Glazer family considers Man U sale
LONDON – The Glazer family is ready to sell Manchester United and will listen to offers in excess of £5 billion, it has emerged.
United confirmed the sensational news that the world’s biggest football club is effectively for sale in a statement issued at 9:30pm on Tuesday night.
The Raine Group and Rothschild and Co have been appointed as exclusive financial advisors to oversee the process. United said it is designed to enhance future growth, but added that the club ‘will consider all strategic alternatives, including new investment into the club, a sale, or other transactions’.
A statement from co-chairmen Avram and Joel Glazer read: ‘‘He 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.’’
The hated American owners have been in power at Old Trafford since 2005. However, they have come under pressure from fan groups for some time to end their 17-year reign which has been criticised from the outset over the leveraged £790 million purchase which heaped huge debt on United.
It’s thought that an offer in excess of £5 billion - and possibly as high as £9 billion - would persuade them to sell up.
The news will inevitably spark interest from around the globe as well as in the UK. Sir Jim Ratcliffe, Britain’s richest man and a lifelong United fan, has long been linked with a bid for the club.