The eyes of the world may be on Qatar for the World Cup, but there is still plenty going on at Manchester United during the break from the Premier League.
Tuesday evening brought an announcement that Cristiano Ronaldo had been released with immediate effect following his incendiary interview with Piers Morgan. It also brought confirmation of news many United fans have been eagerly anticipating for some time: that the Glazer family are seeking a sale of the club.
While the news was shrouded in jargon – the statement said the owners were “commencing a process to explore strategic alternatives for the club” – its significance was clear. Like rivals Liverpool, Manchester United are now officially up for sale.
In the middle of the statement lay the key message: “The Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions…” That means that, should an interested party with the funds emerge, the Glazer family’s 17-year ownership of United could finally draw to a close.
That would please large swathes of the club’s supporters, many of whom have campaigned tirelessly to oust the American billionaires, who are deeply unpopular due to historic underinvestment in the club and founding involvement in the disastrous attempted breakaway European Super League, among other things.
The reasons why the Glazers are unpopular are well known – and the owners themselves have been fully aware of them for years – so why are they keen to sell now? There are a few pieces of important context around the timing of the decision, which doesn't have much to do with unpopularity.
The most obvious, and perhaps the most important, concerns the current climate in the Premier League. The sale of Chelsea to a consortium fronted by Todd Boehly in May, for an initial fee of £2.85billion, which could reach £4.25bn, has provided the market with impetus and a benchmark.
Liverpool owners, Fenway Sports Group, even mentioned “a number of recent changes of ownership and rumours of changes in ownership at EPL clubs” in their statement on November 7. That also hints at another reason: the ownership of Manchester City and Newcastle.
United, like Liverpool, are owned by American investors who are in it for a return – unlike City and Newcastle, who are funded by Middle Eastern owners who have deeper pockets and less of a desire to turn a profit.
It is something former United defender Gary Neville discussed earlier this month, when focusing on Liverpool. “It absolutely makes sense,” he said on The Overlap. “They haven't got the money really, FSG, to compete with the other teams in the league.”
He added in comments that have proven to be spot-on: “And I think the Glazer family will be in a similar situation. I suspect both of them will be looking for 'outs' or 'part-outs'.”
And that brings us onto the real reason the Glazers are looking to sell. It's not about finally bowing to overwhelming animosity from the supporters. It's about money. Malcolm Glazer first won control of Manchester United in a £790m takeover bid in 2005. The American family has not invested more money since then – and have even loaded the club with debt and taken money out via dividend payments. Now they believe they can sell for a huge profit.
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Reports in September suggested the Glazers were looking for between £3.75bn and £5bn for United. Their statement on Tuesday evening referred to the club’s “global community of 1.1 billion fans and followers”, which is something they believe makes United uniquely marketable – and therefore an attractive proposition to buy.
United are in a transition period on the pitch under the stewardship of Erik ten Hag. They are currently competing in the Europa League and sit fifth in the Premier League, outside of the qualification spots for next season’s Champions League – a hugely prestigious and valuable competition commercially speaking. That does not matter much when it comes to selling the club.
The United brand remains strong and the Glazers believe that, after years of turmoil, protests and failed breakaway leagues, now is the time to cash in their chips for a huge payday.
