The Qatar Royals which include Hamad bin Jassim bin Jaber Al Thani, the country’s former prime minister and ex-chief of Qatar investment authority are reportedly putting the final touches to their offer which they will present on Friday.

Any bid from Qatar is expected to face competition from British billionaire Jim Ratcliffe who is the only person to publicly confirm his intention to bid for Manchester United. The rumors, however, also indicate that Elon Musk is also interested in the club and may make a surprise bid.

The offer by Qatar also has a technical angle as the state-backed Qatar Sports Investments already owns French super-club Paris Saint-Germain FC and according to the rules of football’s governing body, UEFA, two teams with the same owner can’t compete in the region’s major tournaments, including the showpiece Champions League.

The American Glazer family bought Manchester United in 2005 for $1.4 billion and is expected to get a clear idea on Friday of how much they will get after expected fierce bidding close to the deadline.

The shares of the soccer club were surging by 5.9% in premarket trading on Friday after closing 9.7% higher in New York on Thursday. The market value of the club has reached $4.4 billion.

The deal for Manchester United has the potential to become the biggest takeover of a professional sports club in the world and is expected to cross the $4.65 billion paid last year by a group led by Walmart Inc. heir Rob Walton for the Denver Broncos NFL team.

Manchester United is one of the biggest soccer clubs and has won a record 13 Premier League titles. The biggest name in football have played for the club including the likes of Cristiano Ronaldo, Paul Pogba and Zlatan Ibrahimovic.

(With inputs from agencies)