Glazer family instruct banks to handle sale of Manchester United

The Glazer family have instructed banks to handle the sale of Manchester United.

The Glazers, who took over Manchester United in 2005, on Tuesday announced plans to identify “strategic alternatives” that could lead to a potential sale from the club.

A statement said the process will consider a number of options “including new investment into the club, a sale, or other transactions involving the company”.

The Raine Group, who were previously employed by Roman Abramovich to manage the sale of Chelsea FC, will be acting as the club’s ‘exclusive financial advisor’ during the process.

Rothschild and Co. is meanwhile acting as exclusive financial advisor to the Glazer family shareholders.

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The statement added: “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.”

Manchester United’s executive co-chairmen and directors, Avram Glazer and Joel Glazer, said in the statement that they 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,” they added.

US sports tycoon Malcolm Glazer first won control of Manchester United in a £790 million takeover bid in 2005.

But their 17-year reign in charge of the Premier League club has been dominated by fan protests and declining performance.

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United have not won the Premier League title since 2013 and have struggled to compete with the likes of Manchester City and Liverpool since Sir Alex Ferguson’s retirement.

The club’s Premier League match against Liverpool at Old Trafford in May last year was postponed because of an organized protest by United fans against the owners.

And thousands of supporters marched to Old Trafford in protest before the same fixture this season, in August.

On Monday, the club meanwhile announced Cristiano Ronaldo would be leaving Manchester United with immediate effect.

The decision follows a controversial interview in which Ronaldo criticized the club and said he had “no respect” for manager Erik ten Hag. Ronaldo also criticized the Glazers.

Both parties said Ronaldo’s exit, which did not involve any money changing hands, was “mutually agreed”.

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(Photo: Getty Images)

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