Thomas Zilliacus, a Finnish entrepreneur, has decided to withdraw his bid to buy Manchester United. He stated that the Glazers’ decision to initiate a third round of bidding was a “farce” and demonstrated a lack of respect for the club.
Zilliacus, along with Sheikh Jassim, a Qatari banker, and Sir Jim Ratcliffe, the owner of Ineos, had submitted second bids publicly.
Zilliacus expressed concern that the delays caused by the new round of bidding would make it difficult for any new owner to build a winning team for next season.
“The delays caused by the new round of bidding will make it incredibly challenging for any potential new owner to construct a successful team for the upcoming season”. he said
He further added on Twitter that the bidding process was turning into a “farce” and he would not participate in it.
Zilliacus had planned to buy United through XXI Century Capital, an investment firm owned by his holding company.
In his earlier bid announcement, Zilliacus had stated his plan to buy half of the club, with the other half being bought by fans who would be part of the club’s decision-making.
Zilliacus is the founder and chairman of novaM Group, a new social media organization, and has been involved with HJK Helsinki and ice hockey champions Jokerit in his home country.