Glazer family members studying Manchester United stake sale, Bloomberg News reports
Glazer Family Considers Sale of Manchester United Stake
Background and Current Developments
June 3 (Reuters) - Some Glazer family members have been debating whether to sell their stake in Manchester United FC after more than two decades of ownership, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Several stakeholders in the U.S.-based billionaire family have been studying the possibility of divesting part or all of their holdings in the English Premier League football club, the report said.
The club's New York-listed shares were up 7% in extended trading.
Internal Family Discussions
The internal talks initially centered on stake sales by some individual family members, who are now trying to convince others to join them, according to the report.
Responses and Comments
Manchester United did not immediately respond to a Reuters request for comment, while the Glazer family could not immediately be reached.
Previous Stake Sale and Club Ownership
The report on current deliberations comes more than two years after the family sold a roughly 29% stake in the club to INEOS Group Chairman Jim Ratcliffe, giving the billionaire control of their soccer operations.
Majority Ownership and Fan Criticism
The Glazer family, who still owns a majority of the club, has faced strong criticism from fans for saddling the club with debt, overspending on players and putting off investments on infrastructure.
INEOS and Jim Ratcliffe's Role
Ratcliffe has taken steps to revive United's fortunes, including cutting jobs and raising ticket prices.
Recent Club Performance and Valuation
On-Field Performance
After struggling to replicate the success the club enjoyed on- and off-the-pitch under Alex Ferguson, United's third-place finish this season under Michael Carrick secured a berth in the Champions League for the first time in two seasons.
Financial Valuation
United shares ended Wednesday at $21.11, valuing the Old Trafford club at $3.64 billion, according to data compiled by LSEG.
Reporting Credits
(Reporting by Natalia Bueno Rebolledo and Mrinmay Dey in Mexico City; Editing by Arun Koyyur and Shilpi Majumdar)
