The shared office space provider was running short of cash and needed as much as $400 million in fresh funding to have a chance of emerging viably, FT said, citing two people familiar with the matter.

Alex Spiro, an attorney for Neumann's real estate firm Flow told FT that the company and its financial partners were prepared to beat any other offer that WeWork has received by 10%.

Adam Neumann had submitted a bid of more than $500 million to buy back WeWork, Reuters reported last month citing a person familiar with the matter.

WeWork did not immediately respond to a Reuters request for comment.

--Reuters--