Receive up-to-the-minute news updates on the hottest topics with NewsHub. Install now.

Tycoon Jim Ratcliffe's outfit Ineos to buy Lausanne Football Club

November 13, 2017 2:51 PM
16 0
Tycoon Jim Ratcliffe's outfit Ineos to buy Lausanne Football Club

Petrochemicals firm set to add a football club to its cacophonic asset sheet.

Brexit-backing petrochemicals tycoon Jim Ratcliffe has set his eyes on the world of football, adding a Swiss football club to his growing collection of eclectic assets ranging from outfits aiming to build sports utility vehicles to motorcycle wear firm Belstaff.

The club in question - FC Lausanne-Sport - currently plays in the top-tier Swiss Super League, and its president Alain Joseph has been looking for a buyer for several months, according to media reports in Switzerland.

Ineos, the world's 9th-largest petrochemical company and the UK's biggest private company that is 60% owned by Ratcliffe, confirmed on Monday (13 November) that it is Joseph's preferred buyer.

Jim Ratcliffe founded Ineos 20 years ago. Last year, tycoon who backed Brexit, moved its headquarters and tax residence from the UK to Switzerland. At the time, Ratcliffe told IBTimes UK that Ineos has faith in the post-Brexit British economy and is happy to pay "much more tax" than before.

"For me, it was an easy decision. I am optimistic not just about the future of Ineos, but also the future of the UK. Much of this optimism comes from the performance of our UK-based operations. To reflect our growing British businesses, Ineos is now tax resident in the UK. We are at peace with the level of corporation tax [pegged at 19% from 1 April, 2017] levied by the current government."

Lausanne-Sport, founded in 1896, has won Switzerland's league seven times, and the country's domestic cup nine times. The club plays at the Stade Olympique de la Pontaise - a 15,700 seat stadium that was used for the 1954 World Cup.

Also read: Peter Kay, JK Rowling and Graham Norton join celeb-filled Strictly Blackpool audience

Source: ibtimes.co.uk

Share in social networks:

Comments - 0