Ligue 1: English billionaire Jim Ratcliffe's bid to take over OGC Nice given green light by French Competition Authority

  • English petrochemical billionaire Jim Ratcliffe can take over French football club Nice after the French Competition Authority on Wednesday gave the deal the all-clear

  • The authority said in a statement that it gave its approval unconditionally without subjecting it to any special conditions

  • Ratcliffe had reportedly agreed to buy the Ligue 1 club for 100 million euros ($112 million) from Sino-Americans Chien Lee and Alex Zheng and American Paul Conway

Marseille: English petrochemical billionaire Jim Ratcliffe can take over French football club Nice after the French Competition Authority on Wednesday gave the deal the all-clear.

 Ligue 1: English billionaire Jim Ratcliffes bid to take over OGC Nice given green light by French Competition Authority

File image of Jim Ratcliffe. Reuters

The authority said in a statement that it gave its approval unconditionally "without subjecting it to any special conditions."

Ratcliffe already owns FC Lausanne-Sport in the Swiss Super League. In March, he bought the Sky cycling team, rebranding it Team Ineos. He also sponsors a yacht, Ineos Team UK, which is planning to compete in the 2021 America's Cup.

"The Authority has found that after the takeover, the new entity will have a very limited position in the different sectors of activity of professional football clubs, and in particular in the market for the transfer of professional players," said the French authority's statement.

Ratcliffe had reportedly agreed to buy the Ligue 1 club for 100 million euros ($112 million) from Sino-Americans Chien Lee and Alex Zheng and American Paul Conway.

Updated Date: Aug 21, 2019 20:30:48 IST