Manchester United

Qatar's Sheikh Jassim and INEOS owner Ratcliffe are believed to be the frontrunners in the race to purchase the Red Devils from the Glazer family, who stated towards the end of last year that they are planning to explore "strategic alternatives" that could lead to a possible sale of the club.

Interested parties were given a soft deadline of February 17 to table their first takeover offers, and both Sheikh Jassim and Ratcliffe submitted their bids - believed to be in the region of £4.5bn - before the closing date.

Although both opening offers fell short of the Glazers's £6bn asking price, both investors progressed through to the second round of the takeover process and held talks with senior Man United officials last week.

Radcliffe himself was present with his team at Old Trafford last Friday, while Sheikh Jassim sent his delegates to the red side of Manchester to hold discussions a day earlier.

Interested parties were informed that a 9pm deadline on Wednesday would be set for Man United to receive new takeover offers.

Although recent reports suggested that Sheikh Jassim would not be prepared to 'overpay' for the Red Devils, it emerged on Wednesday evening - a few hours before the deadline - that the Qatari investor had tabled an improved, debt-free world-record bid.

Radcliffe is also claimed to have submitted an improved offer, but according to Sky Sports News chief reporter Kaveh Solhekol, both bids have not been received by Raine Group, who are overseeing United's takeover process.

Solhekol claims that "many proposals" to buy the Red Devils have been received by Raine Group before the deadline, but not from either Sheikh Jassim or Ratcliffe.

Sheikh Jassim is said to have not tabled an offer before the deadline as his Qatari investment group was offered an extension which was also granted to other interested parties.

Solhekol adds that Sheikh Jassim was ready to table his world-record bid and did not need any extra time, but he has decided to take the extension, as has Ratcliffe.

It is understood that up to eight bids were sent to Raine Group on Wednesday night, but not all of them intend to purchase Man United outright.

The Glazers and Raine Group are now set to evaluate the offers received and a decision could be made at some stage next week.

American football franchise Denvor Broncos became the most expensive sports club in history when they were sold for £3.75bn last summer, but that will likely be surpassed should the Glazers agree to sell Man United.