It’s news galore again at Old Trafford as the Glazers have confirmed they are ready to sell Manchester United after 17 years at Old Trafford.
United released a sensational statement Tuesday night revealing they have kick-started a process to ‘explore strategic alternatives to enhance the club’s growth’, which to all intents and purposes includes a potential sale.
The club statement reads: “Manchester United plc (NYSE:MANU), one of the most successful and historic sports clubs in the world, announces today that the Company’s Board of Directors (the ‘Board’) is commencing a process to explore strategic alternatives for the club.
“The process is designed to enhance the club’s future growth, 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 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.”
Joel and Avram Glazer also added: “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 authorized a thorough evaluation of strategic alternatives. We will evaluate all options to ensure that we best 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 statement concluded with: “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.
“There can be no assurance that the review being undertaken will result in any transaction involving the Company. Manchester United does not intend to make further announcements regarding the review unless and until the Board has approved a specific transaction or other course of action requiring a formal announcement.”
Having been in power at United for 17 years since a leveraged £790million buyout in 2005, The Glazers have proved immensely unpopular for a prolonged period of time. Things came to a head when protests spiralled out of control when the club signed up to the now-doomed European Super League last year, with insurgent fans invading the pitch at Old Trafford to call for their US owners to depart.
Now it appears as if the resentful hordes of Manchester United fans are finally getting their wish, as it is understood the Glazers will listen to offers in excess of £5billion but may demand as much as £9bn.