The sale of Manchester United has been officially announced by the Glazer family.
The American owners of United have asked investment bankers for guidance on the procedure, which could lead to a complete sale of the team and bring an end to their 17-year rule at Old Trafford.
A statement from United on Tuesday night stated that the club’s board of directors (the “Board”) has started a process to investigate strategic alternatives for the organization. Manchester United plc (NYSE: MANU), one of the most renowned and successful sports organizations in the world, made the announcement.
The procedure aims to accelerate the club’s future development with the ultimate objective of positioning the team to seize opportunities both on and off the field of play.
The Board will think through all strategic options during this process, including a sale, a new investment into the club, and other business dealings involving the Company.
To improve the long-term success of the club’s men’s, women’s, and academy teams and to benefit supporters and other stakeholders, this will also include an evaluation of several initiatives to strengthen the club, such as stadium and infrastructure redevelopment and expansion of the club’s commercial operations on a global scale.
The review being conducted may result in a transaction involving the Company, but this cannot be guaranteed.
Manchester United does not intend to release any additional information about the review until after the Board has approved any specific transactions or other actions that call for a formal announcement.
The 1.1 billion fans and supporters of Manchester United around the world are passionate and devoted, according to the club’s owners Avram and Joel Glazer.
The Board has given the go-ahead for a thorough assessment of strategic options as we seek to build on the club’s successful past.
To best serve our supporters and make sure that Manchester United takes advantage of the significant growth opportunities that are currently and in the future available to the club, we will carefully consider all of our options. We will remain wholly committed to looking out for the interests of our supporters, shareholders, and other stakeholders throughout this process.
In a deal that left the team with a £660 million debt, the Glazer family acquired control of United in 2005. Before the takeover, United had no debt; today, that amount is £514.9 million.