A spokesperson for Ineos has confirmed that Sir Jim Ratcliffe has submitted a revised bid for Manchester United, with the British billionaire determined to win the race to purchase the club.

Ratcliffe's main competition when it comes to completing a takeover is from Sheikh Jassim bin Hamad Al Thani, while Elliott Management have allegedly made a bid to purchase a minority stake.

Ratcliffe was granted an extension to submit a takeover offer, having missed Wednesday's 9pm deadline.

Ineos have now confirmed that a new bid has been submitted, although the size of the offer is unclear.

"Sir Jim Ratcliffe and Ineos can confirm we have submitted a revised bid," said a spokesperson from Ineos.

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Ratcliffe and Sheikh Jassim are believed to have made £4.5bn offers for the Red Devils, which were swiftly rejected by the Glazer family, who are thought to have set a valuation of £6bn.

The British billionaire was present in Manchester last week, visiting Old Trafford and the Carrington training complex, as part of a series of meetings with senior club officials.

Sheikh Jassim is still believed to be the favourite to buy the club, but Ratcliffe and his group have now submitted a new bid in the hope of taking the lead when it comes to the race to complete a takeover.

There was confusion over a potential offer from Sheikh Jassim on Wednesday evening.

Initially, it was reported that a world-record bid had been made by the Qatari banker, but it was then revealed that no such offer had arrived.

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Ratcliffe recently said that he would not be prepared to pay 'a stupid price' for the Red Devils.

The Ineos owner 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."

The Glazers are still believed to be considering walking away from a sale, even at this stage of developments.

Finnish entrepreneur Thomas Zilliacus has also revealed that he has submitted a unique offer for the 20-time English champions, which involves a key role for the club's supporters.