The revised bids to buy Manchester United will fall short of the Glazer family's valuation, although there is still hope a buyout can happen, sources have told ESPN.
Second offers were lodged by interested parties last week, including from public bidders Sheikh Jassim Bin Hamad Al Thani, Sir Jim Ratcliffe and Thomas Zilliacus.
Sources have told ESPN that bids from Sheikh Jassim and Ratcliffe have been increased from around £4.5 billion but remain below the asking price of around £6bn -- although there is hope that the Glazers might still accept a compromise fee to allow a takeover at Old Trafford.
After the latest round of offers, bidders are waiting to hear from Raine Group, the U.S. bank working with the Glazers, on what the next stage of the process will look like. Raine could invite a third round of offers or name a preferred bidder.
United staff have been told to expect "clarity" on the ownership situation by the end of the season.
Sources have told ESPN that it's still "business as usual," although there is an acceptance that contract extensions for key players -- including Marcus Rashford -- and the summer transfer window will be impacted by whoever is in charge.
Meanwhile, there are fears at Old Trafford that new owners might want to make significant changes to the structure at the club, which could jeopardise the next phase of Erik ten Hag's rebuild.
Some sources have pointed to the disruption caused by Todd Boehly's takeover at Chelsea, which included replacing manager Thomas Tuchel with Graham Potter just four months after his buyout was completed.
Ten Hag has worked well with football director John Murtough and his team since being appointed manager last summer, with the Dutchman already winning the Carabao Cup during his first season in charge.
Sources have told ESPN that Ten Hag is keen to build on the progress his team have made by further strengthening his squad ahead of the next season and would like new signings, including a top-class striker, brought in before the preseason tour of the United States, which will kick off in July.