Qatari banker Sheikh Jassim bin Hamad Al Thani and British billionaire Sir Jim Ratcliffe launched bids to try and complete a takeover of Manchester United on Friday.
Al Thani, who is the chairman of one of Qatar's biggest banks - Qatar Islamic Bank - announced shortly after 8pm that he had tabled a bid to try and complete a big-money takeover of the club. Ratcliffe and his Ineos group responded by submitting an offer of their own ahead of the 10pm deadline set by the Raine Group, who are overseeing the sale of the club on behalf of the Glazer family, though they have not released an official statement as of yet.
Ratcliffe confirmed that he had entered the bidding race to purchase United last month and he is expected to be Al Thani's main rival in the battle to gain full control at Old Trafford. The Greater Manchester-born 70-year-old was among the bidders trying to buy Chelsea last year.
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Earlier on Friday evening, a statement confirming Al Thani's offer read: "Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club.
"The bid plans to return the Club to its former glories both on and off the pitch, and — above all — will seek to place the fans at the heart of Manchester United Football Club once more.
"The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the Club supports.
"The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world. More details of the bid will be released, when appropriate, if and when the bid process develops."
Though other investors and interested parties are yet to come forward and confirm whether they submitted an official proposal, it looks as though Al Thani and Ratcliffe are the main competitors. But what happens now that we have passed the 'soft deadline'?
Below, MEN Sport has taken a close look at the key steps and what happens next:
What has happened so far?
At the time of writing, the two confirmed bidders in the quest to complete a takeover of United are Al Thani and Ratcliffe. They are the main competitors looking to secure full control and tabled proposals in advance of Friday's 10pm 'soft deadline'.
It is yet to be confirmed who else submitted a proposal ahead of the cut-off point, meaning more parties could still come forward and confirm that they are also in the running.
What is the next stage of the process?
Now that Al Thani and Ratcliffe, plus any other prospective owners who are yet to make their interest public, have submitted their interest, they will move to the second phase of the process to try and complete a full takeover. MEN Sport understands that the bids submitted on Friday were only indicative.
That means that those who have registered interest will now enter a 'data room' where they will be able to see the relevant financial information concerning the club. This is the point where everyone will have to submit their formal bids, once they understand the value of assets and debts and other key financial details.
At this stage of the process, it is also highly unlikely that United or the Raine Group will issue an official statement to confirm who is in the running to buy the club. United are not expected to make any comment until an official agreement with the chosen prospective buyer is confirmed.
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