Published on 23 Nov 2022 on Benzinga via Yahoo Finance
Manchester United Club Explores Strategic Alternatives Including Sale
Manchester United PLC (NYSE: MANU) has said its Board of Directors is commencing a process to explore strategic alternatives for the club.The process is aimed 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.The Board will consider strategic alternatives, including new investment into the club, a sale, or other transactions involving the company.Manchester United fans have been asking for an ownership change as the Glazer family that currently owns the club has come under criticism for the club’s dismal performance in recent years.“As we seek to continue building on the club’s history of success, the board has authorized a thorough evaluation of strategic alternatives,” said executive co-chairman Avram Glazer.In August, Reuters reported that British billionaire Jim Ratcliffe had expressed interest in buying Manchester United.Also, the club’s star player Cristiano Ronaldo is leaving by mutual agreement, with immediate effect.Ronaldo has contributed two spells at Old Trafford, scoring 145 goals in 346 appearances.The Raine Group will act as the company’s exclusive financial advisor and Latham & Watkins LLP as legal counsel to the company.Rothschild and Co. will be the exclusive financial advisor to the Glazer family shareholders.Price Action: MANU shares are trading higher by 8.43% at $16.20 premarket on the last check Wednesday.Photo via Wikimedia Commons
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