Qatari banker Sheikh Jassim bin Hamad Al Thani has withdrawn from the process to buy Manchester United, BBC Sport has been told.
Sheikh Jassim had bid £5bn for the club but further talks this week have broken down.
The Glazer family, who bought United for £790m in 2005, announced in November 2022 they were considering selling.
British businessman Sir Jim Ratcliffe’s Ineos Group was the other main bidder but only wanted a controlling stake.
Figures in March showed United owed £969.6mthrough a combination of gross debt, bank borrowings and outstanding transfer fees with associated payments.
Earlier this month BBC Sport reported Ratcliffe was considering whether to offer to buy a minority stake in the club in an effort to break the impasse over the ownership situation.
The Glazer family’s announcement last year that they were considering selling United led to a flurry of interest but only two offers, from Ineos and Sheikh Jassim.
Both tabled bids of around £5bn.
Sheikh Jassim’s camp have always maintained he was only interested in buying 100% of the club. However, Ratcliffe said he wanted a majority stake.
United supporters have held demonstrations against the Glazer family inside and outside Old Trafford.