Qatari bidder ‘very confident’ of winning the race to buy Manchester United

Rival bidders have until 9pm tonight to submit second offers as hopes grow among United fans that the end of the Glazers’ controversial 18-year reign is nearing.

British billionaire Jim Ratcliffe is still expected to table a rival bid but the Qataris are of the firm belief they have the upper hand in what would be a landmark deal. A crisis in debt markets in the wake of the Swiss banking crisis will only add to the appeal of the only bidder not reliant on financing, City insiders believe.

United are said to be braced for bids in excess of £5bn that would obliterate the world record price for a sports team, should the club’s unpopular American owners approve a sale. The Denver Broncos American football franchise were sold for a record £3.8bn last year.

​Sheikh Jassim’s main competition comes from Ratcliffe, owner of Ineos, who remained in talks with close aides last night.

As many as eight groups are said to have met with United officials as well as representatives of the Glazers and Raine, the merchant bank running the process, over the past 10 days.

However, it is only the Qataris who are known to be able to do a deal without Wall Street lending of some sort and they believe they are on a very strong footing. Goldman Sachs and JP Morgan Chase & Co are understood to be helping bankroll Ratcliffe’s offer with bonds and loans beyond the value of United’s existing gross debt of £680m (€770m).

The Oldham-born businessman’s record of successful investments makes him as safe bet as anyone for loans. But the weekend rescue of Credit Suisse by arch rival UBS – and associated write off of $17bn of loans – means investment banks are wary about exposing themselves to losses.

In recent days, Barclays has shelved two loans for Ratcliffe’s Ineos Enterprises, according to Bloomberg.