Sheikh Jassim bin Hamad Al Thani, the Qatari buyer for Premier League's Manchester United, withdrew from the bidding war, ESPN reported on Saturday.

Sheikh Jassim's latest offer was close to five billion pounds (about $6.06 billion) for 100 percent ownership of the Red Devils. Additionally, he was committed to clearing all of the club's debt, which, according to the numbers released in March, amounts to 969.6 million pounds (about $1.176 billion). The Qatari bidder also pledged to invest 1.4 billion pounds (about $1.7 billion) in redeveloping United's facilities, including their home stadium, Old Trafford, and player transfers.

However, the Glazers, owners of United, value the club at more than six billion pounds, a figure Sheikh Jassim considered unrealistic. Following negotiations in the past few days between the two sides, the Qatari bidder decided to quit, according to ESPN.

The Glazer family bought United for 790 million pounds (about $95.8 million) in 2005. The latest valuation of the club stands at about 2.6 billion pounds (about $3.15 billion). In early September, its value dropped by over 500 million pounds (about $606.2 million) on the New York Stock Exchange (NYSE), marking a new record since its listing in 2012.

Sheikh Jassim's withdrawal leaves only one bidder at the table, British billionaire Sir Jim Ratcliffe and his INEOS consortium, as reported by ESPN. He is confident in buying 25 percent of United's ownership for about 1.5 billion pounds (about $1.82 billion). Additionally, there are other offers of minority investment from various financial groups in the U.S. for United, according to ESPN.

United has been performing poorly since the start of the 2023-24 season. They have lost four of their eight Premier League games so far and both of their two group games in the UEFA Champions League, despite investing over 200 million euros (about $210.3 million) in the summer transfer window. Such disappointing performances, coupled with the Glazers' exorbitant valuation, are unlikely to assist in selling the club.