By Sam Boughedda
Sir Jim Ratcliffe, the British billionaire and founder, chairman, and chief executive officer of INEOS, is set to bid more than £5B (£1 = $1.2319) for Manchester United Ltd (NYSE:MANU), according to a report by the Financial Times on Wednesday.
The entrepreneur is competing with Qatari sheikh Jassim bin Hamad Al-Thani to acquire the Premier League giant. The news of Ratcliffe's potential bid follows reports on Tuesday that the club is set to receive a "world record bid" from Bin Hamad Al Thani.
The bidders are set to submit improved bids to the Glazer family, which controls the club, ahead of Wednesday's 21:00 GMT deadline.
The Financial Times said, according to two people briefed on the plan, Ratcliffe's more than £5B bid includes debt and represents a record purchase price for a sports team.
According to recent reports, Ineos is aiming to acquire the Glazer shareholding of around 69% of the club, but the Qatar bid is targeting 100% of the club.
BBC Sport said on Wednesday that it learned United officials had met eight potential investors over 10 days of high-level meetings recently. Those potential suitors included Ratcliffe and Sheikh Jassim's representatives.