Petrochemicals firm Ineos buys Swiss football club Lausanne-Sport

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Petrochemicals giant Ineos has snapped up Swiss football club Lausanne-Sport for an undisclosed sum.

The company - which moved its main headquarters back from Switzerland to the UK last year - bought the team from Alain Joseph, who has served as president of Lausanne-Sport for more than four years.

The deal still requires approval by the Swiss Football League, though Ineos said a decision may take two to four weeks.

Mr Joseph said he believed the football club would transferring into good hands.

"I strongly believe that Ineos is undoubtedly the best possible owner going forwards. They have the ambition, the drive the vision and commitment that is needed to take the club to the next level," he said.

Ineos said it believes Lausanne-Sport could climb to the top of the Swiss league, with ambitions to qualify for European football.

Current owner Alain Joseph said he believed the football club would transferring into good hands (Ineos/PA)

David Thompson, chief executive of Ineos Football SA, said: "Ineos is excited about taking this major step into top-class football as part of our wider commitment to encourage youth sport in Lausanne and Canton Vaud.

"We hope and expect that this new investment in the team will take Football Club Lausanne-Sport forward to further success, and we see no reason why this could not mean playing in Europe."

The team will continue to be managed by Fabio Celestini, with Ineos giving him and his coaching staff "full backing".

Ineos said the move was preceded by years of investment in youth and community sport in Rolle, Switzerland, where it relocated to in 2009 at the height of the financial crisis.

The petrochemicals firm has since returned its main headquarters to the UK, where it is now based in south-west London.

A number of its business are still based in Switzerland, where it employs around 110 staff.

INEOS has completed the acquisition of the Forties Pipeline System, strengthening our long term #oilandgas activity https://t.co/GyBb7dFuUBpic.twitter.com/Vye3q7AFLv

-- INEOS (@INEOS) October 31, 2017

The football club is the latest acquisition by the firm, which last month completed its purchase of Forties Pipeline System (FPS) in the North Sea from BP.

The 250 million US dollar (£199 million) transaction, which also includes the Kinneil Terminal, saw Ineos take control of a system that delivers almost 40% of the UK's North Sea oil and gas.