Britain's richest man Sir Jim Ratcliffe completes Nice takeover

French Ligue 1 side Nice have been taken over by Ineos, the energy group run by British billionaire Jim Ratcliffe.

Ineos, which has also owned Swiss second division side Lausanne since November 2017, said Nice would be part of Ineos Football led by CEO Bob Ratcliffe, Jim's brother, and hoped the club would "sustainably compete at a European level" in the future.

The company bought out Britain's hugely successful Team Sky and changed its name to Team Ineos in May.

It was reported Ineos had made a 100 million euros ($111.44 million) offer for Nice earlier this year. France's competition authority had cleared the takeover last week.

Nice, founded in 1904, are managed by former Arsenal midfielder Patrick Vieira. They have won their first two matches of the new season.

"We have looked at a lot of clubs in the manner we look at businesses in INEOS - for value and potential - and OGC Nice fulfils that criteria," Ratcliffe said in a statement.

"With some sensible, measured investment, we want to establish OGC Nice as a team that competes in European club competition on a regular basis. And importantly, sustain it.

"Nice has a great history and tradition, with a passionate fan-base, whom will play an important role in our journey. The Allianz Riviera stadium is superb and the new training centre, which is integral for any successful team, is equally as impressive.

"It's tough to improve on the location on the Med and over the last 20 years we have established roots in this beautiful area."