Thomas Zilliacus says he is still interested in buying Manchester United and has called on the Glazer family to "put a price tag" on the club.
The Glazers decided to go to a third round of bidding this week.
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.