Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe have BOTH progressed to the next stage of negotiations to complete a takeover of Manchester United.
Qatari banker Sheikh Jassim and INEOS founder Ratcliffe are the only two bidders to go public with their desire to buy the club. It is believed Ratcliffe and Sheikh Jassim have been told they have progressed to the second of a three-stage takeover process.
It remains to be seen whether the Glazers will accept an offer from either party, as they did not promise to sell United when they put the club up for sale in November. There is a chance the Americans owners will sell just a fraction of their shares - or nothing at all.
Sheikh Jassim and Ratcliffe will now enter more serious negotiations to buy United, although it is still early days. The two parties were informed of their fate by The Raine Group - an investment firm who are administering the process - over recent days.
Both parties will have to raise their initial bids if they are to persuade the Glazers. It is believed neither Sheikh Jassim nor Ratcliffe have offered more than £4.5billion, with the Glazers holding out for around £6bn. Bids of more than £5bn may twist their arm.
As reported by The Telegraph, takeover talks will remain as secretive as possible after all relevant parties signed non-disclosure agreements. As such, a lot of important information could remain out of the public domain until the climax of the process.
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There are sill a lot of hurdles for Sheikh Jassim and Ratcliffe to clear. More detailed financial information will need to be provided, in terms of the structure of each bid.
Furthermore, other parties are thought to have submitted bids to The Raine Group. These could be minority offers. Oaktree Capital, Elliott Management and MSD Partners are among those said to be interested in investing in the 13-time Premier League champions.
Sheikh Jassim and Ratcliffe have made very different offers. Sheikh Jassim wants to buy 100 per cent of United, clear all of their debts - which stands at a reported £680million - and regenerate the club's infrastructure. He aims to do all of this via his 'Nine Two Foundation'.
Ratcliffe, meanwhile, is not planning to load any fresh debt on to the club - but it's unclear what will happen to the existing deficit if his bid is successful.
Whatever happens, Old Trafford and United's Carrington training ground will need to be redeveloped or rebuilt. The cost of transforming Old Trafford into one of England's premier football grounds again is likely to cost more than £1bn.
A third option is the Glazers remain on board, as Avram and Joel Glazer are said to have reservations about selling the Red Devils. Their siblings - Kevin, Bryan, Edward and Darcie - reportedly want to sell up. There is a possibility they will sell their shares, while Avram and Joel will work with a new investment partner.
A decision on United's fate is expected by the end of April.
