The Glazers have instructed the banks to handle the sale of Manchester United.
Glazer, who took over at Manchester United in 2005, on Tuesday announced plans to identify “strategic alternatives” that could lead to a potential sale of the club.
A statement said the process would consider a number of options “including new investment in the club, sale or other transactions involving the company”.
The Raine Group, who was previously appointed by Roman Abramovich to manage the sale of Chelsea FC, will act as the club’s “exclusive financial advisor” during the process.
Meanwhile, Rothschild & Co. acts as exclusive financial advisor to the shareholders of the Glazer family.
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The statement added: “As part of this process, the board of directors will consider all strategic alternatives, including new investment in the club, sale, or other transactions involving the company.
“This will include an assessment of several initiatives to strengthen the club, including the redevelopment of the stadium and infrastructure, and the expansion of the club’s commercial operations on a global scale, all in the context of promoting the long-term success of the club’s men and women and the academy, and delivering benefits to fans and other stakeholders.”
Manchester United chief executives and chief executives Avram Glazer and Joel Glazer said in the statement that they would “assess all options to ensure our fans are best served and that Manchester United maximizes the significant growth opportunities available to the club today and in the future.”
They added, “Throughout this process, we will remain fully focused on serving the best interests of our fans, shareholders and various stakeholders.”
American sports tycoon Malcolm Glazer first gained control of Manchester United in a £790m takeover bid in 2005.
But their 17-year reign in the Premier League was dominated by crowd protests and deteriorating performances.
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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 team’s Premier League match against Liverpool at Old Trafford in May last year was postponed due to an organized protest by United fans against the club’s owners.
Thousands of fans marched to Old Trafford in protest before the game itself this season, in August.
Meanwhile, on Monday, the club announced that Cristiano Ronaldo would leave Manchester United with immediate effect.
The decision came after a controversial interview in which Ronaldo criticized the club and said he had “no respect” for coach Erik ten Hag. Ronaldo also criticized the Glazers.
Both parties said Ronaldo’s exit, which did not involve any exchange of money, was “mutually agreed upon”.
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(Photo: Getty Images)
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