The Qatari group led by Sheikh Jassim Bin Hamad J.J. Al Thani has withdrawn its bid to buy Manchester United, people familiar said, paving the way for British billionaire Jim Ratcliffe to eventually gain control of the storied Premier League club.
The Qataris had offered more than £5 billion ($6.1 billion) for the team, compared to its current market value of $3.3 billion. The offer wasn’t enough to satisfy the demands of the club’s owners, the Glazer family, people familiar with their thinking said, who asked not to be named discussing private information.
The nearly year-long bidding process has been beset with delays, with offers failing to meet the £6 billion expectation of the Glazer family, splits among the owners about whether to sell and at what price, and fears of litigation from minority shareholders.