The deadline to put in a bid for Manchester United passed at 10pm on Friday; Sheikh Jassim Bin Hamad Al Thani wants to restore Manchester United to their former glories with emphasis on youth and infrastructure.

Earlier Sheikh Jassim, the chairman of one of Qatar banks QIB, made a ‘substantial’ bid, which would carry no debt, insisting all profit under his ownership would be reinvested into the community through the newly-formed Nine Two Foundation.

One insider says “if the Glazers don’t get top, top dollar then they aren’t going anywhere” but Sheikh Jassim is prepared to pay a world-record price for a sports club to buy Manchester United. The current record is the £3.75bn paid for the Denver Broncos NFL team.

The final figure paid by Sheikh Jassim will be determined after he has been given access and taken a detailed look at the company accounts.

Sheikh Jassim became a Manchester United fan in 1992, when he was 10, and says he will invest in the men’s and women’s teams, and the redevelopment of the stadium, the training ground and the area around Old Trafford.

He is the son of the former Prime Minister of Qatar, was educated at Sandhurst in the UK and he is the chairman of Qatar Islamic Bank. He was formerly on the board of Credit Suisse.

The Raine Group, who are organising the potential sale on behalf of the Glazer family, asked for initial bids to be made by 10pm UK time on Friday.

A statement said: “Sheikh Jassim Bin Hamad Al Thani yesterday [Friday February 17] confirmed his submission of a bid for 100 per cent of Manchester United Football Club.

“The bid plans to return the club to its former glories both on and off the pitch, and – above all – will seek to place the fans at the heart of Manchester United Football Club once more.

“The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports.

“The vision of the bid is for Manchester United Football Club to be renowned for footballing excellence, and regarded as the greatest football club in the world.

“More details of the bid will be released, when appropriate, if and when the bid process develops.”

The Glazers are holding out for at least £5bn to sell the club with Qatari banker Sheikh Jassim bin Hamad Al Thani declaring his bid on Friday.

Another interested party is United fan and billionaire Jim Ratcliffe who has declared his interest in buying the club.