost £2 billion.
Despite being a self-proclaimed United fan, Ratcliffe has held a season ticket at Stamford Bridge for several years. It shows a certain admiration for the West London club, although his affection for the Manchester giants seems stronger.
Strong enough that he is willing to take on an extreme financial burden to get the club back to where he feels it belongs. Meanwhile, uncertainty remains over Chelsea and whether they will go ahead with plans to move to a bigger stadium, seen by some as an important next step for the club.