Grangemouth INEOS owner Sir Jim Ratcliffe ready to take on Team Sky

Ineos founder and chairman, Jim Ratcliffe. Picture: Michael Gillen.

Britain’s richest man and Grangemouth industry owner Jim Ratcliffe is said to be the new title sponsor of British cycling’s foremost club, Team Sky.

The club’s deal with the satellite and communications company is coming to a close after this year’s cycling season and a new headline sponsor has been lined up.

Weekend reports linked the INEOS boss to the deal. His chemical company already sponsors INEOS sailing team, keeping it afloat to the tune of more than £100m, according to reports. Team Sky is said to run on around a third of that total at present – one of the biggest spenders in world cycling.

Ratcliffe is Britain’s richest man with a net worth of more than £21billion according to last year’s Sunday Times Rich List. He is a former masters tri-athlete and also owns Swiss football club FC Lausanne.

Britain's Chris Froome (R) and Geraint Thomas (L) of Team Sky (OLI SCARFF/AFP/Getty Images)

Locally, INEOS recently sponsored the Go Run for Fun races which formed Falkirk primary schools’ cross country league until last year.

Team Sky include some of the biggest names in world cycling including Tour de France winners Geraint Thomas and Chris Froome, and are headed up by Sir Dave Brailsford.