Sheikh Jassim has withdrawn his offer to buy Manchester United, leaving Sir Jim Ratcliffe as the only remaining bidder.
The Qatari businessman decided to pull out of the race to buy the club after his five offers weren’t enough to complete a takeover after final discussions with the current owners, the Glazer family.
Sheikh Jassim believes the Glazers’ demands are hugely inflated after submitting a final bid that was almost double the club’s current market value of £3.2bn. He had also pledged to invest a further £1.7bn to finance a new or redeveloped stadium and training facilities, along with investment in players and the community as well as clearing the club’s current debt.
Sheikh Jassim was intent on a 100 percent buyout of the club whereas the Ineos billionaire Ratcliffe had submitted an offer for 69 percent share owned by the Glazer family.
Ratcliffe, a lifelong United fan, then submitted an alternative offer to buy a minority stake in the Old Trafford club.
According to latest reports, it was Ratcliffe who was successful with his offer to buy a minority stake in the Old Trafford club.