The American owners of Manchester United confirmed on Tuesday that they intend to put the legendary Premier League club up for sale. The announcement comes just four hours after Cristiano Ronaldo was announced as leaving the club.
The American owners of Manchester United are considering selling the English Premier League club. As the association announced, the Glazer family is considering external financing to promote growth. “As part of this process, the board will consider all strategic alternatives, including new investments in the club, a sale or other transactions affecting the company,” it said in a statement. The rehabilitation of the stadium and infrastructure as well as the expansion of the club’s commercial activities on a global level would also be assessed.
The American investment bank Raine Group was commissioned to take care of a possible sale or a new investment. Raine had already handled the sale of Premier League club Chelsea to Todd Boehly and Clearlake Capital earlier this year. The bank holding Rothschild & Co is the exclusive financial advisor to the shareholders of the Glazer family, it said.
Glazer acquired Manchester United in 2005 for $1.47 billion
“Manchester United’s strength lies in the passion and loyalty of our global community of 1.1 billion fans and supporters,” Co-Chairs Avram Glazer and Joel Glazer said in the statement. “As we look to continue to build on the club’s track record, the board have authorized a thorough evaluation of strategic alternatives. We will examine all options to ensure we are best serving our fans and that Manchester United realize the significant growth opportunities that the club has today and available in the future, maximized.”
They added that “Throughout the process, we will be fully focused on serving the best interests of our fans, shareholders and various stakeholders.”
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While there’s no guarantee the Glazers will relinquish complete control of United, the news gives hope to supporters of the team. They have long fought to evict the American family, which also owns the NFL’s Tampa Bay Buccaneers. Since the takeover in spring 2005, when the late entrepreneur Malcolm Glazer took over the traditional club for 1.47 billion dollars, criticism has rained down. There were repeated protests. The fans on the island did not like the fact that a billionaire from America, of all people, who increases his fortune primarily with shopping malls, TV stations, fish factories or an American football team, has become master of one of the most traditional clubs from the football motherland .
Manchester United terminate Cristiano Ronaldo’s contract
Manchester United fans have criticized the leveraged nature of the Glazers’ takeover, which left the club saddled with debt, as well as the perceived lack of investment and dividends collected by the owners.
The announcement of the possible sale came about four hours after the announcement that Manchester United and soccer superstar Cristiano Ronaldo were terminating the contract. Ronaldo had previously criticized the coach and the owners of the club in an interview.
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Sources: , DPA
Source: Stern
I have been working in the news industry for over 6 years, first as a reporter and now as an editor. I have covered politics extensively, and my work has appeared in major newspapers and online news outlets around the world. In addition to my writing, I also contribute regularly to 24 Hours World.
