Sheikh Jassim makes improved bid to buy Manchester United

Who remains in the race to buy Manchester United? (1:43)

Rob Dawson updates on the race to buy Manchester United from the Glazer family. (1:43)

Sheikh Jassim bin Hamad Al-Thani has submitted an improved bid to buy Manchester United, sources have told ESPN.

The Qatari banker was due to make his second offer ahead of Raine Group's 9 p.m. UK deadline on Wednesday before all bidders were given additional time.

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Sheikh Jassim's offer was submitted overnight on Friday UK time and will now be considered by Raine and current owners the Glazer family. Sources have told ESPN that bidders are not expecting an immediate response to their offers.

British billionaire Sir Jim Ratcliffe, chairman and CEO of chemical company INEOS, confirmed his second bid in a short statement on Thursday. It read: "Sir Jim Ratcliffe and INEOS can confirm we have submitted a revised bid."

Finnish businessman Thomas Zilliacus has also claimed he has made a bid to take over at Old Trafford. Sources have told ESPN that, after the round of second bids, Raine could either ask for third offers or name a preferred bidder.

United staff have been told to expect "clarity" on the ownership situation by the end of the season. In a statement released in November, the Glazers said they would explore "strategic alternatives" which include a full sale or a minority investment.

Sources have told ESPN that the Glazers are keeping all their options open and that a number of US-based hedge funds, including Elliot Investment Management, have submitted offers of investment.