France for Team Sky since 2013eam Sky have officially become Team Ineos to reflect their new sponsor, a chemicals firm owned by Britain...
Broadcaster Sky said in December it would end its decade-long commitment at the end of 2019, during which time the team Sky have won eight Grand Tours.
Ratcliffe is worth £21bn and has been in talks with Team Sky principal Sir Dave Brailsford for several weeks.
The new team's launch will take place at the Tour de Yorkshire on 2 May.
Ineos will become the sole owners of the team from 1 May and says it "will continue to fund the current team in full, honouring all existing commitments to riders, staff and partners".
Jim Ratcliffe: Turning cast-offs into gold
Rich List 2018: Jim Ratcliffe is UK's richest man
Ratcliffe, chairman and chief executive of Ineos, said: "Cycling is a great endurance and tactical sport that is gaining ever more popularity around the world.
"Equally, cycling continues to mushroom for the general public as it is seen to be good for fitness and health, together with easing congestion and pollution in city environments.
"Ineos is delighted to take on the responsibility of running such a professional team."
Team Sky was launched in January 2010 and has amassed 327 victories since, including the eight Grand Tours.
Current riders Chris Froome and Geraint Thomas have won five Tours de France between them, and Welshman Thomas signed a new three-year deal in September after winning his first Tour last July.
COMMENTS