Mercedes F1 part-owner launches bid to buy Manchester United

Ratcliffe (pictured above with Lewis Hamilton) owns 33% of Mercedes via INEOS. Toto Wolff also owns a third, and Mercedes-Benz’s parent company Daimler owns a third.

The 70-year-old billionaire is Britain’s richest man and lodged his offer for “majority ownership” on Friday night although he faces competition from  Qatari Sheikh Jassim Bin Hamad Al Thani.

Ratcliffe already owns cycling team INEOS Grenadiers, French football team Nice, and Swiss football team FC Lausanne-Sport.

"We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community," an INEOS statement said.

Lewis Hamilton, speaking earlier this week before confirmation of Ratcliffe’s bid, said: "I am very close with Jim so I am aware of where he is at (with United).

"We talk a lot about football as he is very passionate about it. We have great discussions about what his team is doing, we talk about how Arsenal are playing.

"Obviously he is from Manchester so that is his dream home... where he comes from.”

Hamilton had previously said: "Jim's part boss but partner – I'd say we're more partners because we're in this together and I hope in future to do something with Jim and build with him. I don't know where that will be or what that will be, so I can't really say.

"I do want to get more and more involved in teams because I really do believe in black ownership – there is a lack of it in sports – and black equity. Again, there is a real lack of that."