File photo of Manchester United co-chairman Avraham Glazer and Joel Glazer at Old Trafford in Manchester, England. file | Photo Credit: Getty Images
The American owners of Manchester United confirmed on Tuesday that they would consider putting the iconic Premier League club up for sale.
United said the Glazer family was exploring outside funding to ramp up development — a move that could pave the way for a potential buyout.
“As part of this process, the board will consider all strategic options including new investment in the club, sale, or other transactions involving the company,” it said in a statement.
US investment bank Rhine Group has been listed to handle any sale or new investment.
Earlier this year, Rhine successfully secured the sale of Premier League club Chelsea to Todd Bohli and Clearlake Capital, securing further investment commitments of 2.5 billion pounds ($3 billion) and 1.75 billion pounds ($2 billion).
supporters are expected
While there is no guarantee that the Glazers will hand over full control of United, the news will provide hope to supporters of the team, who have long campaigned to oust the American family, which also owns the NFL’s Tampa Bay Buccaneers. Is the owner.
The late tycoon Malcolm Glazer bought United in 2005 for £790 million (about $1.4 billion then) amid protests from fans.
The unrest has continued in subsequent years and recent days have seen increasingly angry protests. Last year a game against Liverpool had to be postponed following demonstrations at Old Trafford.
“The strength of Manchester United rests on the passion and loyalty of our global community of 1.1 billion fans and followers,” co-chairmen Avraham Glazer and Joel Glazer said in the statement. “As we look to continue to build on the club’s history of success, the Board has authorized a thorough assessment of strategic options. We will evaluate all options to ensure that we best serve our fans and that Let Manchester United maximize the important growth opportunities available to the club today and into the future.”
He added that throughout the process “we will remain completely focused on serving the best interests of our fans, shareholders and various stakeholders.”
rising debt
United fans have been critical of the leveraged nature of the Glazers’ buyout which placed a debt burden on the club, as well as the perceived lack of investment and dividends extracted by the owners.
The club have suffered a steady decline since the retirement of Alex Ferguson in 2013 – failing to win a league title since then – and have come to dominate English football in the form of fierce rivals Manchester City and Liverpool.
United said the development plans included a possible redevelopment of its Old Trafford stadium – something supporters have long demanded.
It is likely that Rhine will use the sale of Chelsea as a gauge for any valuation – and hopes to exceed that figure for one of the world’s most popular sporting teams.
Jim Ratcliffe, the billionaire owner of petrochemicals firm INEOS, abandoned his interest in buying United this month despite being a longtime fan.
INEOS already owns French club Nice.
INEOS said in a statement: “Our situation has evolved since the summer and we are now focusing our efforts on Nice and raising our ambitions for the club to enable them to compete with PSG in France. to build a top-class club.” “It would represent a better value for our investment than buying one of the top-tier Premier League clubs.”
Liverpool – another storied Premier League club under American ownership – is exploring similar options. Fenway Sports Group said earlier this month that it was ready to sell the shares of the club it bought in 2010.