Ineos buy French club Nice

Ineos founder and chairman Sir Jim Ratcliffe
Ineos founder and chairman Sir Jim Ratcliffe

Grangemouth petrochemicals company Ineos has completed the purchase of French Ligue 1 club Nice for a reported £88 million this week.

Nice, managed by former Arsenal and France international Patrick Vieira, will become a part of ‘Ineos football’ led by CEO Bob Ratcliffe.

The deal has received all required approvals including French Competition Authority.

Sir Jim Ratcliffe, founder and chairman of Ineos, is Britain’s third richest man with an estimated net worth of more than £18 billion, according to the Sunday Times Rich List for 2019.

Ratcliffe said: “We have looked at a lot of clubs in the manner we look at businesses in Ineos – for value and potential – and OGC Nice fulfils that criteria.

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

Ineos also owns Swiss second division side Lausanne which it acquired in November 2017.

Ratcliffe said: “We made some mistakes at Lausanne, but we are fast learners, these have been rectified and we are already seeing the benefits.”