Zilliacus, 69, who planned to purchase half the club with the other half owned by fans, made an offer in the second round of bidding.
However, the founder and chairman of social media organisation novaM Group said on Wednesday he will not participate in the process any longer after merchant bank The Raine Group, acting on behalf of United owners the Glazer family, indicated they will ask for third bids from interested parties.
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.
