Manchester United takeover latest as Sir Jim Ratcliffe 'closing in on purchase'

Manchester United's current owners the Glazers look to be edging towards making a decision on the future of the club.

Reports suggest Sir Jim Ratcliffe is the preferred bidder among the current ownership. It is understood if the INEOS owner was successful with his bid, he would keep Joel and Avram Glazer at the club in the form of minority stakeholders.

Other key personnel in the boardroom would reportedly depart though, including chief executive Richard Arnold. Sheikh Jassim bin Hamad Al Thani remains in the process and is hopeful of performing a full takeover of the club.

ALSO READ: United share price drops amid Ratcliffe interest

MEN Sport has kept across the latest takeover news here and below are the headlines.

Sir Jim Ratcliffe has moved a significant step closer to securing Manchester United with the Glazers and their New York bankers ready to discuss details of a sale with the British petrochemicals billionaire, according to The Times.

Sources close to the deal have indicated that the Glazers and The Raine Group are now willing to enter final talks with Ratcliffe and his team at INEOS to thrash out the world-record deal.

Ratcliffe moved ahead in the contest with a Qatari group, fronted by Sheikh Jassim bin Hamad Al Thani, and other rival bidders when his final offer represented the highest valuation — it could reach as much as £6 billion — for the Premier League club.

Manchester United legend Peter Schmeichel has named Old Trafford, Carrington and the transfer budget as the prospective new owners' top priorities should they takeover.

This week has seen reports indicate INEOS' Sir Jim Ratcliffe is the Glazers' preferred bidder for United. It is understood Ratcliffe would undergo a clear out of the boardroom