Sir Jim Ratcliffe on verge of buying 25% stake at Manchester United

Sheikh Jassim has pulled out of race to buy Manchester United

Following the departure of Qatari Sheikh Jassim bin Hamad al-Thani from the takeover contest, Sir Jim Ratcliffe is expected to conclude a deal for 25% of Manchester United within the next few days, allowing the Glazer family to continue their affiliation with the team.

The petrochemicals tycoon, a lifelong Manchester United supporter, has defeated his primary challenger and is set to have his offer, which is seen as the first stage towards a phased takeover, approved at a board meeting in the upcoming week.

Sir Jim Ratcliffe, the head of INEOS, initially put up a proposal for the club's majority ownership. The solution came in the form of an updated offer for a fourth, thought to be worth between £1.4 and £1.5 billion.

Even if that sum falls short of the £6 billion valuation that the Glazers were rumoured to be seeking, it finally proved to be sufficient to close a sale.

This new development brings the nearly one-year-long tale to a finish. Ratcliffe, who hails from Failsworth, Oldham, would have paid a sum that would set a record for a sports club if he were to eventually complete his purchase. Last November, United's wildly unpopular US owners said they were open to financing or a full takeover.

However, the consortium, chaired by Sheikh Jassim, repeatedly fell short of the Glazers' value despite proposing to pay off the debts and buy 100% of the club in cash.

Those involved in the process said more thorough and final talks and negotiations occurred over the past few weeks, leading to another enhanced offering. An upgraded offer in April cracked the £5 billion barrier. The son of the previous prime minister of Qatar, Sheikh Hamad bin Jassim bin Jaber Al Thani, pulled the plug when that offer was turned down.