Manchester United extend deadline for Ratcliffe and Sheikh Jassim to submit new bids

Manchester United have granted extensions to British billionaire and Qatari banker Sheikh Jassim bin Hamad Al Thani to submit fresh bids for the 20-time English champions.

Both parties were expected to increase their initial offers after the submission deadline of 9pm GMT (1am UAE) was extended by merchant bank Raine, which is assisting with the sale of the club, following confusion over the timing, British media reported.

Neither Manchester United or Raine have given a new deadline for the increased offers.

It is believed United's owners, the Glazer family, value the club at £6 billion ($7.3 billion) which, should it be met, would be a world record for a sports club.

Though no details have been released of any bids, it is believed that Ratcliffe's and Sheikh Jassim's bids fell short of the Glazers' valuation.

Sheikh Jassim's bid for 100 per cent control of the club promises to wipe United's $620 million debt and invest in a new stadium and training ground, in addition to backing for the men's and women's teams.

A source close to Sheikh Jassim's bid told AFP he remains confident his bid is "the best for the club, fans and local community."

Sheikh Jassim bin Hamad Al Thani. AFP

Ineos chief executive Ratcliffe, 70, said in a recent interview with the Wall Street Journal that he would not pay a "stupid" price in a bidding war for one of football's most famous clubs.

Ratcliffe's initial bid was to acquire the 69 percent stake owned by the Glazer family. The boyhood United fan said his interest in buying United would be "purely in winning things".

The Glazers have been massively unpopular with United fans since their leveraged £790m takeover in 2005. There have been several large-scale protests against their ownership.

Howe