Owners of Man United are said to be considering the sale of the historic club with reports suggesting that they are looking for any potential buyers willing to buy the English Premier League team.
Word on the street is that the Glazer family is already working with financial advisers on the process, which could also lead to a partial sale of the club or investments including stadium and infrastructure renovations, the team confirmed in a statement Tuesday.
“As we seek to continue to build on the club’s success story, the board has authorized a thorough evaluation of strategic alternatives,” Avram Glaser and Joel Glaser, executive co-chairmen and directors of Manchester United, said in a statement. Man United shares, listed on U.S. stock exchanges, jumped 19% after news of the plans surfaced.
The sale of all or part of Manchester United is likely to attract many high-profile investors. In May, rival English Premier League club Chelsea was sold to U.S. billionaire Todd Boehley and private equity firm Clearlake Capital for £4.25 billion after a competitive auction.
However, investors will buy a club that has just parted ways with perhaps its most famous player. The public spat between Man United management and the legendary Cristiano Ronaldo ended earlier Tuesday when the club announced it had reached a mutual agreement for Ronaldo to leave the team.
It is estimated that the Man United deal could be as much £10bn if the club was to exchange hands but it remains to be seen whether any interested parties are prepared to spend anywhere near that figure.
Check out: Man U Drops Cristiano Ronaldo from Top Squad