Sports
Manchester United to sell club, explores strategic alternatives
Barely 24 hours after terminating contract with Critiano Ronaldo, Manchester United is considering selling off the club.
The club said Tuesday night that it was commencing a process to explore strategic alternatives, which includes “new investment into the club, a sale, or other transactions involving the Company.”
This according to Manchester United, was a decision by the Company’s Board of Directors, and was “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.”
The statement further said that the process “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.
“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.”
“The Raine Group is acting as the Company’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.
“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.”
ROYAL NEWS earlier reported that the contract termination between United and Ronaldo was a mutual one, as the midfielder expressed his unflintching love for the club and its fanbase.
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