Raine Bank has rejected Sir Jim Ratcliffe’s bid to buy Chelsea, according to a director of the bidder’s chemicals producer INEOS. It comes as the Blues prepare to enter a third month of ownership uncertainty.
The US Banking firm has been in charge of the takeover process since owner Roman Abramovich decided to sell the club in March, having been sanctioned by the UK government in the wake of Russia’s invasion of Ukraine. The Blues are currently operating under a special sporting licence that restricts the activity they can do, though that expires at the end of this month.
The takeover process has been a long one, with numerous bidders whittled down to three: Steve Pagliuca, Sir Martin Broughton and Todd Boehly. The latter was eventually announced as the preferred bidder, but not before an eleventh hour offer by Ratcliffe’s consortium.
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Their statement on the offer said: “Sir Jim Ratcliffe, Chairman of INEOS, has made a formal bid for Chelsea FC, for £4.25bn. £2.5bn is committed to the charitable trust to support victims of the war, with £1.75bn committed to investing directly into the club over the next 10 years.
“This is a British bid, for a British club. We believe that a club is bigger than its owners, who are temporary custodians of a great tradition, with a responsibility to the fans and the community.”
However, Tom Crotty, a director for INEOS, has since spoken out about the bid and reveals it has been rejected, though he has reaffirmed a promise to the fans. Speaking to BNN Bloomberg, he said: "We’ve been rejected out of hand by Raine, but we will keep reminding people we are still here. We will continue to engage with the fanbase. We see ourselves as a fan-based bid."
While the director has made a claim to remind the fanbase of their presence, it remains to be seen if another approach would allow them to buy the club. With the sporting licence expiring at the end of the month, time is of the essence for a deal to be closed.
