Private groups from Saudi Arabia have reportedly entered a bidding war with Qatari investors and Sir Jim Ratcliffe to buy Manchester United.
The Red Devils are currently owned by the Glazer family, who bought the club back in 2005, but a statement released towards the end of last year revealed that they plan to explore "strategic alternatives" that could lead to a possible sale of the club.
A statement read: "Manchester United plc (NYSE:MANU), one of the most successful and historic sports clubs in the world, announces today that the Company's Board of Directors (the "Board") is commencing a process to explore strategic alternatives for the club.
"The process is designed to enhance the club's future growth, with the ultimate goal of positioning the club to capitalize on opportunities both on the pitch and commercially.
"As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company."
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The sale of Man United has allegedly attracted 'considerable interest' from a host of potential buyers in the USA, the Middle East and Asia, including Qatari-based investors who are linked with the country's royal family.
A recent report claims that the Qatari investors are planning to table a big-money offer to purchase Man United and they are confident that their bid 'will blow the competition out of the water'.
Meanwhile, Manchester-born billionaire and INEOS owner Ratcliffe, a boyhood supporter of the Red Devils, publicly expressed his interest in buying the club at the beginning of this year, while Tesla and Twitter owner Elon Musk has been linked with a potential takeover bid.
Now, The Telegraph reports that multiple private groups in Riyadh have made formal inquiries to buy Man United.
The report adds that detailed offers have been received by the Glazers, who are keeping their options open ahead of Friday's deadline.
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In addition, Saudi Arabian groups are said to have previously explored the possibility of completing a full takeover of Man United on two occasions, but their pursuits failed to materialise as the Glazers were only willing to sell a mere 20% stake in the club.
It is understood that a state-backed Saudi bid similar to the purchase of Newcastle United last year is unlikely to take place at Old Trafford.
Investment bank The Raine Group are Man United's exclusive financial advisor who will oversee a potential sale of the club, and have informed potential bidders that they must formally submit their interest and proof of funding before the February 17 deadline.
The Glazers are believed to be looking to sell Man United for around £5bn, a figure considerably higher than the New York Stock Exchange's valuation of £2.9bn ($3.47bn).
Erik ten Hag's side, who drew 2-2 with Barcelona in their first leg of their Europa League playoff on Thursday, currently sit third in the Premier League table, and will soon prepare for the EFL Cup final against Newcastle United at the end of this month.
Oliver Thomas
