Following the “mutual agreement on the parting of ways” between talismanic Portuguese forward, Cristino Ronaldo and Manchester United, the club’s owners the Glazer family has disclosed that they are considering selling the club as they “explore strategic alternatives”.
The New Diplomat had reported that Ronaldo is to leave Manchester United with immediate effect.
The decision follows a controversial interview in which the 37-year-old criticised the club and said he had “no respect” for manager Erik ten Hag.
Both parties stated that Ronaldo’s exit was “mutually agreed”.
“The club thanked him for his immense contribution across two spells at Old Trafford,” said a Manchester United statement.
They wished “him and his family well for the future” and added “everyone at Manchester United remains focused on continuing the team’s progress under Erik ten Hag and working together to deliver success on the pitch”.
Now, a statement from the club confirmed plans to identify “strategic alternatives” and said the process will consider a number of options “including new investment into the club, a sale, or other transactions involving the company”.
“Manchester United plc (NYSE:MANU), one of the most successful and historic sports clubs in the world, announces today that the Company’s Board of Directors (the “Board”) is commencing a process to explore strategic alternatives for 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.
“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.
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.”
Manchester United’s share price immediately rose by 17 per cent following the announcement, adding almost £336.4m ($400m) to the club’s market capitalisation, according to football finance expert Kieran Maguire.
