The parties, introduced via an intermediary a month ago, have been in secret negotiations about the potential purchase. It is understood Ibrahim is prepared to part with as much as $18 million to take control of the franchise.

In demand: The Sea Eagles are flying high again. NRL Photos

When the Herald first broke news of Ibrahim’s interest in the Sea Eagles – under the back-page headline ‘Qatar Heroes’ in May of last year – he was trying to broker the deal on behalf of a number of wealthy Middle-Eastern ruling families. However, Ibrahim has now changed tack and is attempting to personally buy Manly with his own funds.

The Sea Eagles’ stocks have risen significantly since Ibrahim’s last approach. After narrowly avoiding the wooden spoon last year, the team is now in contention for a top-four finish after enjoying a resurgence under comeback coach Des Hasler. It has become an opportune time to sell, although chairman and majority owner Scott Penn has publicly distanced himself from the ongoing speculation that his family is keen to offload the club.

Ibrahim isn’t the only party to express an interest in acquiring Manly. A consortium of businesspeople have banded together in a bid to make a serious play at the NRL outfit. However, it is understood they haven’t been able to raise the required funds, leaving him as the sole interested party.

Ibrahim, who had previously expressed an interest in buying St George Illawarra, is currently undertaking due diligence on Manly before making a formal offer. Attempts to contact Ibrahim and Penn for comment were unsuccessful.

Negotiations have reached a sensitive stage. Club powerbrokers don’t want any details to emerge until the end of the season for fear it could derail Manly’s premiership campaign. Things are also at a delicate stage off the field, with the Sea Eagles yet to appoint a chief executive officer to replace Lyall Gorman. Several candidates have been interviewed and an announcement could be imminent. From a team point of view, the signatures Manly are sweating on most are those of the Trbojevic brothers.

The Warriors take on the Manly Sea Eagles in Round 21 of the NRL.

Representative stars Tom and Jake are off contract at the end of the season and will be free to field multimillion-dollar offers from rivals if they aren’t re-signed before November 1. The Sea Eagles are confident of making a competitive offer and that the duo will stay put.

The majority of NRL clubs have traditionally run at a loss, although more of them are heading towards the black now the governing body is funding them to the tune of 130 per cent of the salary cap. Another privately owned club, Melbourne, has plans to move towards a fan ownership model akin to that of NFL powerhouse Green Bay Packers.