The Qatari bid was the only offer for 100% control of Old Trafford and vowed to clear the club’s $1 billion debt. 

Manchester United shares dropped in premarket trading on Monday following the reports that Qatar’s Sheikh Jassim bin Hamad Al Thani had withdrawn from the bidding process. 

Bloomberg reported that the English club shares fell as much as 22 percent in premarket trading before recovering. 

With a unique proposal, Sheikh Jassim’s bid was a cash bid for 100 percent ownership of the club, as well as guaranteed funds to clear the club’s $1 billion debt. 

The Qatari banker had been engaged in the months-long bid for the club and was reported to have made an estimated final bid of $6 billion in the battle against British businessman Sir Jim Ratcliffe.

Now Bloomberg reports that Manchester United’s board will meet this week to discuss earnings and Ratcliffe’s bid, according to people familiar with the situation.

Sole leading bidder Ratcliffe is expecting to conclude a deal for a minority stake in the club, which is gauged to be 25%.

“Any minority investor – for example, Jim Ratcliffe’s reported latest proposal to buy minority stake of the club – would leave the Glazers remaining at the club, which was never part of Sheikh Jassim’s vision,” renowned sports journalist Fabrizio Romano said.

“A minority bidder has the luxury to value the club higher because they’re only buying a small stake in the club (not 100%),” the journalist added.

The reports of Sheikh Jassim’s withdrawal have been met with negative attention from devoted Manchester United Fans. 

“MUFC is in desperate need of new investment and new majority ownership. We hope this news accelerates that process rather than delays it,” Manchester United Supporters Trust said in a post on X, formerly known as Twitter.