Sir Jim Ratcliffe decided NOT to buy Chelsea because of stadium issues and snubbed Newcastle due to £350m valuation

BRITAIN'S richest man determined in opposition to shopping for Chelsea as a result of the stadium issues would take too lengthy to resolve.

Sir Jim Ratcliffe was searching for his INEOS group to maneuver into soccer and seizing management at Stamford Bridge was a critical choice.

Sir Jim Ratcliffe snubbed a takeover of Chelsea amid considerations over how lengthy it will take to resolve the redevelopment of Stamford BridgeCredit score: Getty - Contributor

The group held preliminary talks with Chelsea bosses about shopping for Roman Abramovich's stake within the London membership.

However Ratcliffe's brother Bob, who runs the soccer division of INEOS, says fears over redeveloping the stadium proved too massive to beat.

Ratcliffe instructed BBC 5 Stay: "There was some early change however we had been a big manner aside on valuations.

"The problem with Chelsea is its stadium. We're all getting older and it's a decade of your life to resolve that."

Chelsea have checked out choices to maneuver away from Stamford Bridge however there may be all the time a serious downside with the Chelsea Pitch House owners, who personal the freehold to the stadium.

MAJOR DISADVANTAGE

And the deliberate £1billion redevelopment of the bottom has now been placed on maintain with Abramovich citing the incorrect financial local weather.

The result's that Chelsea are at a serious drawback in opposition to their prime six rivals within the Premier League relating to floor customary and capability.

Having rejected Chelsea, INEOS went on to take a look at different potential golf equipment within the Premier League - however the excessive valuations of all of them, together with Mike Ashley's £350m demand for Newcastle, put them off.

They've as a substitute relocated to France the place they've taken management of Good.

Bob Ratcliffe added: "We spent numerous time Premier League golf equipment and their valuations

"It was tough to rationalise purchases within the Premier League for us. For those who look beneath the highest six, they're all £150m and above.

"You will write a cheque for £50m and get within the Everton cup. The place are you going to go?

"You have a look at Newcastle, and we checked out plenty of golf equipment. You come again to a valuation within the a whole lot of hundreds of thousands and it's tough to ponder.

"I feel the foreseeable future it's off the radar. We've a 3 to 5 yr mission in Good and that may maintain us busy."