BRITAIN’S richest man decided against buying Chelsea because the club’s stadium problems would take too long to resolve.
Sir Jim Ratcliffe is currently rivalling Sheikh Jassim to buy Man Utd from the Glazer family.
Ratcliffe, who has met United’s owners “a couple of times,” explained: “I’ve signed an non-disclosure agreement so I can’t say too much.
“But there is still a process — and we are in the process.”
Sheikh Jassim wants “100 per cent control” while Ratcliffe was prepared to offer to buy a majority stake which could allow current United co-chairman Joel and Avram Glazer to stay on for some time.
But more than a month after that point, there is still no decision and there is even the possibility that the Glazers might decide not to sell after all.
Ratcliffe added: “We have a good offer and we have met with the Glazers a couple of times.
“We have had good discussions with them. We would still very much like to do it. And we would be doing it for the right reasons.
“But in the end it is their decision not our decision.”
But, before his dealings with United, Ratcliffe was looking for his INEOS group to seize control at Stamford Bridge was a serious option.
The group held preliminary talks with Chelsea bosses about buying Roman Abramovich’s stake in the London club.
But Ratcliffe’s brother Bob, who runs the football division of INEOS, says fears over redeveloping the stadium proved too big to overcome.
Ratcliffe told BBC Five Live: “There was some early exchange but we were a significant way apart on valuations.
“The issue with Chelsea is its stadium. We are all getting older and it is a decade of your life to resolve that.”
Chelsea have looked at options to move away from Stamford Bridge but there is always a major problem with the Chelsea Pitch Owners, who own the freehold to the stadium.
MAJOR DISADVANTAGE
A planned £1billion redevelopment of the ground was put on hold with Abramovich citing the wrong economic climate.
New owner Todd Boehly is formulating his own plan to rebuild the Bridge – but work has yet to begin.
The result is that Chelsea are at a major disadvantage against their top six rivals in the Premier League when it comes to ground standard and capacity.
Having rejected Chelsea, INEOS went on to look at other potential clubs in the Premier League – but the high valuations of them all, including Mike Ashley’s £350m demand for Newcastle, put them off.
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They instead relocated to France where they have taken control of Nice.
Bob Ratcliffe added: “We spent quite a lot of time looking at Premier League clubs and their valuations
“It was difficult to rationalise purchases in the Premier League for us. If you look below the top six, they are all £150m and above.
“You are going to write a cheque for £50m and get in the Everton cup. Where are you going to go?
“You look at Newcastle, and we looked at a lot of clubs. You come back to a valuation in the hundreds of millions and it is difficult to contemplate.
“I think the foreseeable future it is off the radar. We have a three to five year project in Nice and that will keep us busy.”
Newcastle are now owned by Saudis and reached the League Cup final, as well as qualified for the Champions League.
Source: Soccer - thesun.co.uk
