Qatari banker Sheikh Jassim bin Hamad Al Thani has decided to withdraw from the process of purchasing Manchester United, Fabrizio Romano has reported.

His initial bid for the club amounted to £5 billion, but recent discussions held this week have failed to yield an agreement.

“Glazers informed of Sheikh Jassim decision — he has withdrawn from the process. The final bid is understood to be almost double than $3.5B market valuation. $1.5B extra investment was planned,” Fabrizio Romano reported.

The Glazer family, who acquired Manchester United for £790 million in 2005, had announced their contemplation of selling the club back in November 2022.

British businessman Sir Jim Ratcliffe’s Ineos Group was the other prominent bidder, seeking a controlling stake in the club.

As of March, Manchester United’s financial records revealed that the club owed a substantial sum of £969.6 million, encompassing gross debt, bank loans, and outstanding transfer fees with associated payments.

Earlier this month, BBC Sport reported that Ratcliffe was contemplating the possibility of acquiring a minority stake in the club as an attempt to resolve the ownership stalemate.

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The Glazer family’s announcement last year about their willingness to sell Manchester United had sparked significant interest, resulting in offers from only two parties: Ineos and Sheikh Jassim. Both entities presented bids in the vicinity of £5 billion.

Sheikh Jassim’s representatives had consistently asserted that their interest was in acquiring the entirety of the club, whereas Ratcliffe expressed a preference for obtaining a majority stake.

Manchester United supporters have staged demonstrations protesting the Glazer family’s ownership both inside and outside Old Trafford.