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 has been told.
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.
BBC Sport has been told the offer from Sheikh Jassim is around £5bn and includes one figure that would go direct to the sellers.