Chemicals giant Ineos buys Swiss football team

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He is best known for building Ineos into one of Britain's largest companies from scratch, but Jim Ratcliffe has added a Swiss football club to an increasingly eclectic collection of businesses.

It has won the league seven times, the last in 1965, and the cup nine times.

The company said the deal was to continue its investment in "local" sport, despite pledging a year ago to return its headquarters from Lausanne to the UK.

The privately owned firm said it was buying FC Lausanne-Sport, which plays in Switzerland's top football league, to build on existing links it had forged with teams near its offices in the Swiss cantons of Vaud and Lausanne.

Lausanne returned to the Swiss top flight last season after being relegated to the country's second division in 2010.

The team is now sixth in the Swiss Super League, and Ineos has given its "full backing" to manager Fabio Celestini and his coaching staff.

Lausanne will move into a new, 12,000-capacity stadium in 2019.

Ineos employs 17,000 staff globally and boasted revenues of almost £20bn in 2016.

In 2010 Ineos Capital - the firm's parent company - moved its headquarters and tax residence from the United Kingdom to Lausanne, but moved back to London again previous year.