'Man Utd Owner' Glazer Family Begins Sale Process... "Considering Strategic Alternatives"

Man Utd Also Decides to Release Ronaldo on the Same Day

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The Glazer family, American sports tycoons and owners of the English Premier League (EPL) club Manchester United (Man Utd), have begun the process of selling the club. Having acquired Man Utd in 2005, the Glazer family has been blamed for the team's poor performance and has faced criticism from fans.

According to The Guardian and other sources on the 22nd (local time), Man Utd issued a statement saying, "The board has decided to explore strategic alternatives for the future of the club," adding, "The board will consider all strategic alternatives including new investment, sale, and other forms of transactions related to the club."

In the statement, co-owners Avram and Joel Glazer said, "We will consider all options to provide the best service to fans and maximize Man Utd's growth potential," and "Above all, we will focus on delivering the best interests to fans, shareholders, and various stakeholders."

Although the statement was wrapped in terms like strategic alternatives and all possibilities, the media analyzed that the Glazer family is leaning towards a sale. The Guardian reported, "The Glazer family could potentially relinquish ownership of the club after 17 years."

BBC commented, "Fans have long hoped for the Glazer family to leave Man Utd. If the Glazer family sells Man Utd, fans will be pleased." The Athletic analyzed the likelihood of a sale, noting, "The Raine Group, hired by the Glazer family as financial advisors, was involved when Roman Abramovich sold Chelsea."

The Glazer family became owners of Man Utd in 2005 when American sports tycoon Malcolm Glazer acquired the club for $1.47 billion. He passed away in 2014, and his children took over. However, since then, Man Utd's performance has significantly declined, leading fans to stage protests demanding the Glazer family step down.

This year, reports about the Glazer family potentially selling Man Utd have continued, and in August, British billionaire Jim Ratcliffe, founder of the global chemical company INEOS, reportedly showed interest in acquiring the club. Following this, Man Utd's stock surged by 20%.

On the same day the Glazer family mentioned the possibility of a sale, Man Utd announced the decision to release Cristiano Ronaldo (37, Portugal), who had been critical of the club. Man Utd stated, "Ronaldo will leave the team immediately by mutual agreement with the club."