Today is set to be another pivotal day in the Manchester United takeover.
By 9pm GMT (5pm ET; 2pm PT), it is expected that Raine, the investment bank overseeing the bidding process on behalf of the Glazer family, will have received formal offers from interested parties as part of 'stage two'. Petrochemicals company INEOS, fronted by owner Sir Jim Ratcliffe, and Sheikh Jassim bin Hamad Al Thani's Nine Two Foundation are expected to formalise February's indicative proposals after meeting with United executives last week.
Other bids could also be forthcoming, with American hedge fund Elliot known to have visited Old Trafford this month while Ares are another investment management company who refused to comment about any involvement in the process. Here's the current state of play.
FOLLOW LIVE: United takeover bid deadline day
What is Wednesday's deadline?
Raine has asked parties to formalise their interest into official offers by the close of business in New York at 5pm local time. That is an hour after the New York Stock Exchange closes for the day, which United's shares are listed on.
Who is due to bid?
INEOS and the Nine Two Foundation are set to table second offers, having conducted due diligence to ascertain what they value the football club at last week. Elliott has also already bid before, enabling them to advance to 'stage two' and hold discussions with United executives at Old Trafford, albeit they are only interested in a stake rather than an outright takeover.
Who else is interested?
Several other US-based investment organisations are interested in acquiring a minority stake or providing financing options to other parties, according to various reports. Ares, MSD Partners and Oaktree Capital are three named as keen on involving themselves in the process.
What comes next?
Raine and the Glazers will first evaluate any new bids that arrive; Sky Sports claim it will take around a week to do so before continuing the process. From there, a preferred bidder could be named and begin an exclusivity period, or another round of bidding could take place to drive the price higher.
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