Man Utd takeover update: Former AC Milan owners bid for minority stake that could see Glazers REMAIN at Old Trafford

• Elliott Management submits bid for minority stake
• Hedge fund previously owned AC Milan
• Sheikh Jassim confirmed second offer to buy club outright

WHAT HAPPENED? US hedge fund Elliott Management, which owned AC Milan until last October, has submitted a bid to purchase a minority stake in the Red Devils, according to Sky Sports. The offer from Elliott, which has also offered to finance other bids, comes after reports that the Raine group organising the sale agreed to extend the deadline for the second round of offers. The original deadline was 9pm on Wednesday.

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AND WHAT'S MORE: Sir Jim Ratcliffe and INEOS have now confirmed they have submitted a revised bid to buy the Red Devils, as reported by the Daily Mail. The British billionaire has previously insisted he would not pay a "stupid price" to land the club but does now appear to have upped his original offer.

THE BIGGER PICTURE: Qatari billionaire Sheikh Jassim Bin Hamad Al Thani has also announced his intention to buy United, although the Glazer family have not ruled out staying on if they can seal third-party investment.

The offer from Elliott now makes that scenario more likely, and Sky Sports has reportedly been informed the Glazers do wish to sell the club. A source for Sheikh Jassim said the Qatari was "fully engaged and confident in his bid. We believe it’s the best bid for the club, fans and local community".

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WHAT NEXT? Raine and the Glazer family will study the second round of bids over the next seven days before next steps and potentially a third bidding round, are announced.