Manchester United: Qatari businessman Sheikh Jassim ‘withdrawing from process’ to buy club

Qatari businessman Sheikh Jassim bin Hamad al Thani has withdrawn from the process to buy Manchester United, Sky News understands.

His offer, which 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that the Qatari’s valuation was not sufficient for the Glazers, who have owned United since 2005 – so Shiekh Jassim has withdrawn from the process.

There was a rival proposal to buy around 25% of the club by petrochemicals billionaire Sir Jim, who has said he has been a fan of the club since childhood.

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 (NYSE) 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.

The Qatari’s first bid for the club was made in February.

United are in need of investment to upgrade Old Trafford and win the Premier League for the first time since a record 20th league title in 2013.

The Glazers have owned Manchester United since buying it for just under £800m in 2005 – an 18-year tenure marked by protests and a conspicuous dearth of trophies since the retirement of Sir Alex Ferguson, its former manager, also in 2013.

The Red Devils did win their first trophy in six years by beating Newcastle United in the Carabao Cup final back in February.