Manchester United takeover: Sir Jim Ratcliffe and Ineos submit improved bid

Sir Jim Ratcliffe and Ineos have submitted a revised bid for Manchester United.

The move comes after Ineos was granted an extension beyond Wednesday night’s deadline, as the bidding process for what will likely become a world record deal hots up.

After an initial offer in the region of £4 billion, one of the front-runners to succeed the Glazer family has tabled a fresh bid.

A statement from an Ineos spokesperson read: "Sir Jim Ratcliffe and Ineos can confirm we have submitted a revised bid."

The Independent has reported that Qatari banker Sheikh Jassim Bin Hamad Al Thani is also prepared to up his bid for the Old Trafford club.

Both parties - which are the only groups to publicly declare their interest - visited Manchester United for meetings last week.

Bids will be handled by the Raine group, but it is understood the Glazer family are split over whether they want to sell the club or retain minority ownership.

While the Qatar and Ineos bids are on the table, a third option would be raising funds through minority investors for renewed investment into the club.

The Glazers would want a record £6bn for the club if they decide to sell - a fee The Independent understands the Qatar group are prepared to match.

Ineos has the funds to compete with the Qatar bid but it has been reported Ratcliffe has held concerns over the price rising too high.

More to follow...