Manchester United’s owners, the Glazer family, have stated that they are willing to sell the club, glamsquad reports.
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The Glazers completed their takeover in 2005, but they have faced fierce opposition from supporters, particularly for saddling the club with massive debts as a result of their leveraged buyout.
The Glazers issued a statement on Tuesday night, November 22, via Manchester United’s website, revealing that they are “exploring strategic alternatives,” including new investment or a full sale.
According to the statement issued on Tuesday: “Manchester United announced today that the club’s board of directors has begun an investigation into strategic alternatives for the club.
“The process is intended to boost the club’s future growth, with the ultimate goal of positioning the club to capitalize on opportunities on and off the field.
“The board will consider all strategic alternatives, including new investment in the club, a sale, or other transactions involving the company, as part of this process.
“This will include an evaluation of several initiatives to strengthen the club, such as stadium and infrastructure redevelopment and global expansion of the club’s commercial operations, all with the goal 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.”
Avram and Joel Glazer said in a statement released on Tuesday: “Manchester United’s strength is built on the passion and loyalty of our global community of 1.1 billion fans and followers.
“The board has authorized a thorough evaluation of strategic alternatives as we seek to build on the club’s history of success.
“We will assess all options to ensure that we best serve our fans and that Manchester United capitalizes on the club’s significant growth opportunities today and in the future.
“Throughout this process, we will remain completely committed to serving the best interests of our fans, shareholders, and other stakeholders.”
The announcement came just hours after Manchester United announced Cristiano Ronaldo would leave the club following a “mutual agreement” between the two parties.
Ronaldo’s departure follows an interview with Piers Morgan last week in which he blasted the club and its new manager, Erik ten Hag, for disrespecting him.
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If United were to be sold outright, it would be expected to fetch far more than the £2.5 billion paid for Chelsea in May by a consortium led by Los Angeles Dodgers part-owner Todd Boehly.
British billionaire Jim Ratcliffe, who also bid for Chelsea, has expressed interest in buying United, but the Glazers refused to sell in October.
After handling the sale of Chelsea earlier this year, The Raine Group has been named United’s exclusive financial adviser.
Despite a fan backlash, the late tycoon Malcolm Glazer purchased United in 2005 for £790 million (about $1.4 billion at the time). The club is now owned by his children, known as the Glazer brothers.