British chemical firm to buy Swiss soccer club Lausanne

Updated Mar. 4, 2020 3:37 p.m. ET

LAUSANNE, Switzerland (AP) British-owned multinational chemical firm INEOS has agreed to buy Swiss soccer club Lausanne-Sport.

INEOS director David Thompson says he is targeting a return to European club competitions within four years.

Lausanne, coached by former Switzerland midfielder Fabio Celestini, is sixth in the 10-team Swiss league. It last played in the Europa League in 2010 as a second-division club.

Thompson, who is set to become CEO, says the club aims to add a technical director and up to four experienced players, and work with youth academies in Botswana and Namibia.

Lausanne will move into a new, 12,000-capacity stadium in 2019.

With headquarters in nearby Rolle, INEOS is privately owned by British executives with annual sales in petrochemicals of $40 billion.