Manchester United's owners, the Glazer family, have said that they are willing to sell the club.
The Glazers finalized their acquisition in 2005, although they have received significant resistance from fans, notably for saddling the club with massive debts as a result of their leveraged buyout.
The Glazers published a statement on Tuesday night, November 22, through Manchester United's website, revealing that they are "exploring strategic options," including additional investment or a complete sale.
"Manchester United announces today that the board has begun a process to examine strategic options for the club," the statement said.
"The process is designed 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.
"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.
"This will include an assessment of several initiatives to strengthen the club, including stadium and infrastructure redevelopment, and expansion of the club's commercial operations on a global scale, each in the context of enhancing the long-term success of the club's men's, women's and academy teams, and bringing benefits to fans and other stakeholders."
Avram Glazer and Joel Glazer said as part of the statement issued on Tuesday: "The strength of Manchester United rests on the passion and loyalty of our global community of 1.1 billion fans and followers.
"As we seek to continue building on the club's history of success, the board has authorized a thorough evaluation of strategic alternatives.
"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.
"Throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders."
The announcement came only hours after Manchester United revealed Cristiano Ronaldo will leave the club after a "mutual agreement" between the two sides.
Ronaldo's exit follows an interview with Piers Morgan last week in which he attacked the club and its new manager, Erik ten Hag, for insulting him.
If United were to be sold outright, it would be likely to earn significantly more than the £2.5 billion paid for Chelsea in May by a group led by Los Angeles Dodgers part-owner Todd Boehly.
British businessman Jim Ratcliffe, who previously bid for Chelsea, has shown interest in purchasing United, but the Glazers refused to sell in October.
After completing the sale of Chelsea earlier this year, The Raine Group has been chosen United's sole financial advisor.
Despite a fan backlash, the late tycoon Malcolm Glazer purchased United in 2005 for £790 million (about $1.4 billion at the time). The club is currently owned by his offspring, known as the Glazer brothers.
