"As part of this process, the Board will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the Company," the board said.
The Raine Group, which oversaw the sale of Chelsea FC earlier this year, is acting as United's exclusive financial advisor, with Rothschild and Co. working on behalf of the Glazers.
In a statement, co-chairman Avram and Joel Glazer said: "We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the Club today and in the future.
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"Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders."
The Glazer family bought their first shares in Manchester United in March 2003, and continued to increase their stake before completing a full takeover in June 2005.
Since the start, their ownership has been the subject of major protest from United fans, with the club falling behind its English Premier League rivals despite spending over $1.1 billion on transfers since 2013 alone.
United's supporters are particularly angered by the fact that the Glazer family have, according to the Manchester Evening News, paid themselves $158 million in dividends over the past decade, while at the same time there has been little investment in United's iconic-yet-aging stadium, Old Trafford.
How much is United worth?
When the Glazers first took over Manchester United, the club's valuation, with the exchange rate taken into account, was around $1.5 billion, according to The Athletic.
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As of May 2022, the club was valued at $4.6 billion by Forbes.
But soccer finance expert Kieran Maguire told Sky Sports News on Tuesday that it's "not impossible" that a sale of United could fetch $6 billion.
"If you compare the relative size of the profitability and revenue generated at Manchester United to Chelsea, I think a figure between £4 billion [$4.8 billion] and £4.5 billion [$5.4 billion] is appropriate, and if there's a lot of interest that will drive up the price."
"Manchester United is a unique asset, it's a global brand, so £5 billion [$6 billion] is not impossible, but that would be very much at the top end," said Maguire.
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Who could buy the club?
The recent takeovers of Chelsea and Newcastle United, which was acquired by Saudi Arabia's Public Investment Fund in October 2021, has slightly reduced the pool of potential buyers for United.
As has the fact that Liverpool FC's owners also put their club up for sale earlier this month. Liverpool are ahead of United both on and off the pitch, making it a more attractive prospect for investors. But United is still one of world soccer's biggest clubs, and there will be plenty of interested parties.
Among those who could be interested is British billionaire Ratcliffe, who tried and failed to buy Chelsea earlier this year.
Ratcliffe, the CEO and founder of chemicals giant Ineos and the owner of French soccer team OGC Nice, announced his interest in buying United back in August.
"If the club is for sale, Jim is definitely a potential buyer," Ratcliffe's spokesperson told The Times of London.
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Ratcliffe, 70, is a lifelong United fan.
"Sir Jim is the richest man in the country," said Maguire. "He's from Manchester, he used to go to Old Trafford when he was a kid. In terms of creating a legacy back in his hometown, this would be a very romantic coming together of minds."
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