IT WAS ANNOUNCED LAST NIGHT THAT the Glazer family are considering the sale of their prized asset Manchester United, 17-years after the club was purchased by American businessman Malcolm Glazer.
A statement from the club admitted that the club were looking for 'strategic alternatives for the club.'
Manchester United in a statement are working with two financial advisors The Raine Group and Watkins LLP in with legal counsel.
Rothschild and Co multinational investment bank are also helping the family with the process.
The statement on Manchester United's website said: "Executive Co-Chairman and Directors, Avram Glazer and Joel Glazer said: “The strength of Manchester United rests on the passion and loyalty of our global community of 1.1 billion fans and followers.
"As we seek to continue building on the Club’s history of success, the Board has authorised a thorough evaluation of strategic alternatives.
"We will evaluate all options to ensure that we best serve our fans and that Manchester United maximises the significant growth opportunities available to the Club today and in the future.
Club statement on a process to explore strategic options for Manchester United.#MUFC
— Manchester United (@ManUtd) November 22, 2022
"Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders.”
"The Raine Group is acting as the Company’s exclusive financial advisor and Latham & Watkins LLP is legal counsel to the Company.
"Rothschild and Co. is acting as exclusive financial advisor to the Glazer family shareholders.
This comes 17-years after the superclub was purchased for for £790m in 2005, via a controversial leveraged buyout (LBO) is the acquisition of another company using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition.
The family have continued to take divdends out while the club have struggled on the pitch and fallen behind the likes of Liverpool and Manchester City.
Fans have protested against the controversial ownership to this day and in May 2021 one protest forced the postponement of a home match against Liverpool. It was the first Premier League match to be postponed because of a protest.
The alleged sale of the club comes after the European Super League project collapsed in April 2021. United and Liverpool were two of the main players in the breakaway league
Speculation has emerged that the ES failed project, rising interest rates, and the cost of getting Manchester United to the top are the main reasons for a sale
Chelsea were sold for Todd Boehly and Clearlake Capital for £2.5 billion this year, so it's believed that Manchester United are expected to go for a higher fee due to their standing in world football. According to Forbes the team's value is $4.6B..
