Breaking News: Manchester United Takeover Update - Qatari Sheikh Jassim Drops Out of Bidding Process!

Qatari businessman Sheikh Jassim bin Hamad al Thani has reportedly pulled out of the Manchester United purchasing process, according to Sky News. It is understood that his offer, valuing the club at over £5bn, was the sole bid for complete ownership, as announced by the Glazers in November.

Sheikh Jassim and Sir Jim Ratcliffe, the billionaire owner of Ineos, emerged as the frontrunners to acquire the football club from the American Glazer family. However, it seems that the Glazers were not satisfied with the valuation offered by the Qatari bidder. Consequently, Sheikh Jassim has decided to withdraw from the bidding process.

Sir Jim, a billionaire in the petrochemicals industry, expressed his interest in purchasing approximately 25 percent of the club. He has claimed to be a fan of the club since his childhood.

Last month, Sky News discovered that Sir Jim's company, Ineos Sports, presented a rival proposal to the Glazer family, who currently control the club. The proposal suggested acquiring both the family's shares and the publicly traded stock on the NYSE in equal portions.

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The two bidders who were looking to buy Manchester United

That offer would entail making an offer at the same price for both sets of shares.

Sheikh Jassim made his initial bid for the club in February, but his party launched a fifth and final bid in June in an attempt to secure full ownership.

United requires investment to enhance Old Trafford and secure their first Premier League title since their 20th league triumph in 2013.

Since their purchase of Manchester United in 2005 for just under £800m, the Glazers have faced a tumultuous 18-year term characterized by protests and a noticeable lack of silverware since the departure of Sir Alex Ferguson, the club's previous manager, in 2013.

The Red Devils did win their first trophy in six years by beating Newcastle United in the Carabao Cup final back in February