Avram Glazer, left, and Joel Glazer

According to a statement that was released late on Tuesday night, the Glazer family, who owns Manchester United, has decided to put the club up for sale.

"Manchester United plc, 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 statement said. "Manchester United plc is one of the most successful and historic sports clubs in the world."

"The process is intended to enhance the club's future growth, and the end goal is to position the club in such a way that it can capitalize on opportunities both on the pitch and commercially.

"As part of this process, the Board of Directors will consider all of the strategic alternatives, such as making a new investment into the club, selling the club, or engaging in other transactions involving the Company. This will include an evaluation of several initiatives to strengthen the club, such as the redevelopment of the stadium and infrastructure and the expansion of the club's commercial operations on a global scale. Each of these initiatives will be evaluated in the context of enhancing the long-term success of the club's men's, women's, and academy teams, as well as bringing benefits to fans and other stakeholders.

"The strength of Manchester United rests on the passion and loyalty of our global community of 1.1 billion fans and followers," said Avram Glazer and Joel Glazer. "The strength of Manchester United rests on the passion and loyalty of our global community." In light of the fact that we want to continue building on the Club's history of success, the Board of Directors has given their approval for an in-depth analysis of the various strategic options.

"We will evaluate all of the available options to ensure that we provide the highest level of service to our supporters and that Manchester United makes the most of the significant opportunities for growth that are available to the club both now and in the future." Throughout the entirety of this process, we will keep our undivided attention on serving what is in the best interests of our fans, shareholders, and other various stakeholders.

In 2005, the Glazer family became the majority owners of the club, despite the fact that there was fan discontent surrounding the financing of the takeover.

In the 17 years that have passed since the takeover by the Glazer family, the family's unpopularity has remained nearly universal. Mass demonstrations were held at the time of the takeover, as well as in 2010, 2021, and this year.

United's on-field success was not immediately derailed by the takeover in 2005, but Sir Alex Ferguson's departure in 2013 exposed United's shortcomings off the pitch. While the takeover in 2005 did not immediately derail United's on-field success, it did so in 2013.

Since Sir Alex Ferguson left the club, Manchester United has only won three major trophies and has been winless in the Premier League for the past nine years.