Qatari businessman Sheikh Jassim bin Hamad al Thani has withdrawn from the process to buy Manchester United, Sky News understands.
His offer that valued United at more than £5bn was believed to be the only bid for 100% of the club that the Glazers announced last November could be sold. He and Ineos billionaire Sir Jim Ratcliffe were the leading candidates to take over the football club from the American family. But it is understood that the Qatari's valuation was not sufficient for the Glazers who have owned United since 2005, so Shiekh Jassim has withdrawn from the process.
Sky News revealed last month that Sir Jim's Ineos Sports vehicle proposed to the controlling Glazer family a deal that would see it acquiring chunks of both their shares and the stock publicly traded on the New York Stock Exchange in equal proportion. That offer would entail making an offer at the same price for both sets of shares. Sheikh Jassim wanted to buy the club outright and launched what his party described as a fifth and final bid in June in an effort to get the deal over the line.
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