Update on Man Utd takeover as Jim Ratcliffe submits new 'world record bid' to rival Qatar

Sir Jim Ratcliffe will submit a second bid to buy Manchester United from the Glazer family before tonight's (Wednesday) deadline at 9pm. The British billionaire's INEOS Group is set to try to beat leading Qatari banker Sheikh Jassim bin Hamad Al Thani in their takeover bid.

According to Ratcliffe's INEOS Group, they will join Sheikh Jassim in making a second improved offer for United after the two sent in indicative offers ahead of the first deadline on February 17.

After confirming its first offer, INEOS, the petrochemical company owned by Ratcliffe, said it wanted to make the club a "beacon for a modern, progressive and fan-centric approach to ownership".

"We would see our role as Manchester United's long-term caretakers on behalf of the fans and the wider community," a statement added.

"We are ambitious and very competitive and would like to invest in Manchester United to make them the number one club in the world again. We also recognize that the governance of football in this country is at a crossroads.

"We would like to help lead this next chapter, deepening the culture of English football by making the club a beacon for a modern, progressive and fan-centric approach to ownership.

"We want a Manchester United rooted in their proud history and roots in the North West of England, putting Manchester United back in Manchester United and with a clear focus on winning the Champions League."

Ratcliffe and his INEOS entourage reportedly impressed United figures when they visited Old Trafford and Carrington on Friday. He and Sheikh Jassim's delegation had "positive discussions" about a potential sale, with at least six other interested parties over a 10-day period.

However, in a subsequent interview with The Wall Street Journal, the 70-year-old insisted he would not pay a "dumb price" to inherit control of the Glazers.