Team Ineos sponsor's venture seeking up to £500 million in state support

Jim Ratcliffe, Chris Froome, and Dave Brailsford at the launch
Ineos boss Jim Ratcliffe with Chris Froome and Dave Brailsford at the Team Ineos launch in 2019 (Image credit: Simon Wilkinson /

The economic effects of the COVID-19 coronavirus pandemic have bubbled up to the highest levels of cycling, with a side venture part-owned by Team Ineos' main sponsor, Sir Jim Ratcliffe – one of Britain's wealthiest people – appealing for hundreds of millions of pounds of emergency government loans.

According to Sky News, Petroineos, jointly owned by the Ineos Group that sponsors Team Ineos and the state-owned Chinese firm PetroChina, are negotiating with the UK and Scottish governments to secure a huge loan package that could be as large as £500 million after oil prices dropped from a high of over £50 per barrel in December to just over £15 per barrel last month.

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