The BBC reported on Saturday that Sheikh Jassim Bin Hamad Al Thani, a banker from Qatar, has withdrawn his offer to purchase Manchester United.
A full sale was one of the options mentioned in United’s announcement from almost a year ago that the board was looking into “strategic alternatives to enhance the club’s growth.”
After several rounds of bidding earlier this year, Sheikh Jassim and British billionaire Jim Ratcliffe were the front-runners. However, the process has stalled recently despite the frustration of supporters with the Glazer family, the current owners.
The English giants have been owned by Americans ever since a leveraged takeover in 2005 for £790 million ($961 million) left the club with a mountain of debt.
The debts owed by United have increased to £970 million, according to data from March.
The Glazers, however, are reportedly holding out for a record purchase price for a football team of more than £6 billion.
In exchange for full control of United, Sheikh Jassim offered to pay off the team’s debts.
Ratcliffe, on the other hand, is reportedly ready to make a smaller investment in order to resolve the ownership dispute for the 20-time English champions.
Under the Glazer administration, the Red Devils’ on-field success has also declined.
United’s last Premier League championship came in 2008, and their last Champions League title came in 2013, the year that former manager Alex Ferguson left his position.
They are currently tenth in the Premier League and have lost the first two games of a Champions League group stage for the first time in club history.