Finnish businessman Thomas Zilliacus says his bid for Manchester United is “on the same level” as the ones tabled by Sheikh Jassim bin Hamad al-Thani and Sir Jim Ratcliffe.
The entrepreneur has told MEN Sport that he submitted a formal bid on Friday, a proposal which would see him own 50 per cent of the club with Reds fans owning the other half. Zilliacus, head of social media business novaM Group, says supporters from all over the world who invest would be able to have their say on many key club decisions through an app.
The bid is being funded by XXI Century Capital, an investment firm owned by his holding company. The Manchester Evening News understands that the firm comprises of investors from Europe, Asia and America.
READ MORE: Thomas Zilliacus confirms unique bid to buy Manchester United
XXI Century Capital first contacted the Raine Group - the US bank overseeing the takeover process - on Wednesday, March 22, officially indicating its interest and signing a Non-Disclosure Agreement. On Friday, Zilliacus says the formal bid was submitted following the extension from Wednesday evening's soft deadline for revised bids.
Speaking to MEN Sport, Zilliacus admitted that he does not have the deep personal funds that the likes of Sheikh Al-Thani and Ratcliffe do but is funding the bid along with other investors, who do not yet wish to go public, through XXI Century Capital.
“The formal bid we have submitted is, I dare to say, on the same level and in line with the other bidders that have been discussed in public,” the 69-year-old said. “We are discussing with a number of parties and if we are allowed to proceed, then we will select the ones who fit best into the framework in what we want to achieve with the club.”
Ratcliffe and representatives of Sheikh Al-Thani, among others, met with United officials last week to discuss further takeover details ahead of their second revised bids. Sir Jim Ratcliffe has already submitted his revised offer, while Sheikh Jassim is yet to do so. The Glazers are believed to want around £6bn for United, although recent reports have suggested neither Sir Jim nor Sheikh Jassim are willing to match their asking price.
After entering the process late, Zilliacus is yet to be given access to the 'data room' where prospective owners are able to see the relevant financial information concerning the club - which Sir Jim Ratcliffe and Sheikh Jassim's bids have both been given. XXI Century Capital is now expecting contact from those overseeing the takeover process regarding further talks following their late offer.
“We’re not just paying market prices, we need to pay a premium, but we need more details to determine what the premium should be,” Zilliacus continued. “[We are] a group of people who would be committing their own money and if need be, we might also seek external financing but that is yet to be determined because we need to sit down and get more information so we can table an exact number.”
Zilliacus has attempted to reach out to the parties of Sheikh Al-Thani and Sir Jim, offering to jointly combine the three bids. But he says he is yet to receive a response - although is hopeful that both will consider the proposal.
“To bid against each other would just drive up the value price, it benefits no one else but the current owners,” Zilliacus argued. “They will walk away with a massive premium. Instead we should focus on what can we do for Manchester United.
“I have interests in the club. I’m not expecting to make massive amounts of money out of this. I want to make sure the club performs well.
“So I’ve said let’s join forces and table a bid that is acceptable to the current owners and by doing so we would save two-thirds of whatever one of us would have paid alone and that money we can use to benefit the club.
“This is no ego trip, I want the club to benefit from its owners, whether its one or two or three or more owners, that is irrelevant - or put it another way, the more dedicated owners there are, the better it is for the club.
“I sincerely hope that we get there, where we three do it together and then include the fans as well. To me, that is by far the best solution for the club and for the fans.”
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