November 28, 2022: On Tuesday, Manchester United stated that it was beginning a process to explore strategic alternatives, which include a recent investment or a potential sale, 17 years following the American Glazer family brought the English Premier League soccer club.
The Glazer family works with financial advisers on the growth, which could lead to a sale of the club or investments, which include stadium and infrastructure redevelopment, the club stated.
Manchester United fans are clamoured for a change of ownership, and the Glazers are the target of intense hate as the team has been without winning a trophy for five years.
“As we seek to keep building on the club’s history of being successful, the board has authorized all over the evaluation of strategic alternatives,” Avram Glazer and Joel, executive co-chairmen and directors of Manchester United, stated.
“We will change all options to make sure that we best serve our fans and that Manchester United increases the significant growth opportunities allowing to the club in the future,” it said.
Also on Tuesday, the club added that star striker Cristiano Ronaldo would leave immediately, marking an unhealthy ending to the Portugal captain’s second spell at Old Trafford following his add that he felt abandoned by the club.
The Glazers is bringing the club for nearly 800 million pounds in 2005 in an increased leveraged deal that is blamed for loading a loan onto the club.
United has been showing on the New York Stock Exchange made in 2012 when the Glazers dealt 10% of their holding through the listing and have sold over shares since.
The Raine Group is the financial adviser, and Latham & Watkins LLP is the adviser to Manchester United.
Rothschild and Co. act as financial advisers to the Glazer family shareholders.
Manchester United’s shares increased nearly 12% after Sky News earlier stated the plans.
The fan protest against the Glazers was present in May 2021, which led to the postponement of a home match against Liverpool, the club’s significant rivals. The first Premier League match was postponed because of a protest.
Liverpool is also “exploring a sale”, the club chairman Tom Werner stated.
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