British billionaire Sir Jim Ratcliffe has released a statement cooling reports of bidding for Liverpool.

Fenway Sports Group signalled their intention to sell the club on Monday, after releasing a statement indicating they were open to further investment. The American group has owned the Reds since they paid £300million to Tom Hicks and George Gillett in October 2010.

Despite being linked to a possible takeover, Ratcliffe has issued a statement saying that he is not interested in purchasing Liverpool. The billionaire, who already owns Ligue 1 club Nice and Swiss Super League outfit FC Lausanne-Sport, believes there is “better value" in his current projects than buying Liverpool

"Our position has developed since the summer and we are now focusing our efforts in Nice and raising our ambitions for the club to make them into a top tier club in France to compete with PSG," a spokesperson told The Telegraph.

“This would represent much better value for our investment than buying one of the top tier Premier League clubs."