As the latest bid deadline approaches, Jim Ratcliffe, a British billionaire, maintains that he will not pay exorbitant prices for Manchester United.
The Glazer family, who currently own Manchester United, put the club up for sale in November.
Jim Ratcliffe, through his London-based chemicals company INEOS, was the first potential buyer to express interest in acquiring the club.
In February, he submitted an initial bid before the ‘soft deadline’, and was considered one of the frontrunners alongside Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani. Recently, Elon Musk has also been mentioned as one of the buyers.
Ratcliffe, along with a Qatari banker, are known as the most serious clients of Manchester United.
Reports suggest that the Glazers are seeking a minimum of $7.2 billion (£5.9 billion) to sell the team, which would set a new world record for the highest amount paid for a sports team, although the exact value of the bids is unknown.
Forbes valued the club at $4.8 billion (£4 billion) in the previous year.
Ratcliffe told 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.”
Sky Sports reports that there may be up to eight official bids as the second deadline for offers is reportedly scheduled for Wednesday.