Manchester United’s takeover bidders are hoping for clarity about the next stage of the process this week, amid the prospect of being told their offers are not high enough to persuade the Glazer family to sell.

Sheikh Jassim bin Hamad Al Thani, a Qatari, and Jim Ratcliffe’s Ineos Group are the only two parties to have gone public with their attempts to buy United.

Both bids are awaiting more information from Raine Group, the US merchant bank handling the sale process on behalf of the Glazers, and it is possible they could be granted access to more detailed financial information on the club this week.

As things stand, Sheikh Jassim and Ratcliffe would have to raise their indicative offers to convince the Glazers to sell. Neither bidder has disclosed the value of their offer but they are not thought to meet the £5 billion-plus that United’s unpopular American owners are believed to be targeting.

Bidders have agreed to non-disclosure agreements, sources familiar with the process have said.

The Glazers have never publicly committed themselves solely to a full takeover and sources have indicated serious consideration will also be given to offers of minority investment that could enable the Americans to raise capital while retaining control of the club.

US hedge funds Elliott Management and financiers Oaktree Capital and MSD Partners are all understood to have submitted proposals to Raine, offering to provide funding for potential suitors.

Sheikh Jassim is offering to buy out the Glazers and United’s minority shareholders in their entirety, clear the club’s debts and invest in a new stadium, training ground and playing squad.

Ratcliffe, who is being advised by Goldman Sachs and JPMorgan, does not plan to load any fresh debt onto the club and hopes his local ties could prove significant. United’s gross debt, according to their latest accounts, stands at £680 million.

Based on United’s current share price, the club has an enterprise value — equity market capitalisation plus net debt — of about £3.75 billion, which is much less than the Glazers’ purported asking price of more than £5 billion.

The Daily Telegraph in London