After it was announced that there would be a third round of bids for Manchester United, one bidder has confirmed that they have pulled out of the race.
Finnish businessman Thomas Zilliacus announced on Twitter that he would no longer be pursuing a deal to buy the club after the Glazers opted for a third round of bids. Zilliacus' bid centred around the supporters owning half of the Reds through shares.
Each share would allow a fan to vote on matters concerning the club via an app. His withdrawal means that Sir Jim Ratcliffe and Sheikh Jassim bin Hamad al-Thani are the only confirmed candidates left in the race for United.
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Zilliacus withdraws from race to buy United
Thomas Zilliacus has seemingly withdrawn from the Manchester United takeover process, labelling the Glazers' decision to open a third round of bidding a 'farce'.
Zilliacus entered the picture during the second phase with a bid which would allow United fans to own 50 per cent of the club via a small fee. The Finnish businessman had also mooted the idea of combining with the two major parties, Sir Jim Ratcliffe and Sheikh Jassim bin Hamad al-Thani.
But he has now backed out of the process after the Raine Group, acting on behalf of the Glazer family, opened a third round of bidding on Tuesday, with a deadline of April 28. The decision has been met with widespread criticism, Zilliacus himself pleading for a swift resolution to the process.
Read what Zilliacus had to say here.
United supporters group urge for acceleration of takeover
In a statement on their website, Manchester United Supporters Trust wrote: "When it was announced in November that the Glazers were undertaking a “strategic review” and inviting offers to buy the Club, MUST welcomed the news and went on to urge the majority owners to move ahead with the process with speed, so that any period of uncertainty was as short as possible.
"Nearly five months on, we read speculation that offers from prospective buyers remain below the Glazers valuation, and that a third round of offers will now be invited. With Erik ten Hag having made such great progress in his first season, and with the vital summer transfer window a matter of weeks away, the news of these delays and further prolonged uncertainty are of great concern.
"Erik needs to know what resources he has to spend so he can make the signings the Club needs, and the whole management resources of the Club need to be focused on supporting him in that. That cannot be the case with the future ownership so unclear. We are also unable to move forward on major investment projects - not least the stadium redevelopment as we remain in limbo.
"We are in dire need of new investment, which undoubtedly requires new ownership. MUST, along with United fans all around the world, are calling for this process to be concluded without further delay."
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