Finnish entrepreneur Thomas Zilliacus has pulled out from the race to purchase Manchester United, stating the decision of present owners the Glazers to enter a third round of bidding is a “farce”.
The 69-year-old stated that the Glazers were showing “no respect” to the team.
Finnish Entrepreneur Thomas Zilliacus, Qatari banker Sheikh Jassim and Ineos owner Sir Jim Ratcliffe have openly thrown their heads into the ring in an attempt to acquire Manchester United.
All three individuals who indicated their interest have all publicly submitted second bids and Zilliacus stated: “The delays will make it very difficult for any new owner to build a winning team for next season.”.
Via a tweet put out on Twitter, Thomas Zilliacus added: “The bidding is turning into a farce, with Glazers giving no respect to the club.
“Jim Ratcliffe, Sheik 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 maximize the profit for the sellers at the expense of Manchester United.”
Zilliacus also stated on Thursday morning that he hopes that whoever buys Manchester United understand how to engage fans.
The Finnish Entrepreneur who has in the past had ties with HJK Helsinki and ice hockey champions Jokerit in his country, Finland is the creator and chairman of new social media company novaM Group.
Thomas Zilliacus wanted to acquire the English Premier League side via XXI Century Capital, an investment firm owned by his holding organization.
Thomas Zilliacus intention was to buy half of the team
When publicly declaring his interest to buy Manchester United in March, Zilliacus stated he intends on buying half of the club with the other half to be bought by fans, who would be part of the team’s decision-making.
The Glazers, who acquired Manchester United for £790 million in 2005, revealed last November that they were thinking about selling the club and they have pegged a valuation of £5 billion – 6 billion.
The move to enter a third round of bidding implies that possible bidders, either of the entire team or just a part owner, must table higher offers in the hope of agreeing a deal.
It had been firstly hoped the process being overseen by the Raine Group would be finalized by the end of the campaign, but the extra time for new offers means that is most likely not going to be the case.
Sheikh Jassim Bin Hamad Al Thani is expected to put in a new bid to purchase Manchester United
Qatari Billionaire Sheikh Jassim is anticipated to put in a fresh bid to acquire 100% of the club, with Ratcliffe having gone in line with a strategy of attempting to buy the Glazer family’s 69% stake in the club.
Those still in the running have been told that there are now two separate deadlines for submission of bids with the first being the middle of next week and is connected to due diligence, the second bid on the 28th of April is for final bids to be submitted.
There is a growing confidence with those close to the process that Manchester United’s owners, the Glazers, are looking at a complete sale of the team rather than partial investment.
They requested bids for control and for a stake in exchange for a cash inflow but the noises thus far are that a total purchase is looking probable. Be that as It may, partial investors remain in the proceeding.