Sky Sports have provided a major update on the Manchester United takeover saga following Wednesday’s deadline for second bids.

The Lowdown: Jassim and Ratcliffe

Sheikh Jassim and Sir Jim Ratcliffe have appeared to be the front runners to take over from the Glazers in recent weeks, with both parties holding Old Trafford talks last week.

The pair were set to submit second offers for the club this week, with Fabrizio Romano one of many reporters to state that those bids were made ahead of the 9pm deadline. However, it looks as if that was not the case, with Sky Sports sharing an update late on Wednesday evening.

The Latest: Sky Sports update

Sky Sports shared some ‘huge’ developments regarding a United takeover after the 9pm deadline on Wednesday. Chief reporter Kaveh Solhekol said that both Jassim and Ratcliffe’s bids were not completed in time and have asked for an extension from the Raine Group in New York, describing it as ‘incredible’.

‘This is incredible what we’re about to talk about now. I’ve seen lots of things but I don’t think I’ve seen anything like this.

‘We’ve been telling you that Sheikh Jassim had made a world record bid for Manchester United. I’m now being told by a very, very senior source that the bid has not been received yet. It needed to be sent to the Raine Group in New York, and I’m being told that bid has not been received yet.

‘I’m also being told that Sheikh Jassim’s delegation have asked Raine for an extension and Raine have agreed to accommodate that request. ‘And what’s more, the same goes for Sir Jim Ratcliffe and INEOS. Now my understanding is, from being told by someone very senior that said to me ‘why would we lie to you’, Sir Jim Ratcliffe and INEOS, the bid has not gone in.’

The Verdict: Crazy

It does seem extremely bizarre that both Jassim and Ratcliffe missed the deadline and have asked for an extension, but it appears as if a takeover involving one of the two isn’t out of the question just yet after their request for an extension was approved - Romano says 'bids will still go in'.

However, both parties will need to be on the money going forward when it comes to new deadlines, especially as several other groups interested in buying a smaller percentage of United did meet the initial Wednesday deadline.

Jassim and Ratcliffe’s improved offers are set to be world-record bids, worth around £5billion, so it could be an extremely important few days.