The Glazer family has instructed banks to arrange the sale of Manchester United.
The Glazers, who took over Manchester United in 2005, announced plans on Tuesday to identify “strategic alternatives” that could lead to a potential sale of the club.
A statement said the process will consider a number of options “including new investment in the club, a sale or other transactions involving the company”.
The Raine Group, previously employed by Roman Abramovich to oversee the sale of Chelsea FC, will act as the club’s ‘exclusive financial adviser’ during the process.
Rothschild and Co. meanwhile acts as exclusive financial advisor to the shareholders of the Glazer family.
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The statement added: “As part of this process, the board will consider all strategic alternatives, including new investment in the club, a sale or other transactions involving the company.
“This includes an assessment of several initiatives to strengthen the club, including the redevelopment of the stadium and infrastructure, and the expansion of the club’s commercial activities on a global scale, each in the context of increasing the long-term success of the gentlemen club’s women’s and men’s competitions. academy teams, and benefit fans and other stakeholders.
Manchester United’s executive co-chairs and directors Avram Glazer and Joel Glazer said in the statement that they will “evaluate all options to ensure we serve our fans in the best possible way and that Manchester United maximize the significant growth opportunities representing the club today and in the future”.
“During this process, we will remain fully focused on serving the best interests of our fans, shareholders and various stakeholders,” they added.
American sports mogul Malcolm Glazer first took control of Manchester United in a £790 million takeover bid in 2005.
But their 17-year reign at the helm of the Premier League club has been dominated by fan protests and declining performance.
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United have not won the Premier League title since 2013 and have struggled to compete with Manchester City and Liverpool since the retirement of Sir Alex Ferguson.
The club’s Premier League match against Liverpool at Old Trafford in May last year was postponed due to an organized protest by United fans against the owners.
And thousands of supporters marched to Old Trafford in protest for the same match this season, in August.
On Monday, the club announced that Cristiano Ronaldo would leave Manchester United with immediate effect.
The decision follows a controversial interview in which Ronaldo criticized the club, saying he had “no respect” for manager Erik ten Hag. Ronaldo also criticized the Glazers.
Both sides said Ronaldo’s departure, with no money changing hands, was “mutually agreed”.
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