Sheikh Jassim withdraws from process to buy Man United – sources

Qatari businessman Sheikh Jassim has withdrawn from the Manchester United buying process, a source has told ESPN.

Sheikh Jassim has held further discussions with United’s owners, the Glazer family, in recent days but, according to a source, decided the club’s valuation was unrealistic.

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Sheikh Jassim’s offer amounts to nearly £5 billion ($6.061 billion). Sources have told ESPN that the Glazers value United at more than £6 billion. The club’s current market value is around £2.6 billion.

The Qatari offer was for 100% of the club and included a commitment to wipe out existing debt.

A source told ESPN that British billionaire Sir Jim Ratcliffe and his INEOS consortium remained in the process. They considered reducing their initial offer for majority control of the club to one that would allow them to take 25% and leave the Glazers in charge.

Sources told ESPN that the Glazers have also received minority investment offers from a number of U.S.-based financial groups.