Qatari banker Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe’s Ineos Group have submitted their final bids for Manchester United, BBC Sport reports.
They are the two main parties looking to take control of the club.
Club owners, the Glazer family, will now assess their position after the latest bid deadline passed at 22:00 BST on Friday.
Both bidders are eager for a resolution to a process that began in November.
The offer from Sheikh Jassim is around £5bn and includes one figure that would go direct to the sellers.
It also includes a plan to make a significant amount of additional capital and infrastructure investment into the club.
It is understood the third bid deadline only applied to potential buyers of the whole club and not investment vehicles such as the US-based Elliott and Carlyle, who are both only willing to purchase a minority stake.
Finnish businessman Thomas Zilliacus says he lodged bids previously but would not submit a fresh offer.