Man Utd takeover: Major development as Sheikh Jassim bin Hamad Al Thani makes big decision

There has been a major update in the ongoing Manchester United takeover saga with reports one of the two bidders has withdrawn from the process.

INEOS founder and lifelong United supporter Sir Jim Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani have long been considered as the two frontrunners.

But now BBC Sport report Sheikh Jassim has pulled out of the bidding. He bid £5bn for the club but further talks have now broken down, according to reports.

Just under a year has passed since the Glazer family revealed they were ‘commencing a process to explore strategic alternatives for the club’ and that brought confirmation external investment and a full sale of the 13-time Premier League champions would be under consideration.

Speaking at the time, a joint statement from Avram and Joel Glazer said: "We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future. Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”

On Saturday evening, BBC Sport reported: "It is understood that Sheikh Jassim's bid would have been a fully cash offer and would have cleared all old debt. There would also have been more than £1.4bn to finance new stadium plans, new training centre facilities, buy players and also for community regeneration projects.

"There has been no public comment from any party around this latest development."

There have been some suggestions Ratcliffe would also consider the purchase of a minority stake in the club in a bid to hurry up the process.