Qatar’s Sheik Jassim bin Hamad Al Thani has informed the Glazer family that controls EPL side Manchester United that he will not improve on his bid to acquire the iconic soccer club for more than $9.5 billion, according to people familiar with the matter.

The move leaves the remaining bidder for Manchester United, British billionaire and Ineos chairman Jim Ratcliffe, in a stronger position to cut a deal.

He has offered to buy only a 25 per cent stake in the club, allowing some of the Glazers to cash out.

Jassim, who had also promised to invest more than $2.7 billion in Manchester United after he acquired the club, still wants a deal but has informed the Glazer family there is no point in remaining in the bidding process following nine months of unsuccessful negotiations, the sources said.

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Jassim would not have used any financing to acquire Manchester United and his bid would have paid down the club’s existing debt pile, the sources added.

Representatives for Jassim declined to address the reports, while Manchester United did not immediately respond to a request for comment.

-Reuters