Qatari banker Sheikh Jassim bin Hamad Al Thani has withdrawn from the process to buy Manchester United, BBC Sport has been told.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 £969.6m through a combination of gross debt, bank borrowings and outstanding transfer fees with associated payments.