Qatar's Sheikh Jassim bin Hamad Al Thani has taken the surprising step of withdrawing his bid to acquire the iconic football club Manchester United, according to an insider familiar with the process.
Speaking on the condition of anonymity, the source cited confidentiality constraints surrounding the deal.
Sheikh Jassim was considered a formidable contender in the race to take over the Premier League giants, who have been up for sale for the past year.
In a bid to gain ownership of the club, Sheikh Jassim and British billionaire Jim Ratcliffe were the only two bidders to publicly declare their intentions, seeking to buy out the current owners, the Glazer family.
However, despite Sheikh Jassim's final offer standing at nearly twice United's current market valuation of $3.2 billion, he has informed the Glazers of his decision to withdraw from the negotiations.
While Ratcliffe's offer remains on the table, there have been reports indicating his willingness to accept a minority stake in the club.
The Associated Press (AP) reached out to Manchester United and merchant bank Raine, which is overseeing the sale process, for their input on the matter.
The surprise withdrawal comes amid growing impatience among United fans who have been eagerly awaiting the completion of the proposed sale. Demonstrations outside Old Trafford and chants of "Glazers out" during matches underscore the supporters' desire for a change in ownership.
"MUFC is in desperate need of new investment and new majority ownership. We hope this news accelerates that process rather than delays it," stated the Manchester United Supporters Trust in a post on social media. "The Glazers need to make their position clear."
Last November, the Glazers announced their plans to seek new investment and appointed Raine to oversee the process, including the possibility of a full sale.
Raine was also involved in the sale of Chelsea to Todd Boehly and Clearlake Capital last year.
The expectation was to finalize a deal in time for the offseason transfer window, but there has been no indication of a sale drawing closer.
Sheikh Jassim, the chairperson of Qatar Islamic Bank and the son of a former Qatari prime minister, had been vying for 100% ownership of United, a prospect that resonated with fans who were eager to part ways with the Glazers.
His commitment extended to clearing the club's debt and making significant investments in the stadium, training center, and the playing squads, with the aim of restoring the club to its former glory both on and off the field.
United fans were keen to see the club rival the extravagant spending of Abu Dhabi-backed Manchester City, who clinched a treble of trophies in the previous season.
The decision by Sheikh Jassim to withdraw from negotiations came after the latest discussions surrounding the purchase price, leaving Ratcliffe at the forefront.
However, the extent of the stake Ratcliffe is pursuing in the club remains uncertain. Recent reports suggest that Ratcliffe may be inclined to acquire a minority stake, allowing the Glazers to retain control.
Born in Greater Manchester, Ratcliffe has been a lifelong Manchester United supporter.
Fans have long hoped for his involvement in a potential takeover, but any deal that involves the Glazers maintaining a majority ownership may not be well-received by those seeking a complete change in ownership.
For years, United fans have persistently campaigned for the removal of the Glazers, who also own the NFL's Tampa Bay Buccaneers.
The late tycoon Malcolm Glazer acquired the club in 2005 for 790 million pounds (then approximately $1.4 billion), sparking a wave of protest from fans.
Currently, Manchester United sits in 10th place in the Premier League after a challenging start to the season under the stewardship of manager Erik ten Hag.