Fans will be at 'centre' of Zilliacus' Man United takeover as club announces debts of £1bn

Finnish businessman Thomas Zilliacus said Manchester United fans would be at the centre of his proposed takeover the day the club announced it owed debts of nearly £1 billion.

Zilliacus last week threw his hat into the ring to takeover the English Premier League giants, proposing purchasing half of the club – through XXI Century Capital, an investment firm owned by his holding company– with the other half purchased by fans, who will then be involved in the club's decision-making process.

United are the subject of at least two other takeover bids, with British billionaire Sir Jim Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani urged to increase their initial offers after a deadline to submit proposals by merchant bank Raine, which is assisting with the sale of the club, was extended.

There was no mention of current bids for the club or the ongoing process in United's announcement. There were no comments from chief executive Richard Arnold within the release, nor was there a scheduled conference call – something that has been standard in previous years.

United owners, the Glazer family, are reportedly holding out for a bid of £6 billion which, if met, would represent the highest price paid for a sports franchise.

The Americans have been massively unpopular with United fans since their leveraged £790m takeover in 2005. There have been several large-scale protests against their ownership.

Zilliacus said his proposal would see his consortium buy the Old Trafford club and then sell shares to supporters worldwide.

“It [United] was there long before all these people who are bidding for it were born and it will be here long after all these people who are bidding for it have passed away,” he told the I newspaper.

“The