Sir Jim Ratcliffe, Britain’s richest man, had his £4.25 billion proposal to buy Chelsea FC’rejected out of hand.’

Sir Jim Ratcliffe, Britain’s richest billionaire, is said to have had his £4.25 billion bid for Chelsea FC’rejected out of hand.’

On Friday, April 29, the 69-year-old, who is the CEO of the Ineos Group Ltd, made a last-minute £4.25 billion proposal to buy the Blues.

However, it is believed that Ratcliffe has not followed the Raine Group’s protocol, making his bid impossible to consider, according to Sky Sports.

The Raine Group has designated a consortium led by American billionaire Todd Boehly as the preferred bidders, and they have until the end of this week to finalize the details of a purchase deal.

The Premier League is currently reviewing that bid to see if it satisfies their owners and directors requirement.

“We’ve been rejected out of hand by Raine,” Ineos director Tom Crotty told Bloomberg on Wednesday, “but we’ll keep reminding people we’re still here.”

Two other bidders are still in the running for the club: one led by Sir Martin Broughton, the former Liverpool and British Airways chairman, and including billionaire Crystal Palace shareholders Dave Blitzer and Josh Harris, and another led by Stephen Pagliuca, a part-owner of the NBA’s Boston Celtics and Serie A’s Atalanta.

Before Boehly’s group was chosen, the latter was informed that they were not the favored bidder.

This was Ratcliffe’s second attempt to buy the west London club, following coming close to doing so in 2019 but rejecting Roman Abramovich’s £2.5 billion asking price.

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