Qatari banker Sheikh Jassim Bin Hamad Al Thani has submitted an improved bid for Manchester United, Sky Sports reported. Sheikh Jassim is in a bidding war with British billionaire Jim Ratcliffe after the pair emerged as the main contenders to buy the Premier League club.In November, Manchester United, one of historic sports clubs in the world, announced that its board has is starting a process to explore strategic alternatives for the club. The process is designed to enhance the club’s future growth, with the ultimate goal of positioning the club to capitalize on opportunities both on the pitch and commercially, the club said. “As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company. This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders,” Manchester United said.

Current owners, the Glazer family, according to reports, are understood to value United at £6 billion ($7.5 billion) and the Raine Group was brought in to oversee the process. Sheikh Jassim’s bid team have set Friday as a deadline to make headway in discussions, reports said.

Ratcliffe, a boyhood United fan who failed in his attempt to buy Chelsea last year, reportedly wants to purchase a controlling stake of more than 50 per cent.

United lost Saturday’s FA Cup final to Manchester City but they won the League Cup and finished third in the Premier League in Erik ten Hag’s first season in charge.

In November, executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer said, “The strength of Manchester United rests on the passion and loyalty of our global community of 1.1 billion fans and followers. As we seek to continue building on the Club’s history of success, the Board has authorized a thorough evaluation of strategic alternatives. We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future. Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”