Former YuuZoo Corp chairman, Thomas Zilliacus, has withdrawn his offer to buy UK club Manchester United, according to UK media.
The Glazer family, which now owns the club, wants to introduce a third round of bidding, which opens the door for more potential buyers.
"The bidding is turning into a farce, with Glazers giving no respect to the club,” writes Zilliacus on Twitter.
Prior to Zilliacus introducing his interest, Qatari banker Sheikh Jassim and UK businessman Sir Jim Ratcliffe have already publicly submitted second bids.
"Jim Ratcliffe, Sheik Jassim and myself all were ready to negotiate a deal to buy United. Instead (the) Glazers chose to start a new round.”
"I will not participate in a farce set up to maximize the profit for the sellers at the expense of Manchester United,” he adds.
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Zilliacus claims that the delays will make it very difficult for any new owner to build a winning team for next season.
The Glazers bought Manchester United for £790 million back in 2005.
Last November, they put the club on sale, with an indicative valuation of between £5 and 6 billion.
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Zilliacus, who used to head corporate communications for Nokia, founded YuuZoo Corp and listed the company on the SGX back in 2014.
In 2018, he left the company’s board, following probes by the Commercial Affairs Department, “caused by a complaint from an unknown party”.
“While he is convinced nobody in the Company has done anything wrong, he has informed the Board he believes the honourable thing to do is to step aside while the investigation is ongoing,” said YuuZoo in its April 27 announcement.
