Manchester United takeover: Qatar and Sir Jim Ratcliffe bids granted deadline extension

Neither of the two leading bids for Manchester United, fronted by the Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe, submitted their improved offers for the club by Wednesday’s deadline, The Independent understands.

Both parties had until 9pm to submit their offers but have instead asked for an extension. It is understood both groups will submit their second, improved bids on Thursday, with the offers for the club expected to be more than £5bn.

Ratcliffe’s INEOS group and the bid front by Sheikh Jassim were expected to submit their offers in advance of the 9pm deadline, but in a dramatic twist it emerged the Raine group received neither offer. An extension to the process has been granted, however, and both Ratcliffe and Sheikh Jassim both intend to meet the new deadline.

Both parties - which are the only groups to publicly declare their interest - visited Manchester United for meetings last week.

Bids will be handled by the Raine group, but it is understood the Glazer family are split over whether they want to sell the club or retain minority ownership.

The Glazers want a record £6bn for the club - a fee The Independent understands the Qatar group are prepared to match.

INEOS have the funds to compete with the Qatar bid but it has been reported Ratcliffe has held concerns over the price rising too high.