New Forest billionaire takes over Tour de France champions Team Sky
THE New Forest billionaire businessman Sir Jim Ratcliffe is writing more cheques as his global chemical company Ineos takes over the Tour de France-winning cycling outfit Team Sky.
Sir Jim – who part-owns the five-star Lime Wood hotel near Lyndhurst and is building a luxury coastal retreat near Beaulieu – agreed the sale with current owners Sky and 21st Century Fox.
The new name will be Team Ineos, after the multi-national company which still has an office in Lyndhurst where it used to have its HQ before moving to Switzerland and then London.
Sir Jim, Ineos chair and chief executive, said: “Cycling is a great endurance and tactical sport that is gaining ever more popularity around the world.
“Equally, cycling continues to mushroom for the general public as it is seen to be good for fitness and health, together with easing congestion and pollution in city environments.
“Ineos is delighted to take on the responsibility of running such a professional team.”
Team Sky’s Geraint Thomas won the Tour de France last year in which he was made an OBE and awarded British Sports Personality of the Year.
The announcement is better PR news for 66-year-old Sir Jim who has faced criticism for reportedly planning to quit the UK for low-tax Monaco, having backed Brexit and been knighted last year for “services to business and investment”.
In 2018 he was named by the Sunday Times Rich List as Britain’s wealthiest man with an estimated net worth of £21bn.
Through Sir Jim, Ineos has also sponsored local events including the RNLI Lymington 10K race and the New Forest Marathon.
The company is also financially backing former Lymington resident Sir Ben Ainslie in his next America’s Cup challenge.
Ineos will become the sole owners of Tour Racing Ltd – the team’s holding company – from 1st May this year. It said it will continue to fund the current team in full, honouring all existing commitments to riders, staff and partners.
The team principal at Team Sky, Sir Dave Brailsford, reacted: “In Sir Jim Ratcliffe and Ineos, I know that we have found the right partner whose vision, passion and pioneering spirit can lead us to even greater success on and off the bike.”
The launch of Team Ineos will be at the Tour de Yorkshire which starts in Doncaster on 2nd May.
As reported in the A&T, he won a five-year fight with the national park authority to get the go-ahead in 2017 at the fourth attempt to demolish a beach house once owned by the late Lord Montagu at Thorns Beach to build a “next generation” luxury home.
