Manchester United

Last year, the Glazer family announced that they would explore strategic alternatives to their ownership, one of which would include a full sale of the club.

Sir Jim Ratcliffe and Sheikh Jassim bin Hamad Al Thani are the two leading contenders to wrestle control from the Glazers, having both submitted their opening bids last month.

However, neither party met the Glazers' asking price of £6bn, with Ratcliffe's opening bid coming in at £4bn, while Sheikh Jassim presented a £4.5bn offer.

Man United have since spoken directly with Ratcliffe and a delegation sent by Sheikh Jassim during the second stage of the process, and they have until Wednesday evening to make their second offers.

According to Sky Sports News, Man United could soon be inundated with bids for the club, with at least five expected and possibly as many as eight offers being made in the coming hours.

There have been suggestions that the Glazer family are split when it comes to a sale, but the report adds that they will definitely hand over control of the club if an offer of £6bn is made.

Neither Ratcliffe nor Sheikh Jassim have made themselves favourites yet, but the latter is understood to be willing to clear the club's debts, whereas Ratcliffe is not prepared to do so.

Furthermore, several other interested parties are expected to meet with Man United chiefs at Old Trafford in the coming days, and Ratcliffe recently insisted that he would not pay a "stupid" price for the Red Devils.

Speaking to the Wall Street Journal, the 70-year-old said: "How do you decide the price of a painting? How do you decide the price of a house?

"It's not related to how much it cost to build or how much it cost to paint. What you don't want to do is pay stupid prices for things because then you regret it subsequently."

In contrast, Sheikh Jassim is thought to be willing to overpay to take over the club, with his delegation holding talks with Man United chiefs for over 10 hours earlier this month.

Should neither party meet the Glazers' £6bn valuation, though, the American family could instead agree a minority deal, which would see them retain control of the club.

The late Malcolm Glazer seized control of Man United in 2005, but the Red Devils' owners have come under incessant criticism for saddling the club with debts of £514.9m and their attempts to join the failed European Super League.

However, Erik ten Hag has overseen a revival on the field this term, with Man United winning the EFL Cup, sitting third in the Premier League table and still fighting for glory in the Europa League and FA Cup.