Raine, a merchant bank advising Manchester United, updated the board on the sale process, but directors did not opt to enter into exclusive negotiations with either Ineos Sports or its principal rival, the Qatari businessman Sheikh Jassim bin Hamad al Thani.
Ineos remains the "leading" bidder, although a further improved offer from the Nine Two Foundation has been received.
A signed deal is unlikely prior to United's FA Cup Final against Manchester City on May 21, 2023.
Sir Jim's takeover proposal includes 'put and call' arrangements that would allow him to buy the Glazers' remaining shares after three years.
The Glazers have owned Manchester United since 2005 and the club is valued at £5bn or more, making it the biggest sports club deal in history if sold.
The club's New York-listed shares closed down at $18.97 on May 13, 2023, giving the club a market valuation of just under $3.1bn.
A spokesman for Manchester United refused to confirm whether a meeting of the board had occurred.
LONDON DAILY ARCHIVE
Sir Jim Ratcliffe's Bid to Acquire Manchester United Remains in the Lead Despite Board Meeting Stalemate
Sir Jim Ratcliffe remains the leading bidder to buy Manchester United Football Club despite an inconclusive board meeting held by the club's holding company.
28 May 2023 · 22:13 UTC
