Sir Jim Ratcliffe submitted a second bid for the takeover of Manchester United on Thursday afternoon after having requests for an extension on the original deadline granted by the Raine Group.
Current owners the Glazer family had set a second deadline of 9pm on Wednesday evening in which prospective suitors had to table an offer by, having set an initial soft deadline back in February. Ratcliffe and Sheikh Jassim bin Hamad Al Thani were thought to have both submitted offers by that deadline, although late-night reports that neither were received caused concern.
Both parties, believed to be the two front-runners, asked for an extension of the deadline which was subsequently granted by Raine Group, the merchant bank overseeing the sale process on behalf of the Glazers. And now INEOS owner Ratcliffe has tabled a second offer, thought to be an improvement on the initial proposal of around £4billion.
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A statement from an INEOS spokesperson sent to MEN Sport read: "Sir Jim Ratcliffe and INEOS can confirm we have submitted a revised bid."
Sheikh Jassim is also expected to table a new and improved offer imminently, after seeking a similar extension to that of Ratcliffe.
United officials met with several potential investors over a 10-day period in recent weeks, and a number of offers were sent over the Raine Group in New York within the original time frame yesterday. Those offers are expected to consist partly of minority stake offers, while Ratcliffe's bid is for the 69% shareholding of the Glazers and Sheikh Jassim's is expected to be a world-record bid for a 100% takeover.
Following the submission of all second-phase bids, Raine Group are expected to decide on a preferred bidder for the current owner's considerations. That preferred candidate will also be given access to confidential financial information as part of their own due diligence.
The Glazers may still decide to retain their control of the club, should no offers meet their demands. The continued success of United under Erik ten Hag this season may convince the American family - Joel and Avram Glazer in particular - to instead look to sell a minority stake in the club to the likes of Elliott Investment Management, the US hedge fund.
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