Sources: Significant Man United takeover update as bidder drops out
Thomas Zilliacus’ bid for Man United was never taken seriously by takeover brokers Raine Group, sources have told Football Insider.
The Finnish entrepreneur confirmed on Wednesday (13 April) that he had dropped out of the battle to buy the club, calling the process a “farce”.
That came after it emerged that the auction would go to a third round of bids, as was reported by this site several days before it was made official earlier this week.
Zillacus, who proposed to make half of United’s shares available to supporters if his bid was successful, submitted an offer to Raine Group during the second round of bids.
But a well-connected financial source has told this site that his approach was never taken seriously by those overseeing the takeover process and his withdrawal will have barely registered at Raine Group HQ.
Zilliacus had around 300 Twitter followers before he announced his ambitions to buy the club – and that number has now swelled to closer to 5,500.
Analysts consulted by Football Insider have been heavily sceptical about the credentials of Zilliacus, who professes to be a United supporter and insists that the bid was not a publicity stunt.
Zillacus has previously worked as chairman of Finnish club HJK and was head of global communications at former telecommunications titans Nokia between 1980 and 1996.
In one media appearance, Zilliacus admitted that he was not aware that United was for sale until shortly before he lodged his bid despite the fact that the formal announcement was made nearly five months ago.
Sir Jim Ratcliffe’s Ineos group and a Qatari consortium led by Sheikh Jassim bin Hamad al Thani are the only two remaining bidders for an outright takeover.
Four US investment groups – including Elliott Management – have submitted proposals with a view to financing a third-party bid or potentially providing capital for the Glazer family themselves.
However, that latter option is now looking increasingly less likely given that the family have invited a third round of bids.
In other news, Kieran Maguire makes “suspicious” Man United takeover claim as government questions Qatar bidders.