Hancock is seeking the big donors

"I aim to be racing in Formula One in three years. My dream for as long as I can remember has been to be Formula One champion. I know it will take a lot of hard work but I believe I can achieve that."

However, his progress has been slightly hampered by his difficulties raising the money needed to participate in the lucrative but hugely competitive and expensive world of professional motor racing.

A season in Formula 3000, which is one rung below Formula One, costs £630,000 alone.

Rather than relying on sponsorship and selling hospitality packages, Sam and his associates hit on the unique concept of the public being given the opportunity to invest in a sportsman in return for a share of their future earnings.

The prospectus is confident of raising £1.75million over the next few months before gaining admission to float on the OFEX exchange.

Investors will then be able to buy and sell shares in SH plc, whose price will depend on Sam's performances.

The six directors, who include Sam's father Anthony, have shown their intentions by ploughing £110,000 in to the company.

Sam Hancock plc will receive 100 per cent of the income from Sam's motor racing earnings for the first five years and 50 per cent of the income for the subsequent five years while Sam earns a basic fixed salary of £35,000.

Sam, who has the same agent as Eriksson and Sir Steve Redgrave, uses a rugby analogy to explain how investors could benefit from his motor racing performances.

"Imagine if Jonny Wilkinson had set up Jonny Wilkinson plc five years ago, how much more excited would you have been watching the World Cup if you had been a shareholder in his company? You would also have made a lot of money.

"The income of professional Formula One drivers is quite extraordinary. If you put that in a company, it ends up being extremely profitable for shareholders."

Sam, who was given a go-kart when he was six and began racing competitively when he was nine, said: "The family holiday every year when I was growing up was traipsing to a Grand Prix for a couple of days, sitting in the grandstand in the rain and watching noisy cars go round a circuit for a couple of hours."