(Football news) Manchester United have received a revised takeover bid from Sir Jim Ratcliffe and INEOS after receiving an extension on Wednesday’s deadline by the Raine Group. Qatar’s Sheikh Jassim and Sir Jim Ratcliffe were given additional time to submit their bids while US hedge fund Elliott Management made an offer for a minority stake at the club. The firm has also offered financing options for other interested parties who wish to invest in Manchester United.

Reports have emerged that Sheikh Jassim will submit a world record bid for Manchester United and has the funds in place for a 100% debt free takeover. The first bids are rumoured to be in the region of £4.5bn while the Glazers are expecting a £6bn bid to convince them to sell. It’s understood that 8 bids were made on Wednesday but not all of them were to buy the club outright. The Raine Group and the Glazers are expected to take a week to assess the bids and decide the possible course of action for the future.

Ratcliffe and INEOS have been described as sophisticated and impressive after their meetings with Manchester United’s representatives and talks between the two parties lasted about six hours. The 70 year old said in an interview with the Wall Street Journal that he won’t pay a stupid price for the club but considers the Red Devils to be a community asset. As for the Qatari delegation, they could potentially overpay for Manchester United after visiting the facilities. Any bid over £3.75bn could break the world record fee for the Denver Broncos when the team was sold last year.

Also read: Sheikh Jassim and Sir Jim Ratcliffe get extensions for Manchester United takeover bid