Multiple private groups in Riyadh have made formal inquiries, the report added.

British billionaire Jim Ratcliffe, a life-long supporter of the club and founder of chemicals firm INEOS, is a likely bidder, along with U.S. private equity firms and possibly Qatari investors, sources told Reuters.

A deal for the record 13-times English Premier League winners will likely exceed the biggest sports deal so far, the $5.2 billion – including debt and investments – paid for Chelsea, the sources added.

Manchester United is the fourth richest soccer club in the world, according to analysis by Deloitte.

A small portion of Manchester United shares is listed in the United States with a market capitalization of more than $4 billion, as of Wednesday’s close.

The club declined to comment on the matter.