Manchester United have announced that the Glazer family are seeking “strategic alternatives to enhance the club’s growth”, effectively putting the club up for sale.
A statement released by the Old Trafford club on Tuesday evening said that all avenues were being considered including “new investment into the club, a sale, or other transactions involving the company”.
The Raine Group, who handled the £2.5bn acquisition of Chelsea earlier this year, are acting as the club’s financial advisors during the process, while Rothschild and Co. will act for the Glazer family.
Belief had grown since the summer that the Glazers would be willing to welcome new investment into Old Trafford, as The Independent reported in August.
At least three consortiums were understood to be interested following meetings between high-net-worth individuals and brokers over the summer, in the first indications that the Florida-based family could bring their 17-year ownership of the club to an end.
“The strength of Manchester United rests on the passion and loyalty of our global community of 1.1 billion fans and followers,” said co-chairmen Joel and Avram Glazer in a statement on Tuesday evening.
“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 Glazers’ ownership of United has proved highly controversial since their £790m leveraged takeover in 2005, which saddled the 13-time Premier League champions with debt. United’s net debt currently stands at £514m.
United’s indebtedness, interest payments and the payment of dividends to the Glazers have led fans to protest against their ownership since 2005 amid declining performances on the pitch.
The news that the family are now considering a sale comes barely two weeks after Fenway Sports Group, owners of Liverpool, are also open to new investment. Both clubs were drivers behind the failed European Super League project.
A club statement read: “Manchester United plc, one of the most successful and historic sports clubs in the world, announces today that the company’s board of directors is commencing a process to explore strategic alternatives for the club.
“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.
“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.”
