Manchester United (NYSE:MANU) shares fell sharply in early Monday trade following reports that the Qatari group led by Sheikh Jassim bin Hamad J.J. Al Thani had withdrawn its bid for the Premier League titan.

Both Sheikh Jassim and Jim Ratcliffe had been vying for control of Manchester United, which is currently owned by the Glazer family.

As of the last close, the club was valued at $3.3 billion.

Reuters reported yesterday that Ratcliffe is prepared to pay $1.5B for 25% of the club.

The terms of Jim Ratcliffe’s bid for Manchester United suggest a valuation of the football club at nearly $6.5B, not including its net debt, which stands at over $600 million.

Ratcliffe also offered to take charge of talent acquisition and management at Manchester United if his bid is successful.

Reuters also reported that Sheikh Jassim informed the Glazers family that he would not be raising his bid any further.

At 05:10 ET (09:10 GMT), MANU shares were down 11.1%.