Manchester United is up for sale, and Finnish businessman Thomas Zilliacus will not be buying, after withdrawing his offer and calling the process “a farce,” according to ESPN's Rob Dawson.

The 69-year-old had planned to purchase half the club with the other half owned by fans after making an offer in the second round of bidding. But he told ESPN he won't be doing any more bidding on Wednesday.

Zilliacus is the founder and chairman of social media organization novaM Group. He said he won't participate in the process after merchant bank The Raine Group, acting on behalf of United owners the Glazer family, said they will ask for third bids from interested parties.

“I have decided not to participate in a third round,” Zilliacus said. “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 a public offer, as well as Qatari banker Sheikh Jassim and Ineos owner Sir Jim Ratcliffe, although sources say there are another five private bidders.

“Sources told ESPN that 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,” wrote Dawson on Thursday.

ESPN reports that the Glazers are highly unpopular owners since taking over at Old Trafford in 2005.

“They have three serious bids on the table: Sheikh Jassim's, Jim Ratcliffe's and mine,” Zilliacus told ESPN. “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.”

It's possible that Manchester United could sell for even more than the reported £6bn after the Washington Commanders received takeover bids of more than £5.6bn recently.