Manchester United owners, the Glazer Family, have set the asking price for their club and will not negotiate.

The EPL club was put up for sale by the American owners in November last year.

According to the Daily Mail, the Glazers have set a record price of £6b ($7.4b).

The bidding process is not yet underway as the pool of possible buyers is still small but investment banking firm Raine are lining up other potential suitors.

One of Britain’s richest men, Jim Ratcliffe, formally entered the race to buy the Red Devils last week.

Ratcliffe, 70, who is the CEO of pharmaceutical company INEOS, is the only publicly confirmed potential buyer so far.

The billionaire owns Ligue 1 side Nice and his company sponsors the Mercedes AMG Formula One team.

There has been reported interest from Middle Eastern countries but nothing has been confirmed yet.

Manchester United have not won the Premier League title since 2013, and has sacked a succession of managers in the aftermath of the retirement of Sir Alex Ferguson.