Manchester United are reportedly yet to receive a second takeover bid from Qatar's Sheikh Jassim bin Hamad Al Thani following an extension to the soft deadline.
Since the Glazer family announced their decision to explore "strategic alternatives" back in November, Sheikh Jassim and Sir Jim Ratcliffe have become the two leading contenders to take full control of the club.
Both parties submitted their opening offers back in February, but they fell short of the Glazers' asking price, which is rumoured to be a staggering £6bn.
Ratcliffe and a delegation led by Sheikh Jassim have since met with Man United chiefs at Old Trafford, and the club were initially looking for second bids before Wednesday evening.
However, Raine Group - the bank overseeing the sale process - granted Ratcliffe and Sheikh Jassim an extension until Friday, and the former submitted an offer close to £5bn on Thursday.
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While the Ineos CEO has now formally submitted his second bid, the Daily Mail claims that Sheikh Jassim's second offer had not arrived by Friday evening as expected.
The report adds that a revised bid from the Qatari consortium should still land in the coming days, but the finer details of the multi-billion pound offer are still being ironed out.
Raine Group are supposedly happy to wait for Sheikh Jassim to present his second bid, but failure to submit their new offer by Friday has hindered their chances of a full takeover.
Sheikh Jassim's consortium were initially believed to have been the favourites due to their offer of a debt-free takeover, whereas Ratcliffe is not willing to clear the club's books.
However, neither party has shown a willingness to meet the Glazers' £6bn asking price just yet, with Sheikh Jassim's second bid expected to match Ratcliffe's £5bn offer.
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While Sheikh Jassim and Ratcliffe are looking for a full takeover, the Glazers have supposedly received a number of minority bids, which would allow the Americans to retain full control of the Red Devils.
Elliott Management are believed to be one of the parties to have expressed interest in a minority stake, while Finnish businessman Thomas Zilliacus claims to have made an offer as well.
The 59-year-old has proposed a 50-50 ownership model, where he owns half of the club and the other 50% is in the hands of supporters, who will therefore have a say in the club's decision-making.
The Glazer family took full control of Man United in 2005 but continue to be met with fierce opposition by supporters, whose protests against the club's ownership in 2021 spilled onto the Old Trafford pitch.
Following the club's move to join the doomed European Super League, supporters broke into the stadium during a demonstration, leading to the postponement of a Premier League clash with Liverpool.
Ben Knapton
