Manchester United sale: Finnish businessman Zilliacus out

Finnish businessman Thomas Zilliacus has withdrawn his offer to buy Manchester United, telling ESPN the process is «a farce.»

Zilliacus, who planned to purchase half the club with the other half owned by fans, made an offer in the second round of bidding.

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However, the 69-year-old founder and chairman of social media organisation novaM Group, said on Wednesday he will not participate in the process any longer after merchant bank The Raine Group, acting on behalf of United owners the Glazer family, indicated they will ask for third bids from interested parties.

Sources have told ESPN the Glazers value United at £6 billion, although there is also interest from U.S. hedge funds willing to make a minority investment and there are growing fears among bidders keen on a full takeover that the Glazers do not have any serious intention of selling.

«I have decided not to participate in a third round,» Zilliacus told ESPN.

«The bidding has turned into a farce in which the Glazers, at the expense of the club, focus purely on driving up the bid to the £6 billion pounds they want for the club.»

Zilliacus is one of three bidders to make an offer public along with Qatari banker Sheikh Jassim and Ineos owner Sir Jim Ratcliffe. Sources have told ESPN there are another five bidders — at this stage still private — who are talking to Raine.

«They have three serious bids on the table; Sheikh Jassim's, Jim Ratcliffe's and mine,» Zilliacus added. «The right way would be to negotiate with us three, not to ask everyone to once more submit a new bid.

»I think some of the [Glazer] siblings don't want to sell, while others want to sell only if the price is minimum £6bn."

Some sources have indicated