Swiss football club sold off to petrochemicals company Ineos
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 FC 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 be transferring into good hands.
"I strongly believe that Ineos is undoubtedly the best possible owner going forwards. They have the ambition, 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.