Source: Sheikh Jassim withdraws Man United bid

Qatari businessman Sheikh Jassim bin Hamad Al Thani has withdrawn from the process to buy Manchester United, a source has told ESPN.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), but 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. Figures released in March showed United owed £969.6m. Sheikh Jassim also pledged £1.4bn for the redevelopment of facilities, including Old Trafford, and to improve the playing squad.

A source has told ESPN that British billionaire Sir Jim Ratcliffe and his INEOS consortium remain part of the process.

They have considered reducing their original offer for majority control of the club to one that 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.

The American family, who bought the club in 2005 for £790m, announced last November they were considering "strategic alternatives" including a full sale of accepting minority investment.