Sheikh Jassim update given as 'leading candidate' to buy Man Utd named after board meeting

Sheikh Jassim is still waiting to hear back from the Glazer family over the status of his fourth bid for Manchester United, according to a new report.

The Qatari businessman has launched all four offers for United through his Nine Two Foundation, with Ben Jacobs claiming his latest proposal is worth £5.6 billion.

If a sale goes through to Sheikh Jassim, it would be a world record sale for any sports team - eclipsing the £4.25 billion that a consortium co-led by Todd Boehly paid to acquire Chelsea last year.

His main rival appears to be the joint proposal by British billionaire Sir Jim Ratcliffe and petrochemicals company INEOS. INEOS also hold an equal one-third stake in the Mercedes F1 team, and own Ligue 1 club Nice.

The two proposals are different. Ratcliffe, as per Sky News, has offered a majority takeover that would contain 'put-and-call' clauses to force the Glazers to sell their remaining shares at a later date. Sheikh Jassim, meanwhile, is said to only want a full takeover of United.

Now, the latest update has been released on the takeover process.

Man Utd takeover update given

According to The Guardian's Jamie Jackson, Sheikh Jassim has not heard back from the Glazers in regards to his fourth and most recent bid for United. It was submitted earlier this month, after the original deadline for offers had passed.

It was reported by Sky News on Sunday that Ratcliffe remains the 'leading candidate' to take over United - despite an 'inconclusive' board meeting that was held last week.

The report adds that the board were given an update on the takeover process from US merchant bank Raine Group, which is overseeing negotiations.

Furthermore, sources claim that directors have not yet opted to enter into exclusive negotiations with either party, although Ratcliffe and Ineos remain the 'leading' bidder.

And a signed deal with either bidder is said to be 'unlikely' before United contest the FA Cup final against Manchester City on Saturday.

When it comes to summer transfers, The Athletic has reported that the club's initial budget will be £100 million, regardless of any takeover outcome, with David Ornstein telling FIVE that sources within the club believe that United may have to sell players before they can shell out big-money fees.