Glazer family ‘instruct banks to handle the SALE of Manchester United’
The Glazer family admit they are ready to SELL Manchester United, saying they will ‘evaluate all options’ to ‘enhance growth’ – but they want at least £5bn… and may demand as much as £9BILLION!
Manchester United have revealed that the Glazer family are ready to sell the world’s biggest football club.
United confirmed the sensational news in a statement on Tuesday night saying the American owners are exploring ‘strategic alternatives, including new investment into the club, a sale, or other transactions’ with the idea ‘designed to enhance the club’s future growth’.
United have appointed the Raine Group and Rothschild and Co as the club’s exclusive financial advisors.
The hated American owners have been in power at Old Trafford for 17 years since a leveraged £790million buyout in 2005. It’s understood they will listen to offers in excess of £5billion but may demand as much as £9bn.
A statement from the family said they are ready to ‘evaluate all options’.
The Glazers could reportedly look to sell Manchester United as they seek outside investment
Expanding further on the investment they seek for their plans: ‘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.’
The news will inevitably spark interest from around the globe as well as in the UK. Sir Jim Ratcliffe, Britain’s richest man and a lifelong United fan, has long been linked with a bid for the club.
After the INEOS billionaire failed with a late bid for Chelsea in May, a spokesman for Ratcliffe confirmed: ‘If the club (United) is for sale, Jim is definitely a potential buyer.’
Chelsea were bought by American businessman Todd Boehly for £4.25bn, and earlier this month it was revealed that Liverpool’s US owners Fenway Sports Group are open to selling the Anfield club after appointing Goldman Sachs and Morgan Stanley to oversee new investment with the potential for a takeover.
Widespread fan protests against the current Manchester United owners have been ramped up in the last 18 months
The Glazer family entered talks with Apollo in the summer over selling a minority stake
Industry insiders were on Tuesday night speculating that the figures on offer to the Premier League’s foreign owners combined with the grim economic forecast in the UK is tempting them to sell.
There is also the issue of the failed European Super League which scuppered the hopes of English football’s biggest clubs to set up a more lucrative competition which would also have been a closed shop without the threat of relegation. It is perhaps no surprise that FSG and the Glazers are looking to cash in 13 months after it collapsed.
The news will be widely welcomed by the vast majority of the club’s fans and the Manchester United Supporters’ Trust who have campaigned relentlessly to drive the Glazers out of Old Trafford.
The family did put a minority stake in the club up for sale a decade ago but made sure they kept overall control through a dual-class share structure which endured they retained the majority of the voting rights.
A spokesperson for Sir Jim Ratcliffe claimed the 69-year-old would be open to buying Manchester United in the summer – before he appeared to pull out, saying football clubs are overvalued
Cristiano Ronaldo took aim at the Glazers – labelling Manchester United a ‘marketing’ club
More recently, the Glazers have been looking to bring in a fan share scheme that would give supporters the same level of voting rights but that has yet to be implemented.
Despite their unpopularity over the buyout in 2005, the Glazers enjoyed an early period of success at United with Sir Alex Ferguson as manager.
But since Ferguson and chief executive David Gill retired in 2013, the club have been without a Premier League title in almost a decade and have won just a handful of trophies under a succession of different managers.
Although the Glazers have spent well over £1billion on new signings in that time – and a club record £220m in the summer transfer window – they have failed to win over fans who continue to protest regularly inside and outside Old Trafford.