Sir Jim Ratcliffe, a British billionaire, made a late bid to buy the English soccer team.
Roman Abramovich put the club up for sale before he was sanctioned for his alleged links to Russian president Putin.
Three people were in the running to buy the club.
Over 10 years, the club would be invested into by Ratcliffe.
2.5 billion dollars has been committed to a charitable trust to support the victims of the war in Ukraine.
Ineos was founded in 1998 by Ratcliffe. Team Ineos is a British cycling outfit that is sponsored by the company.
Ineos said that the bid was for a British club.
We will invest in the stadium to make it a world-class one. This will be ongoing so that we don't lose the support of our fans if we move away from home.
We will continue to invest in the team to ensure we have a first-class squad of the world's greatest players, coaches and support staff.
We hope to continue to invest in the academy to provide opportunity for talented youngsters to develop into first class players.
Nadine Dorries, the Culture Secretary, said on Thursday that the club were on borrowed time to complete the sale.
The three groups that are in the running to buy Chelsea are headed by Sir Martin Broughton, Todd Boehly and Stephen Pagliuca.
Ineos believes that London should have a club that reflects its stature. It is held in the same regard as Real Madrid. We intend to have a club like that.
We are making this investment as fans of the beautiful game, not as a means to turn a profit.
The club is a part of the community. It is our intention to invest in the team.
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