Sir Jim Ratcliffe intends to make an offer for Manchester United.

The Telegraph says Ratcliffe is preparing to bid for United after the Glazers formally put the club on the market.

Ratcliffe, one of Britain's richest men and a United fan, had been the first billionaire to declare interest when rumours first surfaced of a potential sale over the summer.

The owner of petrochemicals giant Ineos will now table a fresh approach – although he is wary about overpaying as insiders suggest the Glazers are looking for a price in excess of £5bn.

Ratcliffe previously contacted the Glazers in August but concluded at the time that a deal appeared unlikely. He also has experience dealing with broker Raine Group as they had been taking offers for Chelsea.

There is concern Raine will be pushing for a price beyond United's natural value. It's believed Ratcliffe's failed bid to buy Chelsea over the summer was late because he had been waiting for the price to drop.

However, his renewed interest in buying United, having supported them since boyhood and attended the 1999 Champions League final, is said to be serious.