November 30, 2022

Manchester United owners exploring potential sale of famed club

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CNN

Manchester United The owners announced their intention to explore a sale of the iconic club on Tuesday, saying a “process to find a strategic alternative” had begun.

Those alternatives could include a total sale of the club by the Glazer family, who took control of Manchester United in 2005.

“As part of this process, the board will consider all strategic alternatives, including new investment in the club, a sale, or other transactions involving the company,” United said in a statement.

According to the statement, the sale of the club is not guaranteed.

“There can be no assurance that the review being conducted will result in any transaction involving the Company,” it reads.

The statement quoted Avram and Joel Glazer as saying: “As we look to continue to build on the club’s history of success, the board has authorized a full assessment of strategic alternatives.

“We will review 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 focused on serving the best interests of our fans, shareholders and various stakeholders.”

United confirmed that the Rhine Group is acting as financial adviser to the Glazer family, while Latham & Watkins LLP is the company’s legal adviser. Rothschild and Co. Acting as financial advisor to family shareholders.

United is a rarity in the world of sports and finance.

It is one of the few major publicly traded sports franchises, but there are others. Shares in two of United’s rivals are publicly traded on European exchanges – Germany’s Borussia Dortmund trade in Frankfurt while Italy’s Juventus is listed in Milan.

According to Forbes, Manchester United is the third most valuable soccer club in the world at $4.6 billion – behind only Spanish giants Real Madrid and Barcelona.

However, the club have not won a trophy since 2017 and have had a succession of managers since the retirement of Alex Ferguson in 2013.

Incumbent Erik ten Hague is the fifth permanent manager appointed by United since Alex Ferguson, following David Moyes, Louis van Gaal, Jose Mourinho and Ole Gunnar Solskjaer.

Earlier on Tuesday, United announced this. Cristiano Ronaldo Leaving the club with immediate effect.

In a brief statement, United said the decision came a week after Ronaldo. Gave an explosive TV interview. About their frustrations at the club, it was done by mutual agreement.



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