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British billionaire buys Swiss club

Jim Ratcliffe, the multi-billionaire founder and chairman of the UK petrochemicals company Ineos, is buying Swiss club FC Lausanne Sport for an undisclosed sum. The club plays in the country's top tier Super League. It enjoyed its glory days between the 1930s and 1960s and is currently mid-table.

The company has invested over many years in youth and community sports in Canton Vaud where it has headquarters for many of its businesses.

The company is not seeking to make a profit out of its acquisition, seeing it as an investment in the community. However, should they sell in the future, they are not anticipating having lost any money. The company insists that it is not a vanity project.

David Thompson, the chief executive of Ineos Football, a newly created business within the group, says that the target is to have a team that can qualify for European football in four years' time.

The deal requires approval by the Swiss Football League.

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