British billionaire Sir Jim Ratcliffe remains the favoured candidate to complete a £5 billion takeover of Manchester United, despite an improved offer from Qatari businessman Qatari businessman Sheikh Jassim bin Hamad al Thani.
A meeting of Manchester United's board last week decided not to enter exclusive negotiations with either of the leading parties, leaving the possibility of either emerging triumphant open.
In drama to rival HBO series Succession, the protracted process is now entering its fourth month, with an announcement not looking likely anytime soon.
However, Sky Sports reports that Ineos, the company owned by Ratcliffe, is the "leading" bidder.
This comes despite an improved offer apparently submitted by Nine Two Foundation – Sheikh Jassim's organisation – earlier this month.
That itself followed a third round of bids being put forward at the end of April. These were required to involve more detail around funding arrangements.
The main difference between the two bids so far is that Ratcliffe proposes to buy a majority stake, which would leave some involvement from current owners the Glazers, while Sheikh Jassim plans to buy the club outright.
This has caused some tension among United fans. The Glazers have struggled for popularity among the fanbase, and many would prefer to see them go, rather than stay on in any capacity.
Ratcliffe's Ineos already has a considerable sports portfolio, including ownership of French side Nice. Former colleagues of Ratcliffe recently spoke to FourFourTwo about what to expect from the Monaco-based businessman.
With no sign of completion, stories have begun to emerge that Sheikh Jassim will have to consider other options.
United's lengthy auction process stands in stark contrast to the swift takeover Chelsea saw last summer when Todd Boehly became the new owner. Although that was followed by an enormous spending spree, Chelsea have suffered a torrid season, and will begin a new rebuild with the confirmation that Mauricio Pochettino will become the new manager this summer.
The boardroom drama is not the only thing linking Manchester United to Succession: FourFourTwo uncovered that defender Phil Jones actually had a cameo on the hit American series.
