The deadline for the second bids on Manchester United has been extended as the top two contenders prepare to submit their offers, Sky News understands.

Qatar‘s Sheikh Jassim bin Hamad submitted a new improved bid for Manchester United ahead of the original deadline but it is believed he is now fine-tuning the submission.

It was previously understood he would not pay over the odds for the Premier League club, which current owners the Glazer family are believed to have valued at £6bn.

But the businessman’s position is believed to have softened after a Qatari delegation visited Old Trafford in recent days, with talks lasting 10 hours.

Read more: The contenders to buy Man Utd

British billionaire Sir Jim Ratcliffe, through his chemical firm INEOS, is also preparing a second offer for the club after visiting last week.

A delegation from INEOS spent six hours attending meetings and touring the club’s Old Trafford stadium and its Carrington training ground.

Sky News understands that as many as seven other bids could be made before the extended deadline for second offers.

But another option for the Glazer family is a deal in which they could keep control of United by agreeing to a minority deal.

Sir Jim Ratcliffe, who owns French club Nice, hinted he would not pay over the odds for the club.

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He told the Wall Street Journal: “How do you decide the price of a painting? How do you decide the price of a house? It’s not related to how much it cost to build or how much it cost to paint.

“What you don’t want to do is pay stupid prices for things because then you regret it subsequently,” he said.