Manchester United bidder pulls out of takeover race as Sheikh Jassim deadline looms

Outside Manchester United bidder Thomas Zilliacus has withdrawn from the takeover race.

The Finnish businessman said the potential cost of a purchase “no longer makes sense” with his investment company XXI Century Football Capital now looking at other clubs.

Sir Jim Ratcliffe is reportedly leading the takeover race, ahead of rival bidder Sheikh Jassim bin Hamad Al-Thani who submitted a fifth bid on Wednesday ahead of his self-imposed Friday deadline.

It is thought that neither offer has met the £6billion valuation the Glazers are after, with rumours that the latest are more around the £5bn mark.

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Speaking to the Manchester Evening News in March, Zilliacus said his fan-share proposal bid was ‘on the same level’ as his rivals. However, the 69-year-old has now said the bidding war has escalated to a stage where he and his fellow investors feel a pursuit is not worth it.

“XXI Century Football Capital believes the price of Manchester United has reached levels where investments no longer make sense. We therefore have turned our attention to other clubs,” he wrote in a tweet on Friday.

“Lately my name has been linked to Inter Milan. It is a great club with a fantastic history. The owner has however said the club is not for sale. Let's all respect that and support #Inter in tomorrow's final. I predict a narrow win for #nerazzurri.”

MEN Sport understands XXI Century Football Capital is made up from investors from all across the globe including in Asia and America.

Zilliacus said his proposal would have seen fans own 50 per cent of the club and would have had their say in some boardroom decisions, such as dividends.

Zilliacus, the former chairman of HJK