Thomas Zilliacus, a Finnish entrepreneur, has withdrawn his offer to purchase Manchester United Football Club after the current owners, the Glazers, decided to go to a third round of bidding. Zilliacus expressed his frustration with the Glazers’ decision, stating that it was turning the process into a “farce” and that they were showing “no respect” to the club. He was joined in his bid by Qatari banker Sheikh Jassim and Ineos owner Sir Jim Ratcliffe, who both publicly submitted second bids.
Zilliacus had planned to buy half of the club with the other half being purchased by fans, who would have been part of club decision-making. The Glazer family, who bought the Red Devils for £790m in 2005, announced they were considering selling in November and have established a valuation of £5bn-6bn. The decision to go to a third round of bidding means potential purchasers must put more offers forward in the hope of concluding a deal. It had been initially hoped that the process being run by the Raine Group would be completed by the end of the season, but the additional time for new bids means that is now unlikely to happen.
Sheikh Jassim is expected to submit a new bid to buy 100% of the club, while Ratcliffe is attempting to purchase the Glazer family’s 69% shareholding. Zilliacus expressed his disappointment with the situation, saying that the delays would make it very difficult for any new owner to build a winning team for next season. He also noted that the Glazers’ decision was made to maximize their own profits at the expense of Manchester United.
The withdrawal of Thomas Zilliacus’ offer to purchase Manchester United Football Club has caused further delays in the process of finding a new owner for the club. The Glazer family’s decision to go to a third round of bidding has been met with criticism from Zilliacus and other potential buyers, who feel that the delays will make it difficult for any new owner to build a successful team for next season. Sheikh Jassim and Sir Jim Ratcliffe are expected to submit new bids in order to purchase either all or part of the club, but it remains to be seen if their offers will be accepted.