Sheikh Jassim withdraws bid to buy Man United

Qatari businessman Sheikh Jassim has withdrawn from the process to buy Manchester United, a source has told ESPN.

Sheikh Jassim held further talks with United's owners, the Glazer family, in the last few days but, according to a source, has decided the valuation of the club is unrealistic.

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Sheikh Jassim's bid is worth close to £5 billion ($6.061bn). Sources have told ESPN that the Glazers value United at more than £6bn. The current market value of the club is around £2.6bn.

The Qatari offer was for 100% of the club and included a commitment to wipe away existing debt.

A source has told ESPN that British billionaire Sir Jim Ratcliffe and his INEOS consortium remain in the process. They have considered reducing their original offer for majority control of the club to one which would see them take on 25% and leave the Glazers in charge.

Sources have told ESPN that the Glazers have also received offers of minority investment from a number of U.S. based financial groups.