Britain’s richest man Jim Ratcliffe has bought Team Sky, the world’s most successful cycling group, after broadcasting giant Sky announced it would end its decades-long link with the group, now set to be Team Ineos.
Britain’s richest man, reclusive chemicals tycoon Jim Ratcliffe, emerged from the shadows on Tuesday to buy the world’s most successful cycling group, as Team Sky transforms itself into Team Ineos.
Ratcliffe began a 40-year career in the business world at investment company Advent International before creating Ineos in 1998. The company went on to become an industrial juggernaut in a country increasingly dominated by the service sector.Ineos grew through acquisitions, including the $9-billion purchase of petrochemical group Innovene, a subsidiary of BP.
Ratcliffe has continued to diversify his group, entering into the automotive sector by building the Ineos Grenadier, aimed at being a successor to the rugged Land Rover Defender car. The group will decide in the coming months whether assembly will take place in Britain or on the continent. The businessman has made his views clear on the thorny issue of Brexit, joining fellow British entrepreneur James Dyson to voice support for a withdrawal from the European Union.
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