Man United for sale as Ronaldo exit confirmed

Manchester United said on Tuesday it was commencing a process to explore strategic alternatives, including a new investment or a potential sale, 17 years after the American Glazer family bought the English Premier League club.

The Glazer family is working with financial advisers on the process, which could lead to a partial sale of the Old Trafford club or investments including stadium and infrastructure redevelopment, the club said in a statement.

Manchester United fans have been clamoring for a change of ownership and the Glazers have been the target of intense criticism as the team has gone five years without winning a trophy. The last silverware the Red Devils won was the Europa League and League Cup back in 2017.

"As we seek to continue building on the club's history of success, the board has authorized a thorough evaluation of strategic alternatives," Avram Glazer and Joel Glazer, executive co-chairmen and directors of United, said in the statement.

"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," the statement said.

In August, British billionaire Jim Ratcliffe had expressed interest in buying United, Reuters reported. At the time, Elon Musk had also joked about planning to buy the club.

The owners are under pressure with United sitting fifth in the Premier League halfway through the season, which has been suspended because of the ongoing Qatar World Cup.

Manchester United shares jumped as much as 20 percent after Sky News first reported on the sale process, giving the club a market capitalization of $2.6 billion.

The company was worth $2.5 billion at the close of US trading on Tuesday. At its peak as a public company, it had a market capitalization of $4.3 billion in 2018.

Contract canceled

Also on Tuesday, the club said that star striker Cristiano Ronaldo will leave with immediate effect, marking a bitter end to the Portugal captain's second spell at Old Trafford after he said he felt betrayed by the club.

Erik ten Hag is the fifth permanent manager at Old Trafford in the past nine years and his early months in charge have been dominated by debate over Ronaldo's place in the team.

The five-time Ballon d'Or winner had been used sparingly by the former Ajax boss in the Premier League.

Ronaldo reacted with an explosive interview on TalkTV last week in which he said he felt "betrayed "by the club and had no respect for Ten Hag.

The Portugal captain, who is currently competing in his fifth World Cup, also took aim at the Glazers, claiming they "don't care about the club".

"Cristiano Ronaldo is to leave Manchester United by mutual agreement, with immediate effect," United said in an earlier statement.

"The club thanks him for his immense contribution across two spells at Old Trafford, scoring 145 goals in 346 appearances, and wishes him and his family well for the future."

The Glazers bought the club for 790 million pounds ($939 million) in 2005 in a highly leveraged deal which has been criticized for loading debt onto the club.

United has been listed on the New York Stock Exchange since 2012, when the Glazers sold 10 percent of their holding via the listing and have sold more shares since.

The Raine Group is acting as financial adviser and Latham &Watkins LLP is the legal adviser to Manchester United.

Rothschild and Co. is acting as financial adviser to the Glazer family shareholders.

Among the fan protests against the Glazers was one in May 2021 that forced the postponement of a home match against Liverpool, one of the club's biggest rivals. It was the first Premier League match to be postponed because of a protest.

United and Liverpool were among a group of big clubs that said they wanted to establish a European Super League in April 2021 but then withdrew, partly because of objections from many fans in England.

Liverpool is also "exploring a sale "according to club chairman Tom Werner. In May 2022, Chelsea Football Club was sold to a consortium led by an investment group fronted by Todd Boehly and Clearlake Capital for $3.2 billion.

United finished sixth last season in its worst Premier League campaign in terms of points earned, failing to qualify for the lucrative Champions League competition.

The club won the last of its record 20 top-flight league titles in 2013, the year the great Alex Ferguson stepped down as manager after more than 26 years in charge.

The club has hired Dutch manager Ten Hag in a bid to turn around its fortunes. Despite his run-ins with Ronaldo, Ten Hag has delivered improved performances to earn the approval of United supporters.

Agencies