Manchester United’s potential sale took another step forward as British billionaire Jim Ratcliffe submitted a second bid for the soccer club on Thursday.
Sporting Tribune reports that Ratcliffe had earlier warned that he wasn’t going to pay stupid price for the Red Devils.
American merchant bank Raine allowed bidders more time to improve their proposals by extending the deadline for the latest round of offers for the Premier League team.
“Sir Jim Ratcliffe and INEOS can confirm we have submitted a revised bid,” INEOS said in a statement.
Ratcliffe, one of the richest people in Britain and a lifelong United fan, is vying with Sheikh Jassim bin Hamad Al Thani to take control of the 20-time English league champions.
The Glazer family, who have owned the club since 2005, announced in November that they were exploring strategic alternatives, including the possibility of a full sale. Raine is managing the potential sale, following its brokering of the deal that saw Todd Boehly and Clearlake Capital buy Chelsea for around $3 billion last year.
It is expected that Manchester United will become the most expensive sports team in history, with the price predicted to be as high as $6 billion.
The Denver Broncos, previously the most expensive team, were sold last year for a record $4.65 billion to Walmart heir Rob Walton and his daughter and son-in-law.
Sheikh Jassim, the chairman of Qatar Islamic Bank and son of a former prime minister, plans to buy the club in its entirety, whereas Ratcliffe’s bid is for the Glazers’ 69% share.
American investment firm Elliott Management has also emerged as a bidder, offering a minority stake.
Finnish entrepreneur Thomas Zilliacus has also expressed his interest in the club, intending to fund 50% of the purchase and asking fans to provide the remaining funds in a shared ownership scheme.