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Manchester United owners announced their intention to explore selling the iconic club on Tuesday, saying a “process of exploring strategic alternatives” had begun.
Those alternatives could include the full sale of the club by the Glazer family, who took control of Manchester United in 2005.
“As part of this process, the board will consider all strategic alternatives, including new investment in the club, sale or other transactions involving the company,” United said in a statement.
The sale of the club is not guaranteed, according to the statement.
“There can be no guarantee that the ongoing review will result in a transaction involving the company,” it read.
Avram and Joel Glazer are quoted in the statement, saying: “As we seek to continue to build on the Club’s history of success, the Board has authorized a thorough evaluation of strategic alternatives.
“We will assess all options to ensure that we best serve our fans and that Manchester United maximize the significant growth opportunities available to the Club now and in the future.
“Throughout this process, we will remain fully focused on serving the best interests of our fans, shareholders and various stakeholders.”
United has confirmed that the Raine Group is acting as financial adviser to the Glazer family, while Latham and Watkins LLP is the company’s legal adviser. Rothschild and Co. acts as financial advisor to the family shareholders.
United are a rarity in the world of sport and finance.
It’s one of the few major publicly traded sports franchises, but there are others. Shares of two United rivals are listed on European exchanges – Germany’s Borussia Dortmund trade in Frankfurt while Italy’s Juventus are listed in Milan.
According to Forbes, Manchester United is the third most valuable football club in the world at $4.6 billion – behind Spanish giants Real Madrid and Barcelona.
However, the club have not won a trophy since 2017 and have had a succession of managers since Alex Ferguson’s retirement in 2013.
Current starter Erik ten Hag is the fifth permanent manager to be appointed by United since Alex Ferguson, following David Moyes, Luis van Gaal, José Mourinho and Ole Gunnar Solskjær.
Earlier on Tuesday, United announced that Cristiano Ronaldo was leaving the club with immediate effect.
In a brief statement, United said the decision, which comes a week after Ronaldo gave an explosive TV interview about his frustrations at the club, was made by mutual agreement.
Cnn
