The Manchester board of directors announced on Monday “a process designed to enhance the growth of the institution in the future” and that “it will consider all strategic alternatives, including a new investment in the club, a sale or other transactions that involve the company.
“This process has been created to improve the future growth of the club with the aim of capitalizing on opportunities both on the field of play and commercially,” the English club says on its website.
As part of this process, the board of directors “will consider all strategic alternatives, including a new investment in the cluba sale or other transactions involving the company”.
“There will be an assessment of initiatives to strengthen the club, including the redevelopment of the stadium and the expansion of business operations on a global scale. This will be done in an effort to achieve long-term success in all divisions,” he adds.
As a result of this, Avram Glazer and Joel Glazer state on the club’s website: “Manchester United’s strength lies in the passion and loyalty of our community of 1.1 billion fans and supporters. As we look to continue to build on this, the board of directors has authorized a comprehensive evaluation of strategic alternatives.”
“We will evaluate all options to maximize the growth opportunities available to the club.. Throughout this process, we will remain fully focused on serving fans, shareholders and various stakeholders alike.“, they emphasize.
Manchester United states that “Raine Group acts as exclusive financial adviser to the company, and Latham & Watkins LLP is its legal adviser, while Rothschild and Co. acts as exclusive financial adviser to the Glazer family.”
“There are no guarantees that the review being carried out will result in a transaction involving the company. Manchester United will not make any further announcements about this review unless the board approves a specific transaction or other course of action that requires a formal announcement,” he concludes.
Stocks rise after announcement
Manchester United shares rose on Tuesday a 17% before the news of a possible sale by their ownersthe American Glazer family.
The club’s share, which is listed on the New York Stock Exchange (Nasdaq), rose more than 17% when Sky Sports reported that the Glazers are exploring an exit or the entry of new investors.
The stock is currently trading above $15.5, compared to the $13 it was at before the American family’s intention came to light.
Since the arrival of the Glazers, United have won one Champions League (2008) and five Premier League titlesbut the dominance of the ‘Red Devils’ has gone downhill and hit bottom last season with the absence in the ‘Champions’which is also an important economic blow to the finances of one of the richest clubs in the world.
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