Manchester United is "more than a club", according to Thomas Zilliacus, who bid to take over the Premier League giants in March.
Zilliacus failed in his bid for the club, which would have included the consortium he led to creating a vehicle for fans to purchase up to half of the shares.
The 69-year-old, who is the founder and chairman of novaM Group, suggested that failure was down to some members of the Glazer family being unwilling to sell.
Jim Ratcliffe and Sheikh Jassim bin Hamad bin Khalifa Al Thani are the bidders left in the race.
Speaking to Stats Perform, Zilliacus said: "Manchester United is more than a club. It's an institution that is known all over the world.
"I've lived in Asia for a long time and Manchester United is as famous as Big Ben out in Asia.
"So it's an institution that has been there long before any of the current investors were born and it is going to be there long after we all have died.
"So I think it's more of the privilege of being a caretaker of an institution that if you become an owner of a club like United.
"I think whatever happens, it needs to be something that is beneficial to the club and its fans. And like I said, I think both these bidders have a genuine interest to improve the club and obviously are also willing to put in a lot of money."
Zilliacus did not hide his frustration at the bidding process.
He explained: "I didn't like the process in the way it was run. To be honest, I don't think it was run in a very professional manner.
"I think that probably reflects the fact that the Glazer family has six siblings and I don't think that they all have the same view on what they want to do.
"What I would normally have expected is that if you have a deadline for bids, and you get serious bidders as they got there, at least three that we know in public; Sheikh Jassim, Jim Ratcliffe, and myself, then you sit down and negotiate with those bidders.
"What instead happened here was that there was, again, a new round and again, a new round kind of starting from scratch.
"That was one reason but the main reason why we then finally withdrew was, frankly, financial. I felt, and my consortium felt that the price simply went up too high.
"It's a business that has to be profitable at the end of the day. And I think with the price tag that the Glazers put on the club, I think it is very tough to make a profit."
Asked why he wanted to take over at Old Trafford, Zilliacus said: "Manchester United has one of the biggest, maybe the biggest, fan base in the world.
"So the fan base was something that, in particular, we felt was very interesting. The other part is, of course, the club in itself. It's a club that I've been following since I was 11 years old. I'm not investing because I'm a fan, but it helps when you like the club as well.
"Last but not least, the UK as a market is very interesting because of the substantial money that is coming from media rights. So those would have been the main reasons."
Terzic: Dortmund have made up for last season's Bundesliga failure
Borussia Dortmund's 2-0 aggregate win over Paris Saint-Germain made amends for last season's disappointing Bundesliga finale, coach Edin Terzic said.
Dortmund showed great composure to reach their third Champions League final and first since 2013 after Mats Hummels' second-half goal earned a 1-0 victory on the night in Paris on Tuesday.
Terzic went to the Dortmund fans after the game and said he felt he had to make up for last season's failure to win the Bundesliga title after slipping up on the very last day.
"Last season, we lost the championship at home on the last matchday. I'm happy that we can now give something back to the fans," Terzic said, remembering how Bayern Munich snatched the Bundesliga title from Dortmund on goal difference.
"[Going to the fans] was a very emotional moment, a beautiful moment. We wished it for last season's last matchday. But today we could pay something back, keep them dreaming and now we'll do everything to bring the trophy back home," he said.
PSG hit the woodwork four times but failed to find the net as Kylian Mbappe, widely expected to leave at the end of the season, was a shadow of his usual brilliant self.
Dortmund will now meet either 14-time European champions Real Madrid or their Bundesliga rivals Bayern in the June 1 showdown at Wembley.
"Before the first game against PSV, we talked for the first time about how short the journey to London could be," Terzic said.
"Back then, many were still puzzled. We've grown with every game and eventually realised that we could be the team that surprises everyone in the end. Now I'm very happy to be in the final with my team."
Dortmund have played a roller-coaster Bundesliga season and sit in fifth place with two games left.
"That plays no role," Terzic said. "In 2013 when Dortmund were in the Champions League final they were 25 points behind in the league and in 1997 when they won it they were also not doing well.
"The season had highs and lows but our season is still not finished."
