Finnish entrepreneur Thomas Zilliacus has pulled out of the process to become the next Manchester United owner, labelling it a "farce" after it emerged both Sir Jim Ratcliffe and Sheikh Jassim will participate in the third round of bidding.
Zilliacus criticised the Glazers and the Raine Group, the merchant bank exclusively advising Manchester United in the sale of the club, for failing to provide him with the necessary information needed to progress with any potential bid.
The founder and chairman of XXI Century Capital also suggested the Glazers are only interested in making as much money from the sale as possible, without any regard for the club's health taken into account.
Zilliacus vented his frustrations with how the takeover process has been handled on Twitter.
"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 maximize the profit for the sellers at the expense of Manchester United."
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.April 12, 2023
In a statement released on Wednesday, Zilliacus discussed his reasoning in greater detail behind pulling out of the bidding process.
”My original bid was for a specific sum plus a premium to be negotiated with the sellers," he said. “Raine Group, the bank that handles the bidding process on behalf of the Glazer family, wrote to me saying they would contact me to agree on the next steps.
"That contact has not materialised. I have not been given access to the data room and have not received the crucial information that has been provided to other bidders.
“I will therefore not participate in a possible third bidding round as it is impossible to put in a proper bid without the information that has been given to other bidders."
He continued, suggesting the Glazer family's reported £6 billion valuation of Manchester United is too expensive than what it's worth, suggesting it hinders new owners in improving the club.
“Reports say that the Glazer family wants £6 billion for the club. Based on the information I have that is above what the club is worth. While my consortium is able to pay that sum, we will not make a bid that makes no financial sense. Football clubs must be run long term as commercial ventures. The club will suffer if buyers pay sums that are above what the real value is, as it means less money is left to invest in the club.
“It seems that the Glazer family only is interested in maximising the money they can take off the table for themselves without much concern for Manchester United.
“Considering the fact that they already have recovered their entire investment in dividends they have paid to themselves this is a stand I cannot accept. It is normal and acceptable that owners want to maximise their returns. The focus on money should however in the case of a football club be balanced by a respect for the fans and the club, which existed long before any of the current owners were born and will continue to exist long after they are gone."
Zilliacus did offer his well wishes to both Sheikh Jassim and Sir Jim Ratcliffe, though, believing they will treat Manchester United in the way supporters have wanted for so long.
“I wish the next owners, be it Sir Jim Ratcliffe or Sheik Jassim, who I believe both have a true passion for United, the best of luck with the club. The best football clubs should not only be the best clubs on the field but also off it, and operate on a foundation of respect, equality, dignity and racial harmony, with its global fan base included and involved in major decisions.”
