Team Sky’s takeover by petrochemicals giant Ineos will be announced in next two days

Team Sky’s takeover by petrochemicals giant Ineos will be announced in next two days

Team Sky’s takeover by petrochemicals giant Ineos will be announced in the next 48 hours, with Sir Bradley Wiggins describing it as the “ideal” outcome for Sir Dave Brailsford.

Wiggins said that Ineos would allow Brailsford carte blanche to run the team as he sees fit without being encumbered by commercial and sponsorship requirements. He added that the team’s annual budget, currently around £30m, would be “nothing” to Sir Jim Ratcliffe, the chairman and chief executive officer of the Ineos chemicals group.

Ratcliffe is Britain’s richest man with a personal fortune estimated by The Sunday Times to be somewhere north of £21bn.

Reports of interest from Ratcliffe – who also took over Sir Ben Ainslie’s America’s Cup team last year – first surfaced earlier this month, three months after BSkyB’s bombshell decision to pull the plug on the team after 10 years.

Despite interest from foreign parties, the deal is now set to be completed in double-quick time. Sources told Telegraph Sport on Monday that an announcement would likely be made on Tuesday, although there were still one or two loose ends to tie up.

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