Sir Jim Ratcliffe retains an interest in buying Chelsea on top of his takeover of Team Sky, which is expected to be confirmed today. The petrochemicals billionaire has been exploring whether to purchase the London club from Roman Abramovich but has balked at an asking price of at least £2.5 billion.

Ratcliffe, 66, the wealthiest British person, is set to become an increasingly influential figure in sport in this country with the confirmation that Team Sky will become Team Ineos. As The Times reported last month, the keen amateur cyclist has been in discussions with Sir Dave Brailsford about providing the £35 million annual costs to keep the team going beyond 2019, and the deal is due to be confirmed imminently.