Finnish entrepreneur Thomas Zilliacus has dropped plans of buying Manchester United.

Zilliacus, Qatari banker Sheikh Jassim and Ineos owner Sir Jim Ratcliffe have publicly submitted second bids for United. But Zilliacus has now pulled out due to frustration with the process.

"The delays will make it very difficult for any new owner to build a winning team for next season," he said.

Writing on Twitter, 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 maximize the profit for the sellers at the expense of Manchester United."