Sir Jim Ratcliffe's Ineos Group may have taken a significant step towards taking control of Manchester United after it emerged its bid put a higher value on the club than Sheikh Jassim's.
Sources with knowledge of the bidding process have told BBC Sport that the Ineos offer received before 22:00 BST on Friday was the highest, relative to the stake they intend to take.
Qatar banker Sheikh Jassim wants to buy 100% of the club and has offered about £5bn, but British businessman Ratcliffe only wants a controlling stake.
This was initially viewed as the Glazer family's 69% stake but over the past week, it has been suggested Ratcliffe may reduce that figure to allow co-chairmen Joel and Avram Glazer to retain some link, although Ratcliffe's ownership would not be less than 51%.