The Manchester United board have announced that they are open to selling the club for the sake of its future growth.
The club made this announcement on Tuesday, a few hours after announcing the termination of Cristiano Ronaldo’s contract.
Recall that Ronaldo had done a controversial interview with Piers Morgan, where he tackles the club’s owners over their lack of care and ambition for the club.
According to the Portuguese, the club had not changed a bit since he left it in 2009, as the Glazers refuse to invest in the club.
Following the interview, Ronaldo’s contract was terminated and the club’s owner announced their intention to sell.
In a statement released on the club’s app, the board announced: “Manchester United plc (NYSE:MANU), one of the most successful and historic sports clubs in the world, announces today that the Company’s Board of Directors (the “Board”) is commencing a process to explore strategic alternatives for the club.
“The process is designed to enhance the club’s future growth, with the ultimate goal of positioning the club to capitalize on opportunities both on the pitch and commercially.
“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.
“Executive Co-Chairmen and Directors, Avram Glazer and Joel Glazer said: “The 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 authorized a thorough evaluation of strategic alternatives. We 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.”
“The Raine Group is acting as the Company’s exclusive financial advisor and Latham & Watkins LLP is legal counsel to the Company.
“Rothschild and Co. is acting as exclusive financial advisor to the Glazer family shareholders.
“There can be no assurance that the review being undertaken will result in any transaction involving the Company. Manchester United does not intend to make further announcements regarding the review unless and until the Board has approved a specific transaction or other course of action requiring a formal announcement.”