Amid a third-round bid, Sheikh Jassim will be expected to submit another proposal against his contender Sir Jim Ratcliffe by this month.
The bid to buy Manchester United will now enter a third round, prompting frustration from watchers as well as investors looking to takeover the club.
Raine Group, the firm handling the sale, has requested that all bidders of Old Trafford submit their final offers by the end of April.
According to BBC reports, the move comes after Sheikh Jassim advanced into a second-round bid to buy the club, which is expected to be worth about five billion pounds.
Advocates of Sheikh Jassim at the time were confident of the proposal amid a competitive race that bounded Finnish entrepreneur Thomas Zilliacus to submit a bid of his own for United.
However, unlike Sheikh Jassim and Sir Jim Ratcliffe, Zilliacus’s proposition would see him own 50% of the club, with Reds fans holding the other half.
As reported by Sky News, seven interested parties are in the swing for the club, with the majority wanting to buy a minority stake.
English football pundit and former player Gary Neville described the move as “classless” after it materialised that the takeover process would enter a third round of bidding.
“Taking it to a third round is just classless,” the Sky Sports pundit wrote on Twitter.
“The market has obviously not given them the answer they want! It’s like they’ve made a pact to each other that they won’t go for less than £1bn each family member. If they stay in after all this, it will be toxic!”
Neither party involved in the bidding has announced whether they will make another proposal for the club.