Manchester United have announced that the Glazer family will explore a possible sale of the club. The American group has been in charge of the Old Trafford team for 17 years, with numerous fan protests during that time.
Many feel the Red Devils have slipped since the Glazers took over, and the club has failed to win a Premier League title since 2013 when Sir Alex Ferguson retired. The Red Devils are in the midst of a rebuild currently under Erik ten Hag and the club is now accepting offers for a full or partial takeover.
Their statement read: “Manchester United plc (NYSE:MANU), one of the world’s most successful and storied sports clubs, today announces that the Company’s Board of Directors (the “Board”) is beginning a process to explore strategic alternatives for the club.
“The process is designed to enhance the future growth of the club, with the ultimate goal of positioning the club to capitalize on opportunities both on the pitch and commercially. As part of this process, the Board will consider all strategic alternatives, including new investment at the club, a sale or other transactions involving the Company This will include an assessment of various initiatives to strengthen the club, including the redevelopment of the stadium and infrastructure, and the expansion of the club’s business operations on a global scale, each one in the context of enhancing the long-term success of the club’s men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders.
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Co-CEOs and directors Avram Glazer and Joel Glazer have vowed they want to do what is ‘best for the fans’ in a rare speech to the United faithful. A joint statement read: “Manchester United’s strength rests on the passion and loyalty of our global community of 1.1 billion fans and supporters. As we look to continue to build on the Club’s success story, the Board has authorized a comprehensive evaluation of strategic alternatives.
“We will evaluate all options to ensure that we better serve our fans and that Manchester United maximizes 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 news comes after the Glazers faced years of fan protest to walk away from the club. Supporters took to social media in their crowds on Tuesday night to celebrate the news with one fan claiming that “Christmas had come early” after Cristiano Ronaldo’s departure from the club was also announced.
The statement then explained that The Raine Group would act as exclusive financial adviser, the company that was in charge of finding new owners for Chelsea after Roman Abramovich’s assets were frozen earlier this year. It was then emphasized that the review may not definitively result in a ‘transaction involving the Company’.
It remains to be seen which groups/figures show interest in buying United in the coming months and if the Glazers are willing to sell the whole club or just part of it. Several key figures have come out and criticized the Glazers in recent years, with Cristiano Ronaldo being the latest to share his views on the property. In his explosive interview with Piers Morgan, which led to his contract with the club being terminated on Tuesday. Ronaldo said earlier this month in a damning attack on American billionaires: “The owners, the Glazers, don’t care about the club.
“I mean, professional sport. As you know, Manchester is a marketing club. They will get their money from marketing. “Sports…don’t really care, in my opinion.”
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