Where Manchester United takeover currently stands as Thomas Zilliacus' proposal assessed

It was described by one industry source as a "circus" and another as a "soap opera" and only added to the feeling that things rarely run smoothly where Manchester United are concerned.

The 9pm Wednesday deadline for second bids to buy the club passed with suggestions that the Qatari bidders and Sir Jim Ratcliffe's INEOS group had tabled new offers, only for that idea to be swiftly debunked and the deadline extended.

New bids are still expected to be forthcoming but it only added to the intrigue and the uncertainty which has surrounded this process since the Glazers went public with their intention to sell - or seek new investment - in November.

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The extension has potentially bought two more interested parties to the table on Thursday. But the proposal from Finnish businessman Thomas Zilliacus is clearly ambitious based on the sums he has put forward. Zilliacus has based his calculations on the club's market value of $3.9bn (£3.1bn), which is significantly below the asking price. Even at that price, he is asking for 650 million United fans to contribute $3 each, which looks extremely unlikely.

It has also been reported that Elliott Investment Management have submitted an offer for a minority stake in the club before Wednesday's deadline. It is understood they have privately distanced themselves from reports they could offer funding to Joel and Avram Glazer to buy out their four siblings.

One source described the decision to extend the deadline as Raine effectively "hustling" for the Glazers, who have set a £6bn asking price for United. It was expected that second bids would still fall below that figure.

Representatives of the Sheikh Jassim