The owners of Manchester United said on Tuesday that they were beginning the “process to explore strategic alternatives,” or the possibility of selling the club.
The Glazer family, who bought Manchester United in 2005, has considered a number of options, including a complete sale of the club.
United said in a statement that its board “will consider all strategic alternatives” as part of this process. These options could include new investment into the club, a sale, or other transactions involving the Company.
The statement indicates that the club’s potential sale is uncertain. A transaction involving the Company is merely being explored at this time and there can be no assurance that it will occur.
In the statement, Avram and Joel Glazer are quoted as saying, “The Board has authorized a thorough evaluation of strategic alternatives as we seek to continue building on the Club’s history of success.”
“We will consider all possibilities to ensure that Manchester United provides the best possible service to its fans and makes the most of the significant growth opportunities currently available to the Club.”
Throughout this ordeal, we won’t lose sight of our commitment to our customers, investors, and other stakeholders.
United confirmed that the Raine Group is serving as the Glazer family’s financial adviser and that Latham & Watkins LLP is representing the airline in legal matters. The family shareholders have retained the services of Rothschild and Co. as their financial advisors.
United is an anomaly in both the business and sports industries.
In terms of major sports teams, it is one of the few that are traded on public markets. United’s rivals Borussia Dortmund (Germany) and Juventus (Italy) both have publicly traded stock on European exchanges.
Manchester United, behind Real Madrid and Barcelona, is the third most valuable football club in the world, valued at $4.6 billion by Forbes.
However, since Alex Ferguson’s retirement in 2013, the club has gone through a series of managers and has not won a trophy since 2017.
Since Alex Ferguson’s retirement, United has hired five permanent managers (David Moyes, Luis van Gaal, José Mourinho, and Ole Gunnar Solskjaer), with the current manager being Erik ten Hag.
United announced earlier on Tuesday that Cristiano Ronaldo would be leaving the club effective immediately.
Shortly after Ronaldo’s explosive TV interview last week, in which he vented his frustrations with the club, United released a statement saying the decision was mutual.
