Bad news for Man Utd! New owners won't be decided before start of next season as takeover process drags on

• Approval process could take up to three months
• Hopes had built that sale was imminent
• Developments dismissed as not significant

WHAT HAPPENED? Hopes had built throughout Thursday that an agreement with the Qatari consortium was close, fuelled by the incorporation of Sheikh Jassim's Nine Two UK Holdings Limited appearing on the UK government's Companies House website. Excitement was further fanned by Rio Ferdinand's YouTube pronouncement that a deal was imminent and a Reuters report that the club was negotiating an exclusivity period for the Qatari bid.

THE BIGGER PICTURE: But The Times reports that a sale is still some time from conclusion and highly unlikely to be finalised by the start of the new Premier League season on August 11 due to approval requirements. It has been claimed, though, that the Glazers are close to announcing a preferred bidder.

AND WHAT'S MORE: Much of Thursday's excitement was written off by those close to the process as simply a coincidence of procedures that are a normal part of a buying process. Indeed, Sir Jim Ratcliffe and his Ineso group are still well in the race, despite earlier suggestions Sheikh Jassim's bid had become the frontrunner.

IN THREE PHOTOS:

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WHAT NEXT FOR MANCHESTER UNITED? United will conduct their summer transfer dealings in a state of flux before beginning a busy pre-season campaign on July 12.