INEOS owner Sir Jim Ratcliffe and Qatari banker Sheikh Jassim will submit improved bids to buy Manchester United after the initial deadline was extended at their request amid confusion on Wednesday night.
Bidders were told they had until 21:00 GMT to submit second, revised bids.
BBC Sport has been told several other proposed investors met the initial deadline.
It is unclear when the new deadline will be.
Ratcliffe and Sheikh Jassim are the only publicly declared bidders.
Initially on Wednesday evening there had been strong indications that the pair had submitted fresh bids.
It is now understood that over the past 24 hours both parties submitted requests to Raine – the investment bank conducting the sale – for more time to make their second offers, which was granted.
The situation is described as “live and fast moving” by someone close to the talks but it is thought both Sheikh Jassim and Ineos are committed to making second bids.
However the bizarre twist in the sale process will only reinforce concerns among some fans that American owners the Glazer family may decide not to sell the club.
Ineos wants to buy the combined Glazer shareholding of about 69%, but the Qataris are targeting 100% of the club.
Both sides met with United officials earlier in March.
