Finnish businessman Thomas Zilliacus has dropped out of the bidding for Manchester United, saying delays in the sale process will make it difficult for a new owner to build a winning team, Reuters reports.
United’s American owners, the Glazer family, launched a formal sale process late last year, 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 Jim Ratcliffe, founder of chemicals producer INEOS, and Sheikh Jassim Bin Hamad Al Thani, the son of Qatar’s former prime minister.
Sports industry news site Sportico reported this week that Manchester United would accept a third round of bids from prospective buyers at the end of the month.
United are the fourth-richest football club in the world, according to Deloitte.