Sheikh Jassim Bin Hamad al Thani has submitted an increased fourth bid to buy Manchester United.

His renewed offer - believed to be close to £5bn but shy of the Glazer family's £6bn valuation - was submitted to the Raine Group, the New York-based investment bank overseeing the sale of the club, on Tuesday morning.

The third and final round of bidding concluded on April 28 but, with reports last week claiming a revised offer from Sir Jim Ratcliffe and INEOS had put them in pole position to acquire United, Sheikh Jassim has moved again.

Sheikh Jassim believes his bid is a very competitive one which brings huge benefits to Manchester United, including clearing nearly £1bn worth of club debt and a separate fund to redevelop Old Trafford, the surrounding area and the club's Carrington training ground.

INEOS values United at a higher price than Sheikh Jassim's bid - but it is not for the whole club and would give the Glazers the opportunity to keep a 20% stake.

United's share price closed down to $18.80 on the NYSE on Tuesday, giving the club a market cap of $3.09bn (£2.47bn).