Jim Ratcliffe to buy 25% of Man Utd after Qatari group withdraws offer

US-listed shares of Manchester United tanked in pre-market trading on Monday after it emerged that a group of Qatari investors backed out of their offer to snap up the world-famous football team, paving the way for Sir Jim Ratcliffe to step in with a 25% stake.

The deal, thought to be worth £1.3bn, is understood to be the first step in a phased takeover by Ratcliffe of the club, which has been owned by the Glazer family since 2005. However, it still needs approval from shareholders.

Up until Friday, a group led by Sheikh Jassim Bin Hamad Al Thani were expected to make for 100% control of the club, a year after the Glazers put it up for sale.

However, the past few months have seen the Glazers go back and forth with Skeikh Jassim on the terms of various bids, with the Qatari banker eventually withdrawing from the process due to his frustration with the family's demands, according to reports.

Through his privately owned multinational chemicals company, Ineos, Ratcliffe wants to assume control of the football operations side of Man Utd, but hopes to increase his ownership over time.

According to the BBC, a United board meeting has been scheduled to take place on Thursday.

Man Utd futures were pointing to losses of over 11% ahead of the opening bell on Wall Street.