Sir Jim Ratcliffe has emerged as the frontrunner in the race to acquire Manchester United ahead of Qatar's Sheikh Jassim bin Hamad Al Thani, according to a report.
Both Ratcliffe and Sheikh Jassim have submitted multiple bids for United since the club's owners, the Glazer family, announced they were seeking "strategic alternatives" last November.
However, the British billionaire’s recently revised offer has given him the edge over his rival, Bloomberg reported.
The chairman of chemicals company Ineos Group is in talks with the Glazers and their advisers over the structure of a deal, Bloomberg said, citing sources with knowledge of the matter.
The report said Ratcliffe could make an offer for some of the shares held by both the Glazers and minority investors in Manchester United. Ratcliffe may end up with an initial stake of roughly 25 per cent in a deal that could value the club at more than £5 billion ($6.1 billion).
In June the club predicted record annual revenue for the 2022/23 season, raising doubts about whether the Glazers would sell.
United said it was expecting revenue to reach between £630 million and £640 million for its fiscal year 2023. Previous guidance was between £590 million to £610 million.
The record revenue could make the Glazers less keen to pursue a total exit from the club, suggesting Ratcliffe could gain the edge in negotiations over his Qatari rival.
The consortium led by Sheikh Jassim submitted its fifth and final bid on June 7. Multiple reports put the offer at between £5 billion and £5.5 billion for 100 per cent of the club.
Glazer ownership of Manchester United - in pictures
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Fans outside Old Trafford show their feelings towards Malcolm Glazer's bid to purchase Manchester United in May 2005. All photos: Getty Images -
Manchester United director Bobby Charlton, left, speaks with Joel, Avram and Byran Glazer, sons of new Manchester United owner Malcolm Glazer and new members of the board of directors, at Old Trafford in June 2005 after the family completed their takeover -
Bryan Glazer chats with Manchester United manager Sir Alex Ferguson in June 2005 during a pre-season tour of China -
Joel Glazer, Avram Glazer and Bryan Glazer at Old Trafford to watch a match in August 2005 -
The early years of the Glazer family ownership saw Manchester United win a number of trophies, including the UEFA Champions League in May 2008, after defeating Chelsea in Moscow -
Cristiano Ronaldo lifts the Premier League trophy at Old Trafford in 2009 -
Manchester United fans make their feelings toward club owner Malcolm Glazer known during a Premier League match between Aston Villa and Manchester United at Villa Park in 2010 -
Sir Alex Ferguson speaks with Avram, Bryan and Joel Glazer during a training session prior to the UEFA Champions League final against Barcelona at Wembley Stadium in 2011 -
A trader wearing a Manchester United shirt speaks with Avram and Joel Glazer at the New York Stock Exchange in 2012 -
Sir Alex Ferguson is applauded by players after his 1,500th and final match in charge of the club in 2013. Manchester United were crowned Premier League champions as Ferguson retired, but have not won the league since -
David Moyes was selected to take over from Sir Alex Ferguson as manager in 2013, but was sacked in April 2014 after only 10 months in charge -
David Moyes was followed by Dutch manager Louis van Gaal, pictured here speaking with Avram Glazer, however he too was fired in May 2016 after winning the FA Cup -
The next manager through the door at Manchester United was Jose Mourinho in May 2016. He won the Europa League (above), the League Cup, and the Community Shield as manager but was dismissed in December 2018 after a poor start to the season -
Manchester United chief executive Ed Woodward speaks to Avram Glazer in 2019 -
Former Manchester United player Ole Gunnar Solskjaer, posing above with Avram Glazer, was brought in as caretaker manager following Mourinho's sacking. After a bright start he was given the role on a permanent basis, before being sacked himself in November 2021 -
A plane trailing a banner that reads "2bn Stolen Glazers Out" is flown over the stadium prior to the Premier League match between Leeds United and Manchester United in April 2021 -
Fans protesting against the Glazer's ownership are seen outside Old Trafford prior to a Premier League match against Liverpool in May 2021 -
More anti-Glazer protests take place prior to another Premier League match against Liverpool in August 2022 -
Dutchman Erik ten Hag was brought in as manager in April 2022, winning the League Cup, above, in his first season -
Potential buyer Sir Jim Ratcliffe tours Old Trafford in March, after the Glazer family announced in November 2022 that they were conducting a strategic review, with the sale of United one option being considered -
An anti Glazer banner is hung by Manchester United fans during a Premier League match in April
The Premier League club is widely seen as one of the most prized assets in all of sport. A $6 billion takeover would make it one of the biggest sports deals ever, following the similarly-sized sale of the National Football League's Washington Commanders earlier this year.
Deliberations are ongoing and there’s no certainty they will result in a transaction. While the Glazer family is believed to be close to finding a palatable deal, the situation remains fluid, and the Qatari group could still increase its bid, the Bloomberg report said.
Shares in Manchester United have risen 55 per cent in New York over the past 12 months, giving the club a market vale of about $3.3 billion.
Manchester United are the fourth-richest football club in the world, according to analysis by Deloitte.
The late Malcolm Glazer bought Manchester United in a 2005 leveraged buyout that saddled it with massive debts, and the family has faced distrust from supporters ever since.
While this was mitigated in the early years of their ownership as the team continued to win trophies under storied manager Alex Ferguson, resentment has grown steadily after the Scottish coach’s retirement in 2013.
United finished third in the Premier League in 2022/23, securing a lucrative return to the Uefa Champions League. United also won the League Cup and reached the final of the FA Cup before losing to crosstown rivals Manchester City.
They sit 10th in the Premier League table this season with 12 points from eight games.
