22 May 2023 , 15:08
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The former football executive who withdrew his offer to buy Manchester United has formed a "multibillion dollar" investment fund that will look to build other "big clubs" into Champions League contenders.
Thomas Zilliacus, a former Nokia executive who ran HJK Helsinki, submitted a supporter-led offer to takeover United before claiming he pulled out of the bidding over the inflated price tag. He said the focus of his XXI Century Capital group is now on teams open to investment on both the continent and in the UK.
"We have turned our focus to some other big clubs, primarily in continental Europe but also in the UK, that have strong potential to provide investors with superior returns," he said. "We are very bullish about the value we find in certain markets and believe we can invest in clubs that will provide great returns while at the same time providing the fans with superior entertainment.”
Zilliacus had submitted an offer to buy United that would have seen fans being able to purchase a 50 per cent stake and possess a genuine say over key decisions. But opposition bids immediately attempted to discredit his bid by describing it as a PR stunt.
The Finn later withdrew from the race by describing the £6bn asking price tabled by the Glazers as "no longer" making financial sense. United are yet to communicate an update on the sale with two bids - fronted Sir Jim Ratcliffe and a Qatari fund led by Sheikh Jassim Al Thani - still in the running. Zilliacus has said that the process, being conducted by US bank Raine, is a "farce."
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"In March we tabled a serious bid to buy Manchester United," he said. "That selling process has dragged on and has unfortunately not turned out the way we expected. We are a professional profit-oriented investment company who after careful due diligence make investments into assets we believe will meet our return targets. Manchester United at the price levels now discussed no longer does that."
He added that fan-led model would remain part of their investment plan, though no details around how the the group were being funded were provided.
Zilliacus' investment group is now looking at other top clubs instead (Getty Images)“The great football clubs of Europe are institutions that far outlive any investors. The backbone of the clubs are their dedicated and passionate fans. We want to work with and for the fans.
"We want to build clubs that become permanent fixtures in the final stages of the Champions League while at the same time enabling fans all over the world to live with and experience the club they support in multiple exciting ways.”
He added: "We will, whenever possible post-acquisition, offer fans the possibility to become owners of the club by investing in SPVs 100 per cent owned by the fans. The fan-owned companies will be important decision makers.
“We welcome investors who want to invest with us and who want to make use of our superior contacts, insight and expertise. We are not only focused on club investments but also look at stadiums and media rights. Many European stadiums can generate strong returns through renovations or by building completely new state-of-the-art football stadiums.”