'I don't see why we shouldn't win' - BVB hero Hummels bullish ahead of Champions League final
Mats Hummels sees no reason why Borussia Dortmund cannot go on and win the Champions League following their hard-earned semi-final victory over Paris Saint-Germain.
The Black and Yellow are through to the final of Europe's premier club competition for only the third time after sealing a 2-0 aggregate over the reigning Ligue 1 champions, who struck the woodwork six times across both legs.
After Niclas Fullkrug settled last week's first leg at Signal Iduna Park, Hummels' second-half header was the difference in the return at Parc des Princes, where Edin Terzic's side produced another defensive masterclass as they claimed their sixth clean sheet in this season's competition.
Dortmund, who lifted the trophy 27 years ago, will face either Real Madrid or Bayern Munich in the final at Wembley on June 1, and Hummels is confident he and his team-mates can go all the way.
"I've scored far too few Champions League goals in my career, just five," he told DAZN via Uefa.com. "Now is a good time to add to that number.
"Since the second match of the group stage, we've believed that we could prevail in every game - and I don't see why we shouldn't win at Wembley now.
"We remained active today and were able to take so much pace out of the game and atmosphere out of the stadium. That was our recipe for success today."
Hummels was part of the Dortmund side beaten 2-1 by Bayern in their most recent Champions League final appearance in 2013, along with Marco Reus.
The veteran midfielder announced last week that he would be leaving the club at the end of this season, and is thrilled to have one more crack at landing the biggest trophy in European club football.
"[It is] indescribable," he told DAZN. "After more than 10 years, I am in the final with Borussia again. Ousmane [Dembele] and Achraf [Hakimi] brought a tremendous amount of pace, and we suffered a lot.
"How we won the game, no-one will ask tomorrow. Shots against the post won’t matter tomorrow. What counts is that Borussia Dortmund are in the final again. Nobody expected this. It's just incredible."
Meanwhile Terzic, who saw his side surrender the Bundesliga title on the final day of last season, saluted the strides his players have made as the competition has progressed.
"Before the first game against PSV [in the round of 16], we talked for the first time about how short the journey to London could be," he said. "Back then, many were still puzzled. Last season, we lost the championship at home on the last matchday.
"I'm happy that we can now give something back to the fans. We've grown with every game and eventually realised that we could be the team that surprises everyone in the end. Now, I'm very happy to be in the final with my team."
'We weren't efficient' - Marquinhos bemoans PSG profligacy after Champions League exit
Marquinhos believes Paris Saint-Germain paid for their profligacy after suffering Champions League semi-final heartbreak against Borussia Dortmund.
Mats Hummels' second-half header from a Julian Brandt corner - the only goal at Parc des Princes - wrapped up a 2-0 aggregate victory for the Bundesliga side, who advanced to their third final and first since 2013.
Meanwhile, PSG's wait to land the elusive European crown goes on, despite a whopping 44 shots across the two legs, while they also struck the woodwork on six occasions - their overall tally of 14 the most recorded by a team during a single campaign.
Indeed, Luis Enrique's side failed to find the net in a home match for the first time since their 0-0 draw with Lorient in their first Ligue 1 match of the season, as their hopes of completing the treble vanished for another year.
"We lacked efficiency," Marquinhos told Canal+. "They scored two goals from corners and a through ball that we had worked on. We had to defend better. These are small details.
"We created chances, a lot more than them. We weren't efficient. They were efficient, they scored two goals and won both matches."
But despite the disappointment, the PSG skipper urged his team-mates to focus on the positives from their run to the semi-finals.
They recovered from a disappointing 4-1 defeat against Newcastle United to finish second behind Dortmund in Group F, before overturning a 4-2 aggregate deficit to deny Barcelona in the quarter-finals.
"There are a lot of things to take away from this competition," Marquinhos added. "At the beginning of the season, no one believed that we would get this far. We've overcome a lot of obstacles, we shouldn't throw everything away now just because we're eliminated.
"You have to remember that it's a new team, with a new coach. There are some positives to bring back for next season. We wanted to go to Wembley for the fans and our families.
"You have to stay calm after the elimination. It's very hard. We've come very close. We had to win tonight and be more efficient."
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