Bids must be made before February 17 with the Glazers seeking around £6billion.
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There are believed to be a number of interested parties though some linked to a takeover have since pulled out of the race.
While others, such as a group from Qatar, are reported to have held talks with the Glazers.
Joel and Avram Glazer, alongside Raine, are leading takeover discussions with the United board being kept in the dark, according to The Athletic.
The Glazers reportedly believe the takeover process to be a family matter so club executives have been excluded from talks.
A group of Qatari investors are said to be in the running to buy United but are yet to publicly reveal their interest.
That means there is still uncertainty over whether the group is connected to Qatar Sports Investment [QSI], the state-funded group that owns Paris Saint-Germain.
It is also not clear whether the group is plotting an investment to hold a minority share or if they are targeting a full takeover.
There are said to be five serious bidders interested in United including a group from Saudi Arabia and possibly a David Beckham-led consortium.
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And Ratcliffe, who tried to buy Chelsea last year, has recruited JP Morgan and Goldman Sachs to help with his bid.
But the Brit’s proposal could hit a snag with the Ineos chief said to be plotting an initial £4bn offer – some way short of Raine’s £6bn asking price.