Five bidders ready to pay £5bn for Man United as Ratcliffe involves JP Morgan

At least five serious bidders are willing to pay £5 billion to buy Manchester United, reports the Times.

The deadline to table formal bids is February 17 and interested parties are readying themselves.

Boyhood Red Devils fan Sir Jim Ratcliffe remains keen on purchasing the Old Trafford club.

The British billionaire businessman and Chief Executive Officer of INEOS is involving investment banks JP Morgan and Goldman Sachs.

Ratcliffe wants support from both banks and has asked them about potentially covering the club’s debt.

It currently stands at more than £500 million and, unlike the Glazers, the 70-year-old has no plans to take money out of the club.

The current owners want between £6bn and £8bn for Man United. Saudi Arabia have also registered an interest.

However, they are expected to only invest rather than eye a full-scale takeover as Newcastle United already belong to them.

Qatar are also keen, but they own Paris Saint-Germain, which could prove to be a stumbling block.

UEFA do not allow two clubs under the same ownership to compete in their European competitions.

However, talks have already taken place between senior figures at the club and the Qataris. There has also been interest from American investment groups.

Ratcliffe is the only one among the potential bidders that has made his desire to buy Man United publicly known. Whether he is keen to meet their asking price is unclear.

A sale could be completed before the end of the season. The Glazers want everything sorted out by the end of April, and their 18-year ownership is nearing its end.