After a long struggle to acquire the ownership of the top English club Manchester United, media reports indicated Saturday that Qatari billionaire Sheikh Jassim Bin Hamad Al Thani opted out of a race to buy the Red Devils.
The Qatari banker and British billionaire Jim Ratcliffe were the top contenders to buy Machester United after a number of bids in 2022, however, the sale was not finalised.
About a year ago, the English club announced that it was looking for "strategic alternatives to enhance the club's growth, with a sale one of the options”.
There have been intermittent protests against the Glazer family’s ownership of the English football club by the United’s fans, forcing them to sell the stakes.
In August, the fans of the Red Devils were infuriated after the Glazers — who have owned the club since 2005 — refused to take the offer in excess of £5bn from these two parties.
The Americans have owned the English giants since a leveraged takeover in 2005 for £790 million ($961 million) saddled the club with huge debts.
Figures in March showed United’s debts have grown to £970 million.
However, the Glazers are believed to be holding out for a world record fee for a football club in excess of £6 billion.
Sheikh Jassim’s bid was for full control of United and promised to clear the club’s debt.
By contrast, Ratcliffe is reportedly willing to buy a smaller stake to break the impasse ownership of the 20-time English champions.
The Red Devils' fortunes on the field have also faded under the Glazer’s tenure.
United have not won the Premier League since former manager Alex Ferguson retired in 2013 and last won the Champions League in 2008.
They currently sit 10th in the Premier League and have lost their first two Champions League group stage matches for the first time in the club’s history.
The worth of the United is at about $3.2bn, with Sheikh Jassim’s offer nearly double that. After negotiations, the owners stated their price and Sheikh Jassim pulled out after “a fanciful and outlandish valuation”.
The billionaire also pledged a further $1.7bn to finance transfers, intentions for a new stadium and training centre facilities.
Currently, he has stopped his bid until the owners improvise their asking price which could reinvigorate his interest.
Now the British billionaire is in the race whose offer went down to 25% from 51%.