'Don't discount our offer' – Ratcliffe not giving up on Chelsea takeover bid

·2-min read

Jim Ratcliffe admits he is "not giving up" on his last-gasp £4.25billion bid to take over at Chelsea.

The majority shareholder of chemical group INEOS, billionaire Ratcliffe launched his bid to buy the five-time Premier League champions on Friday – way after the initial deadline of March 18.

In a statement, Ratcliffe pledged to invest £1.75billion into the club over 10 years, while ensuring they are "held in the same regard as Real Madrid, Barcelona or Bayern Munich."

Company director Tom Crotty said on Wednesday that the offer had been rejected by American investment firm Raine, which is handling the sale of the club.

The UK government – with whom Ratcliffe claims to have held "positive talks" – is expected to issue a new licence that will enable Chelsea to be sold following the identification of a preferred buyer.

But despite the initial setback and although he is yet to communicate with Blues owner Roman Abramovich, Ratcliffe remains hopeful an agreement can be reached.

"Consideration should be given to a British bid," he said.

"We had a communication with Raine and met with them at the end of last week. We presented a bid, but have heard very little back from them.

"My message to Raine is don't discount our offer. We are British and have great intentions for Chelsea. If I was Raine, I wouldn't close any door."

"It is a big decision to buy a national asset, and it's a big commitment in terms of time and money.

"We're there for the long term that's a lot of responsibility to take on, and it takes time to reach a decision to be fully committed.

"We got there at the end of the day, and we are committed. We're not giving up."

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