Finnish businessman Zilliacus said on social media he would not participate "in a farce'" and that he had declined the chance to lodge a third bid.

Yet, rather than meaning he was totally withdrawing, Zilliacus told BBC Sport his second bid remains on the table.

"My earlier offer still stands and I am willing to pay a premium above what I offered," he told the BBC's How To Buy A Football Club podcast.

"I'm not going to be participating in a third round because I find it highly unprofessional. I see no reason whatsoever why a third round is basically starting the whole thing from scratch.

"It seems odd to me that, if there is a genuine will to sell and you have three serious bidders, why you don't sit down with the bidders, discuss and negotiate and hopefully come to a number that everyone can agree."

Qatari banker Sheikh Jassim bin Hamad Al Thani and Ineos owner Sir Jim Ratcliffe both submitted a second bid to buy the Old Trafford club last month.

The Glazer family, who bought the club for £790m in 2005, announced they were considering selling in November and have established a valuation of £5bn-6bn.

Zilliacus, 69, agreed with the Manchester United Supporters Trust that the current impasse is likely to hinder manager Erik ten Hag's summer squad building programme.

"I can't see the Glazers spending a lot of money on new players," he said. "If they have decided to sell the club, why would they do that?

"The potential to have a negative impact on the club is big and is growing every day when there is no decision on this."

The former chairman of Finland's leading club, HJK Helsinki, also said he was shocked at Old Trafford's exclusion from the list of the stadiums put forward by the Football Association as a preferred host ground at Euro 2028.

United could not offer guarantees work at Old Trafford would be completed in time, although part of the reason for that is the lack of recent significant investment in the ground and the continuing uncertainty over the ownership.

"Most people know the name of three stadiums in England - Old Trafford, Wembley and Anfield," said Zilliacus.

"You could travel just to see those stadiums. It is a real shame if Old Trafford is in a condition where it cannot be included."