Sheikh Jassim pulls out from race to buy Manchester United

Sheikh Jassim promised to develop new facilities at the club

Sheikh Jassim bin Hamad al-Thani has notified Manchester United's owners, the Glazers, that he has ended his attempt to purchase the team because he believes its valuation is far too low in comparison to his last offer of $5 billion or more.

Sir Jim Ratcliffe is the sole other openly acknowledged potential buyer at this point. The choice will be a harsh blow to the sizable contingent of United supporters who continue to harbour strong dissatisfaction with the Glazers' ownership as a result of the over £1 billion in debt the team has accumulated.

The offer from the billionaire from Qatar was made in cash and included a guarantee of additional money to pay off the debt entirely.

Manchester United are worth roughly $3.2 billion (£2.63 billion), and Sheikh Jassim's offer is almost twice as much. Sheikh Jassim withdrew after what his close friends described as "a fanciful and outlandish valuation" after more recent negotiations in which the Glazers made known their asking price.

He had also promised an additional $1.7 billion to fund transfers, plans for an additional stadium and fitness facilities, as well as city and neighbourhood regeneration initiatives.

He is no longer involved in the procedure until the Glazers reduce their asking price in an effort to pique his curiosity. As a result, the only bid left is from Ratcliffe, one of the richest people in Britain. Although his initial offer was for about 51%, there have been new reports that it is now for 25%.

Sheikh Jassim is aware that, despite the fact that Ratcliffe might value United at greater than his 100% offer, that is only because the Ineos owner will be purchasing a far smaller interest and has the means the cost of doing so.

Many supporters would be shocked if Ratcliffe's bid is accepted because it would give any or all of the Glazers ownership of the team.