Ahead of the bidding deadline set for Friday, it has been reported by the Telegraph that Saudi Arabia has formally submitted a bid to buy the Premier League football club Manchester United PLC.
In what could turn into a bidding war for the club with one of the richest legacies in English football, the report further said that several private groups in Riyadh have made formal inquiries.
British billionaire Jim Ratcliffe, a life-long supporter of the club and founder of chemicals firm INEOS, is a likely bidder, along with US private equity firms, sources told Reuters.
As per another report by Bloomberg News, Qatari Royals are readying an opening bid of approximately 5 billion pounds.
The Bloomberg report said a consortium including Hamad bin Jassim bin Jaber Al Thani, the country's former prime minister and ex-head of the Qatar Investment Authority, is putting the final touches on a proposal to acquire the club.
A deal for the record 13-times English Premier League winners will likely exceed the biggest sports deal so far, the $5.2 billion - including debt and investments - paid for Chelsea, the sources added.
Manchester United, which is listed in the US with a market capitalization of over $4 billion, is fourth on the list of world's richest football clubs, as per a Deloitte analysis.
(With agency inputs)
