Sir Jim Ratcliffe has called a potential failure in taking over at Manchester United 'public and excruciating'.
The British billionaire who is the CEO and chairman of chemicals company Ineos, fronts a rival bid to Sheikh Jassim which was also launched after the Glazer family called for investment.
Several deadlines have since passed with the current owners moving the goalposts to leave both the bidders and supporters in the dark.
In an interview with INEOS.TV, Ratcliffe has spoken of the takeover process as well as his fears that he may come up short.
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He said: "The Manchester United bid would have been unthinkable two or three years ago if we hadn’t had some of experiences — some quite difficult experiences with Lausanne and Nice.
"You can’t really contemplate acquiring a brand like Manchester United and failing because the failure is just far too public and excruciating in a deal like that."
The Red Devils were first put up for sale by the Glazer family last November and it is set to be a full year before any final decision is confirmed.
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Sheikh Jassim part of a family who have a collective net worth estimated to be $335billion (£275bn), is thought to be the preferred bidder.
Sheikh Jassim's team are said to have been doing due diligence in recent months after fans feared that Ratcliffe's bid would keep the Glazers on as minority owners.
Ratcliffe, who is worth an estimated £29billion, is already the owner of Lausanne-Sport and Nice.
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Daily Star Sport reported earlier this month that the Glazers have zero intention of backing down on their new $10billion (£8bn) estimation of the club – and are willing to keep the Old Trafford outfit.
In reaction to the Glazers' new stance on not selling up, Gary Neville was left seething.
Neville said on Sky Sports: "It's just a game for them. They play, they think it's a toy. They are, of course, they're gonna sell, they're desperate for money. They can't even compete on FFP anymore. Manchester United talking like they're a mid table club when it comes to a transfer market."
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