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The Qatari group bidding for famed soccer club Manchester United (NYSE:MANU) withdrew its offer, leaving British billionaire Jim Ratcliffe as the sole remaining bidder for the team.
The Qatari offer of more than £5 billion ($6.1 billion) for the entire team didn’t satisfy the needs of the club’s owners, the Glazer family, according to a Bloomberg report on Saturday, which cited people familiar with the matter.
A spokesperson for the Qatari group told Bloomberg that its offer for 100% of Manchester United (MANU) was still on the table and represented the best option for the famed British soccer club. A representative for MANU declined to comment.
The latest update comes after Bloomberg reported on Thursday that the Glazers appear to be more likely to pick Ratcliffe’s offer for a minority stake. Under a revised offer from the chairman of chemicals company Ineos Group, Ratcliffe would take a 25% stake that would value the soccer club at more than £5 billion ($6.1 billion).
The Bloomberg report on Thursday followed a similar item from Sky News earlier this month that Ratcliffe was evaluating purchasing a minority stake in the famed soccer team rather than seeking full control.
Last month, there was a report that the Glazer family may take the famed soccer club off the market after failing to get the price they wanted, sending the shares plummeting 18% on Sept. 5.