Man Utd sale process launched – RT Sport News

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Man Utd sale process launched - RT Sport News
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The club’s deeply unpopular owners look set to move on after nearly two decades in charge

Manchester United appear set to become the latest Premier League giants to enter the open market amid reports that the club’s US owners, the Glazer family, are looking for buyers who would be willing to pay more than £6billion. pounds ($7.15 billion) for the club.

Hours after Cristiano Ronaldo’s departure was confirmed by the club, the Glazers released a statement to confirm they were considering “strategic alternativesto their ownership of the Red Devils, which includes everything from partial to full sale of one of the most famous football clubs in the world.

They said in a statement that they would “consider all strategic alternatives, including new investment in the club, sale or other transactions involving the business.”

The process, they said,will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and the expansion of the club’s commercial operations globally.”

He added that the process will strengthen “the long-term success of the club’s men’s, women’s and academy teams, and [will bring] benefits for fans and other stakeholders.”

The move comes after years of protests from Manchester United fans over the inefficiency of Glazer’s ownership amid a crumbling Old Trafford stadium and a severe decline in success since the manager’s retirement. iconic coach Alex Ferguson in 2013.

Much like this year’s sale of Chelsea FC by Roman Abramovich to an American consortium led by LA Dodgers owner Todd Boehly, the Glazers have appointed American bank The Raine Group to identify potential bidders to oversee the potential sale on behalf of the club. , while another financial institution, Rothschild and Co, will act as advisers to the Glazer family throughout the process.

However, unlike the hasty sale of Chelsea, the Glazers are unlikely to impose a deadline and seek a world record for a sports franchise.

Another Premier League club, Liverpool, with its US owners Fenway Sports Group, has also recently started scouting the market for a potential sale.

The news that Manchester United are available to buy will likely have alerted a range of potential suitors, many of whom were involved in the process of buying Chelsea earlier this year, such as the UK’s richest man, Jim Ratcliffe, who reportedly registered an interest in buying the club several months ago.

The success of Manchester City and Paris Saint-German will likely compel figures from various Gulf states to investigate a purchase.

However, in a statement, United warned the process was an investigation and may not result in a sale.

There can be no assurance that the ongoing review will result in a transaction involving the company,” It said.

Manchester United do not intend to make any further announcements regarding the review unless and until the board has approved a specific transaction or other course of action requiring official announcement.

RT

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