Britain’s richest man Sir Jim Ratcliffe has revealed he is no longer interested in buying a Premier League club after his failed bid to buy Chelsea from Roman Abramovich.

The CEO of Ineos Group Ltd and owner of French side Nice has declared he no longer sees value in purchasing a top Premier League team.

Ratcliffe instead insist he will focus his energy on Ligue 1 side Nice, confident they can grow into a consistent domestic challenger to the Qatari-backed Paris Saint-Germain.

“Our position has developed since the summer and we are now focusing our efforts in Nice and raising our ambitions for the club to make them into a top tier club in France to compete with PSG,” a spokesman told The Telegraph.

“This would represent much better value for our investment than buying one of the top tier Premier League clubs.”