Sheikh Jassim bin Hamad Al Thani, the chairman of one of Qatar's biggest banks, has confirmed his foundation will bid to buy Manchester United.
Ineos, owned by Sir Jim Ratcliffe, also officially made a bid before Friday's 22:00 GMT 'soft deadline' for proposals.
Billionaire Ratcliffe had already stated his interest in buying United.
The Glazer family, who bought United in 2005, are considering selling as they "explore strategic alternatives".
Sheikh Jassim's Qatari consortium said: "The bid plans to return the club to its former glories.
"The bid will be completely debt free via Sheikh Jassim's Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports.
"The vision of the bid is for Manchester United to be renowned for footballing excellence, and regarded as the greatest football club in the world."
The Ineos group, owned by 70-year-old British billionaire Ratcliffe, has a history of investment in sport and owns French Ligue 1 club Nice and Swiss club Lausanne.
BBC Sport reports there are also expected to be at least two offers for United from the United States, while there have been suggestions of interest from Saudi Arabia.
That means there could be up to five parties trying to negotiate a full sale, with others looking to make a smaller investment in return for a partial stake in the 20-time English league champions.