Raine Group - the investment firm in charge of the sale - set a soft deadline of 10pm last Friday (February 17) for official interest to be formalised.
Sheikh Jassim - the chairman of one of Qatar’s biggest banks and son of former Qatari prime minister Hamad bin Jassim bin Jaber Al Thani - was the first to table his offer.
Less than an hour or so later, British billionaire Sir Jim Ratcliffe, a boyhood Man United fan, was the next to put his money where his mouth is.
Ahead of any further developments, we take a look at the reported wealth of Sheikh Jassim and Sir Jim - compared to Newcastle United and other Premier League owners.
The Magpies take on Man United in the Carabao Cup final at Wembley tomorrow.
17. 6th: Arsenal - Stan Kroenke
Reported net worth: £10.65bn Photo: Ronald Martinez
18. 5th: Manchester United (potential owner) - Sir Jim Ratcliffe
Reported net worth: £10.9bn. | AFP via Getty Images
19. 4th: Chelsea - Todd Boehly, Clearlake Capital Group, Hansjorg Wyss & Mark Walter
Reported net worth: £13bn Photo: Clive Rose
20. 3rd: Man City - Abu Dhabi United Group, Silver Lake, China Media Capital, CITIC Group
Reported net worth: £23.2bn | AFP via Getty Images