Team Sky is looking for a new backer to provide the £35 million annual costs it needs

Britain’s wealthiest man has emerged as the potential saviour of Team Sky as the cycling team search for a new backer. Sir Jim Ratcliffe, the billionaire industrialist, is understood to have held discussions with Sir Dave Brailsford about providing the £35 million annual costs to keep the team going beyond 2019.

Ratcliffe is a keen amateur rider and money would not be an issue for a man reported to be worth £21 billion in the Sunday Times Rich List. The tax exile, who lives in Monaco where Chris Froome and other Team Sky riders are based, has a record of putting his wealth into sport.

Ratcliffe is believed to have held talks with Brailsford DIRK WAEM/GETTY IMAGES

Last year, Ratcliffe, founder, chairman and majority owner of Ineos, the chemicals firm, made inquiries about buying Chelsea from Roman