Ratcliffe interested in buying Chelesa

Sir Jim Ratcliffe, the wealthiest person in Britain, has renewed his interest in buying Chelsea after he was rebuffed last summer.

Officially, the club is not for sale. Ratcliffe, who is a tax exile living in Monaco, is expected to complete his takeover of the Team Sky cycling outfit later today.

Roman Abramovich has been conspicuous by his absence from Chelsea since his dispute with the British authorities over the renewal of his visa, although his Israeli passport would allow him to spend six months in the UK.

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Exploratory talks are believed to have taken place, but the two sides are far apart in their valuation. Ratcliffe has balked at the £2.5 billion figure Abramovich has in mind given that the club needs a new stadium, a project abandoned by Abramovich, which would cost at least £1 billion.

What a football club is worth is ultimately how much a purchaser with the necessary funds is prepared to pay for it, just as with a house. Forbes magazine valued Chelsea at £1.44 billion last year with KPMG arriving at a figure at £1.26 billion. Abramovich would want to see a return on the £1.17 billion in loans he has provided to the club since buying it for £140m in 2003.