Two parties are in contention to buy Manchester United

Sky News have reported that Sir Jim Ratcliffe’s firm INEOS has made a formal bid to buy Manchester United.

This follows the recent confirmation by the chairman of Qatar Islamic Bank (QIB) that he had also submitted a bid to buy the club.

Sheikh Jassim Bin Hamad Al Thani, who is overseeing the Qatari bid “confirmed a submission for a bid for 100% of Manchester United Football Club”.

Manchester United are currently owned by The Glazer Family, who also own The Tampa Bucaneers.  The Glazer Family put the club up for sale recently after owning the club for 17 years.

A source described Sir Jim’s bid as a “British bid to make the club a beacon for a modern, progressive, fan-centred approach to ownership.”

Ratcliffe, who is one of Britain’s richest people, is a lifelong Manchester United fan and has made no secret of his interest in owning the club.

Ratcliffe also owns cycling team Ineos Grenadiers, Ligue 1 side Nice, and FC Lausanne-Sport, who are a Swiss Super League club.

The Glazer family set a “soft” deadline of Friday at 10pm for any bids.

Forbes reported that Manchester United’s share price climbed by 10% following news of the bids.