Manchester United have been put up for sale by their owners, the Glazer family.

The Glazer family said they are beginning a process to “explore strategic alternatives for the club”.

A statement said they “will consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company”.

The Raine Group, the New York investment bank that ran the sale of Chelsea on behalf of Roman Abramovich, will be acting as the club’s exclusive final adviser.

Rothschild and Co. will be acting as exclusive financial advisor to the Glazer family shareholders.

The statement added: “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.”

‘We will evaluate all options to ensure that we best serve our fans’

United co-chairmen and directors, Avram Glazer and Joel Glazer said that “throughout this process we will remain fully focused on serving the best interests of our fans, shareholders, and various stakeholders”.

They added: “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.”