Manchester United owners the Glazers have told prospective buyers they have 10 days to submit improved offers for the club.
The Glazers put United up for sale in November and have received offers from INEOS chief Sir Jim Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani. Neither of those bids are thought to have come close to the Glazers' valuation of the club.
Representatives of Sheikh Jassim, who wants to buy 100 per cent of the club, will attend Old Trafford on Thursday to watch a presentation on the takeover process. Ratcliffe, who wants to buy just the Glazers shares (69 per cent), will do the same the next day.
The two leading candidates to complete a takeover of United will meet members of staff, as well as complete tours of Old Trafford and their Carrington training ground during their visits to Manchester. This will help them assess how much investment is required.
Mirror Football understands the Glazers want at least £5billion for their shares. The successful bidder will also need to commit at least another £1.5billion to redevelop Old Trafford and Carrington. They will also inherit the club's debt, which stands at £515million.
If Sheikh Jassim and Ratcliffe are not put off from buying United, they will then need to submit a second bid to the Raine Group - the US bank who are overseeing the process on behalf of the Glazers. The Daily Mail claims they will have 10 days to do this.
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If either of those bids meet the Glazers' strict criteria, Raine will consult with United's current owners and name a preferred bidder. The chosen one will then be able to take a closer look at United's accounts and negotiate a deal with the Glazers.
It is believed Sheikh Jassim will not attend the presentation and will send his representatives from London instead. Monaco-based Ratcliffe will attend the meeting.
Other bidders are in the frame, but only Sheikh Jassim and Ratcliffe have gone public with their desire to buy United. There is a good chance that some of these bidders will be interested in buying a minority share in the club, with the Glazers staying onboard.
The six Glazer siblings - Avram, Joel, Kevin, Bryan, Edward and Darcie - did not promise to leave Old Trafford when they put United up for sale. They insisted they would consider a number of strategic options - "including new investment into the club".
The siblings are said to be divided on selling United. Avram and Joel have the strongest connection with the club and could remain in position, with the other siblings selling their shares to a minority investor. Avram and Joel could also buy some of those shares.
Bringing a new investor to work alongside Avram and Joel would suit the Glazers. That would provide them with the necessary funds to redevelop Old Trafford and Carrington, plus it would boost Erik ten Hag's budget. Right now, nothing is off the table.
