A consortium led by Qatari banker Sheikh Jassim bin Hamad Al-Thani will make an improved bid on Wednesday to buy Manchester United, sources have told ESPN.

The offer, which follows a 10-hour meeting held with the club last Thursday, will be submitted to Raine Group before the 9 p.m. UK deadline.

British billionaire Sir Jim Ratcliffe is also expected to submit a bid on Friday after similar meetings held at Old Trafford and United's Carrington's training base.

Sources have told ESPN that Raine Group expect other bids -- not yet made public -- to be submitted while parties interested in minority investment rather than a full takeover, including U.S.-based hedge fund Elliott Investment Management, will also make offers.

Sources have told ESPN that consortiums bidding for control of the club were given priority during the second round of the process, handled by Raine, but that existing owners the Glazer family are keeping their options open.