Sir Jim Ratcliffe is reportedly closing in on a deal which will see him purchase 25% of Manchester United.
Sheikh Jassim bin Hamad Al Thani has allegedly officially withdrawn his bid for the club, having refused to increase his most recent offer, which is believed to have been in excess of £5bn.
Almost 12 months have passed since the club's current owners, the Glazer family, first revealed that they were open to discussing a possible sale.
Sheikh Jassim had only ever been interested in a 100% takeover, and it is alleged that he was willing to commit another £1.4bn to building a new stadium, improving the training ground and bringing in new players.
However, rather than wait for the Glazers to reject his latest offer, it is understood that the Qatari has officially pulled out of the race in a huge development in the process.
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The speculation surrounding Ratcliffe has gathered pace in recent days, with the owner and founder of the INEOS Group said to be considering altering his bid.
The British billionaire had allegedly initially wanted to bid for a majority stake but has now decided to make an offer for 25% of the club.
According to the Daily Mail, Ratcliffe is now on the verge of completing a deal, which see the Glazer family remain at the club.
The report claims that the boyhood Man United fan is determined to complete a gradual takeover, and his purchase of 25% is viewed as an important step in that process.
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Journalist Ben Jacobs claims that Ratcliffe will pay around £1.5m, with his club valuation around £6bn.
The 25% stake is expected to be ratified in a board meeting next week, and Ratcliffe viewed the offer as a way to get his 'foot in the door' at this stage of proceedings.
There has allegedly been a huge divide within the Glazer family when it comes to the best course of action, with at least two of the siblings believed to have always been against a full sale at this moment.
Recent reports have suggested that the Glazers wanted to push Man United's valuation towards £10m due to the immense money coming into football from Saudi Arabia.
However, it is understood that their true valuation is around £6bn, and the American owners are set to remain in control of Erik ten Hag's side.
Matt Law
