Qatari banker Sheikh Jassim Bin Hamad Al Thani and Sir Jim Ratcliffe’s INEOS beat Friday’s deadline to submit their bids to buy Manchester United.

The EPL club was put up for sale by its American owners, The Glazer Family, in November last year.

The Glazers are understood to have set a record price of £6b ($7.4b).

One of Britain’s richest men, Ratcliffe, who is the CEO of pharmaceutical company INEOS, submitted his bid late on Friday.

The billionaire owns Ligue 1 side Nice and his company sponsors the Mercedes AMG Formula One team.

The second bid came from Bin Hamad Al Thani, who is the chairman of one of Qatar banks QIB .

He confirmed in a statement his intention to buy United.

The Middle Eastern banker said he placed a “substantial” bid to buy the club and wishes to restore United to their “former glory” with the bid carrying no debt and all profit being reinvested back into the local community via the 92 foundation.

Investment banking firm Raine will conduct the buying process with two official bidders set to undergo a rigorous test from the Premier League and UEFA.