In this file photo taken on Nov 23, 2022, Old Trafford stadium, home ground of Manchester United football team, is pictured in Manchester, northern England. (PHOTO / AFP)

Qatar's Sheikh Jassim bin Hamad al-Thani made an improved final offer for Manchester United in an attempt to see off his main rival British petrochemicals billionaire Sir Jim Ratcliffe, The Times reported on Tuesday.

Sheikh Jassim is offering to buy 100 percent of the club now for a price nearer to 5 billion pounds ($6.31 billion), according to the report.

Manchester United's shares were up 1.2 percent.

The club declined to comment, and investment bank Raine Group that is running the bidding process did not immediately respond to a Reuters request for comment.

ALSO READ: Report: ManU, Spurs, Liverpool takeover targets for Qatar fund

This file photo dated Aug 10, 2018 shows a corner flag with the logo of the Manchester United soccer team, ahead of the English Premier League soccer match between Manchester United and Leicester City at Old Trafford, in Manchester, England. (PHOTO / AP)

Sheikh Jassim's offer falls short of the 6 billion pounds asking price set by current owners, the Glazer family, The Guardian reported in April.

Manchester United's American owners late last year launched a formal sale process and have received several bids, including from British billionaire Jim Ratcliffe, founder of chemicals producer INEOS, and Finnish businessman Thomas Zilliacus.

According to a report in April by The Times, Ratcliffe's INEOS had outbid Sheikh Jassim in the battle to buy Manchester United.

READ MORE: INEOS confirms entering bidding process to buy ManU

Ineos was the only bidder to have valued the club higher than 5 billion pounds ($6.29 billion), the report added.