Manchester United Plc in a statement on Tuesday confirmed that Manchester United’s owners the Glazer family will explore sale of the club as part of a process aimed at enhancing the club’s future growth.
The statement read in part:
“The process is designed to enhance the club’s future growth, with the ultimate goal of positioning the club to capitalise on opportunities both on the pitch and commercially.
“As part of this process, the board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company.
“This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club’s commercial operations on a global scale, each 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.”
The club has contracted The Raine Group, which oversaw the sale of Chelsea by Roman Abramovich, to act as the company’s exclusive financial advisor while Latham & Watkins LLP is legal counsel to the shareholders.
Meanwhile, Rothschild and Co. is the exclusive financial advisor to the Glazer family shareholders.
United fans have long since called for the Glazers to sell, angered by the club’s apparent lack of direction and distinct struggles in replicating past glories under Alex Ferguson.
The club stressed, however, that Tuesday’s announcement does not necessarily mean the end of the Glazer era.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
