Manchester United sales bid withdrawn

MANCHESTER, England –

Qatar’s Sheikh Jassim bin Hamad Al Thani is withdrawing his offer to buy Manchester United, a person with knowledge of the process told The Associated Press on Saturday.

The person spoke on the condition of anonymity because of confidentiality restrictions.

Sheikh Jassim had been one of the leading contenders to complete a takeover of the storied soccer club, which was put up for sale last year.

Along with British billionaire Jim Ratcliffe, the Qatari banker was one of only two bidders to publicly declare their intention to buy out United owners, the Glazer family.

But almost a year since bids were invited for the 20-time English league champions, Sheikh Jassim has informed the Glazers he is withdrawing his offer, the person said.

The person said Sheikh Jassim’s bid was almost double United’s current market valuation of US$3.2 billion.

Ratcliffe’s offer remains in place, although it has been reported that he is prepared to accept a minority stake.

The Associated Press contacted United and merchant bank Raine, which is handling the sale process for comment.