The English Football Club is exploring strategic alternatives including a new investment or the possibility of a sale.
English football club Manchester United are beginning a process of exploring strategic alternatives, including a new investment or the possibility of a sale, 17 years after the American Glazer family bought them.
The Glazer family are working with financial advisors on this process, which could lead to the sale of part of the Old Trafford club or investments including stadium and infrastructure redevelopment. , the club said in a statement.
Manchester United fans have called for a change of ownership and the Glazers have been the target of fierce criticism as the team has gone five years without a trophy.
The last silver cup they won was the Europa League and League Cup in 2017.
“As we seek to continue to build on the club’s successful history, the board has authorized a thorough assessment of strategic alternatives,” said Avram Glazer and Joel Glazer, co-chairs. United executives and directors, said in a statement on Tuesday.
“We will evaluate all options to ensure that we best serve our fans and Manchester United maximize the significant growth opportunities available to the club today and in the future. “
There was also chaos in the club after Cristiano Ronaldo said he felt “betrayed” by the club and expressed his displeasure with the way things were run.
On Tuesday, the club announced the Portugal captain as leave Manchester United by mutual consent.
In August, British billionaire Jim Ratcliffe expressed interest in buying United, Reuters news agency reported. At the time, Elon Musk also joked about his plans to buy the club.
Wealthy Asian tycoons, especially those from China, have bought European teams in recent years, including Premier League side Wolverhampton Wanderers and Italy’s Inter Milan .
Owners are under pressure with United sitting fifth in the Premier League for half the season.
Shares of Manchester United jumped as much as 20% after Sky News first reported on the sale, giving the club a market capitalization of $2.6 billion.
The company was valued at $2.5 billion at the end of U.S. trading on Tuesday. At its peak as a public company, it had a market capitalization of $4.3 billion in 2018.