INEOS and Sir Jim Ratcliffe confirm submission of second bid for Man United

Wednesday night was made as the cut-off point for interested parties so submit their revised offers for the Red Devils.

Advertisement

However, no formal bids were made, with Ratcliffe and Sheikh Jassim Bin Al Thani seeing the deadline extended at their request.

INEOS and Ratcliffe confirmed their new bid on Thursday night, with a brief statement saying: "Ratcliffe and Ineos can confirm we have submitted a revised bid."

Both of the leading parties are expected to submit new offers by the end of the week, understood to be worth around a record breaking £5billion.

Advertisement

United's current owners, the Glazer family, have been looking for around £6billion for the club since the process started.

They are also said to prefer selling minority shares of the club, rather than a full takeover.

talkSPORT has been told that there several other groups that were interested in purchasing smaller percentages of the club met Wednesday's deadline.

Advertisement

Advertisement

Despite the parties being given more time to submit their bids, talkSPORT's Simon Jordan does not believe a deadline was ever in place.

He said: "We've always said from the get-go, if they [the Glazers] get the price they want - and it's probably slightly north of £5billion, it certainly isn't £6billion - [they will sell].

"There is a lot of misrepresentation in this - no one is getting extensions, because ultimately nobody expected anyone to put a drop-dead deal in place.

Advertisement

"What you've got is indicative offers, that's the first stage. Show you've got the money, show you've got the means, show you've got the will - that gets you in the door.

"That then slims down the list of all the tyre-kickers and you get in a position of competitive tension. The Raine Group are doing their job which is to represent the Glazers and try to jack the price up between the various people who want to buy it.

"It's not about deadlines, it's just the process of selling a business."