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According to sources close to the club cited by The Mirror, Manchester United's owners, the Glazer family, rejected two bids from the Saudis.

The latest of the rejected takeover bids was for £3 billion ($3.9bn).The Glazers, who have owned the club since 2005, reportedly told the royals that the club is not for sale at any price.

Despite the Glazers' apparent unwillingness to let go of the Premier League club, speculation about a possible sale has risen since co-owner Kevin Glazer put his 13 percent stake on the New York Stock Exchange earlier this week.

Manchester United’s present market value is estimated to be around $2.64 billion - a marked decrease from the $3 billion valuation prior to current manager Ole Gunnar Solskjaer officially taking the reins at the club in March.

The significant drop has been attributed to United's poor form this season, which has seen them sink to 14th in the Premier League.

Read more: #NoToMbS: Saudi 'bid' prompts calls for boycott by Man United fans

Prince Mohammed's bid take over United in October last year reportedly stalled after the murder of journalist Jamal Khashoggi - an event which increased pressure in international businesses dealing with Saudi Arabia. 

Avram Glazer, a member of the Glazer family, was one of several high-profile business leaders to boycott the Prince Mohammed's "Davos in the Desert" economic forum following the Khashoggi killing.

News of the attempted takeover also caused droves of fans to threaten a boycott of the club due to Saudi Arabia's human rights record.

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