The Glazers have confirmed they are considering selling Manchester United or accepting new investment into the Premier League club.
In a statement issued on Tuesday night, the club announced its board had started "a process to explore strategic alternatives for the club".
They added that the "process is designed to enhance the club's future growth, with the ultimate goal of positioning the club to capitalize on opportunities both on the pitch and commercially".
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The confirmation came after the news was initially reported by Sky News.
The statement read: "As part of this process, the board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company.
"This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders."
Manchester United's shares are traded on the New York Stock Exchange, with their price spiking following the news.
In a joint statement, executive co-chairmen and directors, Avram Glazer and Joel Glazer said: "The strength of Manchester United rests on the passion and loyalty of our global community of 1.1 billion fans and followers.
"As we seek to continue building on the club’s history of success, the board has authorized a thorough evaluation of strategic alternatives.
"We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future.
"Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders."
The Raine Group is acting as the club's exclusive financial advisor and Latham & Watkins LLP is legal counsel. Rothschild and Co. is acting as exclusive financial advisor to the Glazer family shareholders.
Manchester United added: "There can be no assurance that the review being undertaken will result in any transaction involving the company.
"Manchester United does not intend to make further announcements regarding the review unless and until the board has approved a specific transaction or other course of action requiring a formal announcement."
The news comes after the club confirmed their losses had widened by £125m despite revenue increasing by almost 20% during their latest financial year.
The club posted pre-tax losses of £149.6m for the 12 months to June 30, 2022, compared to losses of £24m during the prior year.
However, United's total revenue increased over the same period from £494.1m to £583.2m.
United's statement also comes after Fenway Sports Group confirmed reports earlier this month that it had also started the process of exploring a sale of Liverpool FC.
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