LONDON-Formula One motor racing tycoon Bernie Ecclestone has emerged as a major financial backer for the £550 million ($880 million) Tchenguiz bid for Selfridges, the department store chain with a flagship unit on London's Oxford Street.

Ecclestone is understood to have committed £100 million ($160 million) cash to support a bid of between 350p and 360p a share from property entrepreneur Robert Tchenguiz. The formal offer by Tchenguiz was submitted to the Selfridges board 24 hours after the “deadline” for bids had closed.

A rival bid by Scottish entrepeneur Tom Hunter came in at 340p-350p a share and a proposed management buyout has offered just under 360p. The group's non-executives met earlier this week to consider the offers but indicated other potential bidders would be given a bit more time if they could demonstrate a funding commitment. So Ecclestone's backing for the Tchenguiz bid puts it in the frame even though it was submitted late.