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Finnish businessman Thomas Zilliacus has withdrawn from the race to buy Manchester United, describing the takeover process as a ‘farce’ as it moved to a third round of bidding.
There have been two leading bidders to buy the club from the Glazers, Qatari banker Sheikh Jassim bin Hamad al-Thani and British billionaire Sir Jim Ratcliffe.
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Nonetheless, Thomas Zilliacus later made his interest public, although it is believed he was never perceived by the two other parties as a serious contender.
It was also announced that he planned to give a 50% stake in Manchester United to fan ownership. He communicated largely with the public via Twitter.
Zilliacus withdraws Manchester United bid
According to 90min, Raine Group, overseeing the potential takeover, invited bidders to submit third and final offers by the end of April. Mid-April is the deadline for due diligence, which leads directly to the third bid.
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However, in recent developments, Zilliacus has taken to Twitter to announce his withdrawal from the entire bidding process.
“The bidding is turning into a farce, with Glazers giving no respect to the club,” he said.
“Jim Ratcliffe, Sheikh Jassim, and I 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.”
12:42 - 30.03.2023
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More on Zilliacus
The Finnish businessman was once global head of Nokia's corporate communications before becoming CEO of Nokia SouthEast Asia and chairman of Nokia Malaysia.
Zilliacus also founded Mobile FutureWorks Group, YuuZoo, and Newkia.
Manchester United return to action in the Europa League, Thursday night against Sevilla.
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