Zilliacus slams United bidding, calls process a ‘farce’
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Thomas Zilliacus was among several bidders including British billionaire Jim Ratcliffe and founder of chemicals producer Ineos.
PHOTO: BLOOMBERG
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LONDON – Finnish businessman Thomas Zilliacus
United’s American owners, the Glazer family, launched a formal sale process in late 2022, with several bids received in February and March.
“I have declined participation in a third bidding round for United,” Zilliacus said on social media.
“The delays will make it very difficult for any new owner to build a winning team for next season.”
Zilliacus was among several bidders, including British billionaire and founder of chemicals company Ineos, Jim Ratcliffe, Sheikh Jassim Hamad Al Thani,
Zilliacus added: “The bidding is turning into a farce, with Glazers giving no respect to the club.
“Jim Ratcliffe, Sheik Jassim and myself all were ready to negotiate a deal to buy United. Instead, Glazers chose to start a new round.
“I will not participate in a farce set up to maximise the profit for the sellers at the expense of Manchester United.”
The former manager of Geylang International and ex-chairman of Finnish side HJK Helsinki also questioned the valuation of United.
He said: “Reports say that the Glazer family wants £6 billion (S$9.93 billion) for the club. Based on the information I have, that is above what the club is worth.
“While my consortium is able to pay that sum, we will not make a bid that makes no financial sense. Football clubs must be run long term as commercial ventures.
“The club will suffer if buyers pay sums that are above what the real value is, as it means less money is left to invest in the club...
“Considering the fact that they already have recovered their entire investment in dividends they have paid to themselves, this is a stand I cannot accept. It is normal and acceptable that owners want to maximise their returns.
“The focus on money should, however, in the case of a football club be balanced by a respect for the fans and the club, which existed long before any of the current owners were born and will continue to exist long after they are gone.”
In an interview with The Straits Times in March, the Singapore permanent resident explained that he wanted fans to have a say in decision-making.
He had said then: “I come from a culture in Scandinavia where fans are always involved. When I was the chairman of HJK, there was no owner of the club.
“It was a club that consisted of its members, the fans, and they elected a board and the board made decisions based on what was best for the club.
“I liked that system and I think it’s something that would benefit Manchester United and its billion-plus fans around the world. When major decisions are made, we would listen to the fans. And if a clear majority of the fans say no, we don’t think this is the right thing, then we would not do it.”
Sports industry news site Sportico reported this week that United would accept a third round of bids from prospective buyers at the end of April.
The Athletic said that as of Tuesday morning, neither Sheikh Jassim nor Ratcliffe’s teams have been contacted by Raine, the merchant bank assisting the sale of the club, regarding their second bids.
United are the fourth-richest football club in the world, according to Deloitte. REUTERS
