Manchester United Plc shares fell as much as 22% in premarket trading on Monday, following the news over the weekend that the Qatari group was stepping back from a potential takeover.

The Qatari withdrawal could eventually pave the way for British billionaire Jim Ratcliffe to gain control of the storied football club.

The near-yearlong bidding process has been beset with delays, with offers failing to meet the £6 billion ($7.3 billion) expectation of the Glazer family, splits among the owners about whether to sell and at what price, and fears of litigation from minority shareholders.

Bloomberg reported last week that Ratcliffe had emerged as the front-runner to buy into Manchester United, with the British billionaire’s recently revised offer giving him the edge over the Qataris.

Ratcliffe may end up with an initial stake of roughly 25% in Manchester United in a deal that could value the club at more than £5 billion ($6.1 billion), they said.

Manchester United’s board is set to meet this week and is understood to discuss Ratcliffe’s bid, according to people familiar with the situation.

--With assistance from Subrat Patnaik.