Manchester United have announced that the Glazer family are looking for “strategic alternatives to enhance the growth of the club”, putting the club up for sale.
A statement released by the Old Trafford club on Tuesday evening said all avenues were being considered, including “further investment in the club, sale or other dealings involving the business”.
The Raine Group, which handled the sale of Chelsea earlier this year, is acting as the club’s financial adviser during the process, while Rothschild and Co. will act as financial adviser to Glazer family shareholders.
Belief had grown since the summer that the Glazer family would be willing to welcome further investment at Old Trafford, as The Independent reported in August.
At least three consortia were reportedly interested following meetings between high net worth individuals and brokers over the summer.
“The strength of Manchester United is built on the passion and loyalty of our global community of 1.1 billion fans and followers,” co-chairmen Joel and Avram Glazer said in a statement on Tuesday evening.
“As we seek to continue to build on the club’s history of success, the board have authorized a thorough assessment of strategic alternatives. We will assess all options to ensure that we best serve our fans and that Manchester United are maximizing the significant growth opportunities available to the club now and in the future.
“Throughout this process, we will remain fully focused on serving the best interests of our fans, shareholders and various stakeholders.”
A statement from the club read: “Manchester United plc, one of the world’s most successful and historic sporting clubs, today announces that the company’s board of directors is beginning a process to explore strategic alternatives for the club.
“The process is designed to enhance the future growth of the club, with the ultimate aim of positioning the club to take advantage of opportunities both on the pitch and commercially.
“As part of this process, the board will consider all strategic alternatives, including new investment in the club, sale or other transactions involving the business.
“This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and the expansion of the club’s commercial operations globally, each in the context of improving success at term of the club’s men’s, women’s and women’s teams. academy teams and provide benefits to fans and other stakeholders.