Sheikh Jassim Bin Hamad Al Thani, a Qatari banker, made a second attempt to acquire Manchester United on Wednesday, escalating the buying war.
The 20-time English champions are expected to receive a second offer from British billionaire Jim Ratcliffe.
The merchant bank Raine, which was brought in to help sell the club, had given interested parties until 2100 GMT on Wednesday to make an offer.
However, according to reports, the deadline has been postponed to allow proposals to be refined.
The Glazer family, who own United, are said to have established a sports club’s record-breaking valuation of £6 billion ($7.3 billion).
In addition to providing financial support for the men’s and women’s teams, Sheikh Jassim’s bid for full control of the club promises to pay off United’s $620 million debt and invest in a new stadium and training facility.
Sheikh Jassim still believes that his bid is “the best for the club, fans, and local community,” according to a close source.
Ratcliffe, the founder of the INEOS chemical company and a former Manchester United supporter, has been more circumspect in his evaluation, insisting that he will not pay a “stupid” price in a bid war for one of football’s most storied clubs.
“How is the cost of a painting determined? How is the cost of a house determined? Ratcliffe stated this week to the Wall Street Journal that “it’s not related to how much it cost to build or paint.”
“What you don’t want to do is pay ridiculous prices for things, which will make you regret it later,”
Ratcliffe, who wants the Glazer family’s 69% stake, described United as a “community asset” and stated that his interest would be “purely in winning things.”
Since they put the club in debt in a £790 million leveraged takeover in 2005, the Glazers, who are deeply unpopular with fans, appeared ready to cash out at a huge profit when they invited outside investment in November.
However, they may choose not to sell a controlling stake in the club in the event that other parties are interested in a minority stake.
It was estimated that the first bids from the first round of bidding last month were worth approximately £4.5 billion.
A consortium led by LA Dodgers co-owner Todd Boehly and private equity firm Clearlake Capital paid £2.5 billion for Chelsea last year, breaking the Premier League record. An additional £1.75 billion was promised for infrastructure and player investments.
Bidders are supposed to hear from United one week from now, with one more round of offering still in play.
It is possible to choose to enter a period of exclusivity if one bid is significantly ahead of the others. This would allow for additional negotiation before a final sale.