Lewis Hamilton update given over potential Man Utd role as part of Jim Ratcliffe's takeover bid

The company of British billionaire Sir Jim Ratcliffe, Ineos, formally declared on Tuesday that it had joined the bidding process to purchase Manchester United - and now an update has been released on the potential involvement of Formula 1 legend Lewis Hamilton.

Ineos confirmed that they had 'formally put ourselves into the process' initiated by the Glazer family in November to explore 'strategic alternatives' for United.

Ratcliffe is a boyhood fan of the club, and was born in Failsworth, Greater Manchester. It is expected that the formal bidding process for United will begin next month, and Ratcliffe, who Forbes rank as the world's 111th-richest person with a net worth of $15.6 billion, will now be involved.

Last year, it was claimed that Hamilton was 'open' to the prospect of partnering with Ratcliffe to purchase a football club, with the pair knowing each other due to Ineos being the principal partner, and a one-third equal shareholder, of his Mercedes F1 team.

Speaking at the Dutch Grand Prix, the Brit denied rumours that he was involved in any business pursuits with his compatriot, but did leave the door open to a future opportunity.

He said (quotes via Daily Mail): "I haven't had a call from him asking if I want to be involved in that [United bid] just yet, but I do want to get more and more involved in teams.

"But Jim's part-boss and part-partner, I would say we're more partners because we're in this together, and I hope in the future to do something with Jim and build with him. I don't know when that will be or what that will be."

Now, an update has been revealed on whether the record-equalling seven-time F1 champion will be partnering with Ratcliffe in a United bid.

Lewis Hamilton/Man Utd update revealed

According to F1 journalist Phillip Duncan, the 37-year-old is not currently involved in Ratcliffe's bid to purchase United from the Glazer family. Whether Hamilton does decide to become involved in any bid remains to be seen.

He has recently become the part-owner of NFL side Denver Broncos, as part of a group that took over the franchise for a record $4.65 billion in August.

Hamilton was reportedly part of a consortium that wanted to take over Chelsea in April of last year.

Sky News claimed that the Mercedes driver, alongside tennis legend Serena Williams, had 'pledged millions of pounds' to a consortium led by ex-Liverpool chief Martin Broughton.

The bid eventually lost out to the proposal put forward by Todd Boehly, but The Telegraph claimed that Broughton's bid was placed on standby in case a deal could not be agreed with the current Blues owner.