My odds are that Sheikh would win the bid and take fully control of Manchester United.
Have you seen the news about the new ownership of Man United.
I think Man United had reasons to choose Ratcliffe over Sheikh, as the OP mentioned.
The Glazer family has reportedly made a decision regarding the new owner of Manchester United. After a long and winding wait since last November 2022, it is reported that the Glazer brothers have chosen Sir Jim Ratcliffe as the new owner of MU next season.
Indeed Sheikh had a good offer for Man United, but Ratcliffe also did not lose, they were both included in the best offer, UK Investors vs. QATAR there are many other reasons that Ratcliffe could consider as the new owner of Man United, believe it or not. Let's see. Ratcliffe won the new owner, not Sheikh.
Those are just rumours and speculations, nobody's won the bid yet, the whole United fans are stilling waiting on the glaziers to finalise the bid and name their preferred bid, well everyone have a right of choose but I'll rather preferred Sheikh to Sir Jim cause he has lots to offer to the club,moreover a good number of the fans want him as well.