Manchester United Up for Sale, Owners Glazer Family Looking for Potential Buyers
23 November, 2022 | Pranay Lad
The American Glazer family, Manchester United's owners, are considering selling the English football team.
After a 17-year ownership tenure that saw crowd demonstrations and a deterioration in on-field performance as two of its high points, the owners are open to hearing bids. The media site reports that US investors are predicted to buy the historic club, which is worth almost £5 billion if sold.
In a statement, Manchester United confirmed plans to examine “strategic alternatives” and added a list of possibilities, such as “new investment into the club, a sale, or other transactions involving the company.”
The announcement said, “Manchester United plc (NYSE:MANU), one of the most storied and successful sports organisations in the world, announced today that the Board of Directors of the Company (the “Board”) is starting a process to investigate strategic alternatives for the club.
The procedure is intended to accelerate the club’s future development with the ultimate aim of placing the club to seize chances both on and off the field of play.
“The Board will take into account all strategic options throughout this process, including more club investment, a sale, and other business dealings involving the Company. This will include a review of various club-building initiatives, such as redeveloping the stadium and infrastructure and expanding the club’s global commercial operations, each with an eye toward improving the long-term success of the club’s men’s, women’s, and academy teams and bringing benefits to supporters and other stakeholders “The statement came to an end.
The media site also cited executive co-chairmen Avram Glazer and Joel Glazer as saying, “The 1.1 billion fans and supporters that make up our worldwide community are what make Manchester United strong. The Board has authorised a comprehensive assessment of strategic alternatives as we work to maintain the club’s successful track record.”
“We will weigh all of our alternatives to make sure that we are providing the finest experience for our supporters while also maximising Manchester United’s huge growth potential. We will remain entirely committed to looking out for the interests of our supporters, stockholders, and other stakeholders during this process.”
The Raine Group, who during the summer facilitated the sale of the soccer team Chelsea, serves as United’s only financial advisor. While Rothschild and Co. provide the same function for Glazer Family Shareholders.
The club’s announcement that it is reviewing its financial alternatives, including a sale, would put an end to years of rumours that the Glazers would be convinced to sell a club that has steadily lost ground as a football team. After Alex Ferguson, the most accomplished manager in club history, retired, they have not won the Premier League since 2013, and a number of managers have come and gone.
Cristiano Ronaldo and the club are now engaged in a legal battle after a contentious interview in which he questioned the team’s direction, ambition, and the Glazers.
The club declared that Ronaldo had left “with immediate effect” on Tuesday.