Sir Jim Ratcliffe 'submits' official Manchester United takeover bid

British billionaire Sir Jim Ratcliffe has submitted an official bid to purchase Manchester United, according to a report by The Telegraph.

Reports of Ratcliffe submitting his offer to the Raine Group, who are handling the sale on behalf of the Glazers, arrived just hours after it was confirmed that Qatari banker Sheikh Jassim bin Hamad Al Thani had tabled his offer. The 'soft deadline' for interested parties to submit their bids was at 10pm on Friday night.

The Ratcliffe camp responded to Al Thani's offer by releasing confirmation of his own bid – reportedly telling the US-based Glazer family, who put United on the market back in November, that he wants to "put the Manchester back into Manchester United". Ratcliffe was born in Greater Manchester and has been one of the leading runners to buy the club in recent months.

READ MORE: Who is Sheikh Jassim bin Hamad Al Thani? The man behind the Qatari bid

It is reported that Ratcliffe, who is the owner of chemical giant Ineos, as well as French club OGC Nice, can be the 'long-term custodian for the club' after receiving Wall Street backing. Ratcliffe is a boyhood United supporter and confirmed he would be entering the bidding race last month.

A source close to Ineos told The Telegraph: "His aim is to be a long-term custodian of Manchester United and set the standard for a progressive approach to club ownership. As locally born, he wants to put the Manchester back into Manchester United."

At this stage, MEN Sport understands that current bids are only indicative and once bidders reach the next stage of the process they will enter a 'data room' where potential purchasers will be able to see the relevant financial information. This is the point where everyone will have to