The chairman of Qatar Islamic Bank, Sheikh Jassim Bin Hamad Al Thani, has submitted an increased fourth bid to buy Manchester United.
Sheikh Jassim's renewed offer, believed to be close to £5 billion but shy of the Glazer family's £6 billion valuation, was submitted to the Raine Group, the New York-based investment bank overseeing the sale of the club, on Tuesday morning.
The third and final round of bidding concluded on April 28 but, with reports last week claiming a revised offer from Sir Jim Ratcliffe and INEOS had put them in pole position to acquire United, Sheikh Jassim has moved again.
Sheikh Jassim believes his bid is a very competitive one which brings huge benefits to Manchester United, including clearing nearly £1 billion worth of club debt and a separate fund to redevelop Old Trafford, the surrounding area and the club's Carrington training ground.
INEOS values United at a higher price than Sheik Jassim's bid but it is not for the whole club and would give the Glazers the opportunity to keep a 20 per cent stake.
United's share price closed down to $18.80 on the NYSE on Tuesday, giving the club a market cap of $3.09 billion (£2.47 billion).