Thomas Zilliacus: Finnish businessman withdraws from third round of bidding for Manchester United – ‘A farce’

Finnish entrepreneur Thomas Zilliacus has withdrawn his offer to buy Manchester United, calling the decision of the owners to go to a third round of bidding “a farce”.

Zilliacus, Qatari banker Sheikh Jassim, and Ineos owner Sir Jim Ratcliffe, publicly submitted second bids to the Glazer family, but now the bidding has gone to a third round.

Zilliacus is the founder and chairman of new social media organisation novaM Group and has previously been involved with HJK Helsinki and ice hockey champions Jokerit.

The 69-year-old says he has withdrawn his offer now that the process has gone to a third round.

“The delays will make it very difficult for any new owner to build a winning team for next season,” he said.

He wrote on Twitter: “The bidding is turning into a farce, with Glazers giving no respect to the club.

“Jim Ratcliffe, Sheikh Jassim and myself all were ready to negotiate a deal to buy United. Instead Glazers chose to start a new round.

“I will not participate in a farce set up to maximise the profit for the sellers at the expense of Manchester United.”

Zilliacus said last month that he wanted to buy a stake in United through XXI Century Capital; an investment firm owned by his holding company.

He said his plan was for the other half to be bought by fans who would be part of the club’s decision making.

Sheikh Jassim and Ratcliffe are expected to make new bids to take over the club, but the additional time for new bids means it is not likely any takeover will be completed before the end of the 2022-23 Premier League season.