Manchester United are up for sale. The Glazer family, United’s owners since 2005, has announced it is exploring “strategic alternatives to enhance the club’s growth,” but strip away the carefully layered lines of the statement and one word jumps straight out — sale.
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Ever since angering United’s supporters by borrowing heavily against the club — who were then debt-free, but the latest financial statement revealed a net debt of £514.9 million — to fund its takeover 17 years ago, the American family, which also owns the Tampa Bay Buccaneers NFL franchise, has repeatedly stated that it is long-term owner with no intention to sell up.
But less than a month after Liverpool were made available by their American owners, Fenway Sports Group (FSG) for £4.4 billion, United are now also on the market and will likely be worth at least double. It means that the Premier League‘s two biggest and most historically successful clubs now have uncertain futures.
So what is the story behind the Glazers’ decision to invite offers for United, and what happens next?
Why are the Glazers selling Man United now?
There are many factors. There isn’t one particularly central reason, but the coming together of different strands that have all impacted on the Glazers’ ability to run a club as big as United.
Primarily, this is about money. The Glazers need at least £200m to upgrade Old Trafford, which is the Premier League’s biggest stadium but its facilities have fallen behind those at Manchester City, Tottenham Hotspur, Arsenal and Liverpool.
They also spent over £200m on new signings this summer, despite commercial revenues slowing down due to a lack of success — there’s been no trophy since winning the Europa League in 2017 — and the impact of the COVID-19 pandemic.
United announced a net loss of £115.5m for last season, so the walls were closing in on the Glazers. They simply can’t rebuild Old Trafford, sign the best players and reduce their debt on their own. And with interest rates climbing sharply across the world right now, borrowing has become a much more expensive option. So the need to either attract a wealthy investor to help with all of the above, or simply sell up, is clear.
