Sports
Manchester United Announce Owners’ Intention To Sell Club
Manchester United have announced their owners’ intention to sell the club.
Eko Hot Blog reports that Manchester United say the Glazer Family, the owners of the club, are exploring moves to sell the club after a 17-year reign dominated by fan protests and declining on-pitch performance.
EDITOR’S PICKS
In a club statement late Tuesday night, the English Premier League side said its directors were commencing a process to “explore strategic alternatives” for the club.
The statement said the “strategic alternatives” will include new investment into the club, a sale, or other transactions involving 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,” Manchester United said.
“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.”
The club’s 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.”
Manchester United disclosed that the Raine Group is acting as the club’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,” the statement reads.
The club, however, said 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,” the statement added.
The shock announcement comes hours after Manchester United parted company with one of the best players in the club’s history, Cristiano Ronaldo.
In an interview, Ronaldo had questioned United’s ambition and lambasted the Glazers’ approach to owning it.
FURTHER READING
-
‘I Won’t Respond To You, Respect Man Utd’ — Rooney Tells Ronaldo
-
Ronaldo Breaks Silence After Man Utd’s Statement On His Interview With Morgan
-
Erik Ten Hag Told To Drop Ronaldo From Man Utd Squad
The Old Trafford side has not won the Premier League title since 2013 and has sacked a succession of managers in the aftermath of the retirement of Sir Alex Ferguson.
Click here to watch our video of the week:
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
