Former Sheffield MP becomes first to formally throw hat into the ring to become South Yorkshire Mayor

Mr Caborn, who is the first Labour party member to formally announce he intends to stand, said his priority as mayor would be to ensure that the people of South Yorkshire "finally see the benefits of devolution", with up to £1 billion available to transform the economy, skills and transport across Sheffield, Barnsley, Rotherham and Doncaster.

A key figure in securing investment at the Advanced Manufacturing Research Centre through his strategic advisor role, Mr Caborn said he also hoped to deliver a new economy for the region based on "high-value manufacturing, health and wellbeing and the creative and digital industries."

Mr Caborn, minister of sport from 2001 to 2007 and Sheffield Central MP from 1983 to 2010, also pledged to fight for more transport funding in South Yorkshire to ensure it was "more on par with that currently being spent in London and the South East".

Mr Caborn said: "Today I officially announce my intention to seek selection as the Labour Party’s candidate for South Yorkshire Mayor. It’s time to deliver the benefits of this devolution deal and secure investment in jobs, skills, better transport and growth right the way across our communities.

“Now is the time to co-operate across South Yorkshire to build a new economy with great opportunities for advanced manufacturing, health and wellbeing, and the digital and creative industries.

"I will also fight for better transport funding for our region. It is deeply unfair that almost £2,000 per person is being spent on transport projects in London, while people in our region receive under £200 per person. I want to reverse this shocking disparity.”

“This is my home. I was born here, I was raised here, and I have the experience required to deliver locally. I’ve shown that time and again, from my work on the 2012 Olympics to the Advanced Manufacturing Park. I want to work together to bring power back to South Yorkshire and restore some local pride.”

As well as his role at the AMRC, Mr Caborn is also president of the Youth Hostel Association, a trustee of the Football Foundation and chairman of the Olympic Park Legacy Company.

A spokesman said the deadline for members to submit nominations to the Labour party was tomorrow (Thursday, January 25).