Sir Jim Ratcliffe is reportedly plotting to hijack the bid to buy Chelsea from Roman Abramovich despite a preferred bidder being named.
Three consortiums had been shortlisted by US merchant bank Raine Group following the Russian oligarch's decision to sell the Blues in the wake of government sanctions. LA Dodgers and Lakers co-owner Todd Boehly has reportedly been selected as the preferred bidder, although no official confirmation has been released at this stage.
However, Ratcliffe is seemingly determined to force his way to the front of the queue having submitted a dramatic late bid on Friday. The London Evening Standard claim this offer from one of Britain's richest men remains on the table, and is viewed as a 'viable option' despite Boehly's five-day period of exclusive negotiations.
Without a public statement naming Boehly as the preferred bidder, it has been suggested the increased offer valued at about £4.25 billion from Ratcliffe could yet 'blow the process wide open'. The proposal is said to have 'bypassed' the complex bidding process setup by Raine, while Sir Martin Broughton and Steve Pagliuca have been informed their offers were unsuccessful.
A statement from Ratcliffe's company INEOS said: “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 responsibility to the fans and the community.
“That is why we are committing to spending £1.75bn over 10 years that will be for the direct benefit of the club. We will invest in Stamford Bridge to make it a world-class stadium, befitting of Chelsea FC. This will be organic and on-going so that we will not move away from the home of Chelsea and risk losing the support of loyal fans.
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“We believe that London should have a club that reflects the stature of the city. One that is held in the same regard as Real Madrid, Barcelona or Bayern Munich. We intend Chelsea to be that club.”
Ratcliffe's sensational entry into the Chelsea takeover saga was initially reported to have been 'dismissed' by the Times. This was despite the bid meeting Abramovich's £2.75bn price tag, as well as committing a further £1.75bn to stadium renovations and future transfer spending.
Despite the dramatic late twist, there is still uncertainty over how the sanctions placed upon the current Chelsea owner will affect the sale process. Abramovich has outlined his intention to write off a £1.54bn loan to the club, but these restictions placed upon him due to his links with Russian president Vladimir Putin could block any such arrangement.
Chelsea's form on the pitch has suffered in recent weeks, with a previously assured top-four spot now looking at risk after a disappointing defeat at relegation battlers Everton. Richarlison scored the only goal of the game at Goodison Park, and Thomas Tuchel was once again critical of his side's performance.
