English billionaire Ratcliffe's Ineos completes Nice takeover

(File)
(File)

Nice - Jim Ratcliffe's Ineos completed its protracted takeover of Nice on Monday with the English petrochemical billionaire pledging investment to establish the Ligue 1 club in Europe.

With this latest purchase 66-year-old Ratcliffe adds to a sports portfolio that already includes the former Sky cycling team and Swiss club Lausanne-Sport. 

Ineos was given the all-clear to seal the deal with Nice's Sino-American owners by the French Competition Authority last week.

"It has been quite a long journey getting here, but it is unique, and we were determined to complete the purchase of the club," Ratcliffe, a Brexit backer based in Monaco, told the club's website.

"We have looked at a lot of clubs in the manner we look at businesses in INEOS -- for value and potential -- and Nice fulfils that criteria. 

"With some sensible, measured investment, we want to establish Nice as a team that competes in European club competition on a regular basis. And importantly, sustain it."

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