What happens next in Manchester United takeover process after bids confirmed

Qatari banker Sheikh Jassim bin Hamad Al Thani and British billionaire Sir Jim Ratcliffe launched bids to try and complete a takeover of Manchester United on Friday.

Al Thani, who is the chairman of one of Qatar's biggest banks - Qatar Islamic Bank - announced shortly after 8pm that he had tabled a bid to try and complete a big-money takeover of the club. Ratcliffe and his Ineos group responded by submitting an offer of their own ahead of the 10pm deadline set by the Raine Group, who are overseeing the sale of the club on behalf of the Glazer family, though they have not released an official statement as of yet.

Ratcliffe confirmed that he had entered the bidding race to purchase United last month and he is expected to be Al Thani's main rival in the battle to gain full control at Old Trafford. The Greater Manchester-born 70-year-old was among the bidders trying to buy Chelsea last year.

READ MORE: Who is Sheikh Jassim bin Hamad Al Thani? Qatari banker behind United offer

Earlier on Friday evening, a statement confirming Al Thani's offer read: "Sheikh Jassim Bin Hamad Al Thani today confirmed his submission of a bid for 100 per cent of Manchester United Football Club.

"The bid plans to return the Club to its former glories both on and off the pitch, and — above all — will seek to place the fans at the heart of Manchester United Football Club once more.

"The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the Club supports.

"The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the