Manchester United Owners the Glazers Consider Selling Premier League Club Confirm Next Steps

Total Views : 19
Zoom In Zoom Out Read Later Print

Manchester United fans have been clamouring for a change of ownership, and the Glazers have been the target of intense criticism, as the team have gone five years without winning a trophy – the last silverware won being the Europa League and League Cup back in 2017.

Manchester United’s owners the Glazers say they are considering selling the English Premier League soccer club as they commence a process to “explore strategic alternatives” that includes a new investment into the club, a potential sale, “or other transactions involving the company”.

The move, which comes after years of protest from fans against the Glazer’s ownership of the soccer club and 17 years after the family bought the club for £790m ($1.34bn), comes on the same day the club terminated the contract of Cristiano Ronaldo.

In their statement Tuesday, Avram Glazer and Joel Glazer, executive co-chairmen and directors of United, noted that “The process is designed to enhance the club's future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially.”

The statement added that the process “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” to enhance “the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders.”

In 2012, the American family sold 10% of their holding via a stock listing and sold further shares in the subsequent years.

“As we seek to continue building on the club’s history of success, the board has authorised a thorough evaluation of strategic alternatives,” the Glazers added.

“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximises 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 statement, which revealed that American investment firm Raine Group, which handled Chelsea’s sale in May, is acting as the club’s exclusive financial advisor, 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.”