Manchester United's owners the Glazer family will explore a sale of the club as part of a process aimed at enhancing the club's future growth.
The club confirmed on Tuesday it is "commencing a process to explore strategic alternatives".
A statement from Manchester United PLC read in part: "The process is designed to enhance the club's future growth, with the ultimate goal of positioning the club to capitalise 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."
United also confirmed The Raine Group, which oversaw the sale of Chelsea by Roman Abramovich, is acting as the company's exclusive financial advisor and Latham & Watkins LLP is legal counsel to the company.
Meanwhile, Rothschild and Co. is the exclusive financial advisor to the Glazer family shareholders.
United fans have long since called for the Glazers to sell, angered by the club's apparent lack of direction and distinct struggles in replicating past glories under Alex Ferguson.
The Red Devils have not won the Premier League since the 2012-13 season and have not won a trophy of any kind since their 2016-17 EFL Cup and Europa League double with Jose Mourinho at the helm.
United also attracted significant ire by initially agreeing to join a breakaway group of major continental clubs aiming to form a European Super League in 2021, with the widespread backlash leading to the plans being scrapped.
The club stressed, however, that Tuesday's announcement does not necessarily mean the end of the Glazer era.
"There can be no assurance that the review being undertaken will result in any transaction involving the company. Manchester United does not intend to make further announcements regarding the review unless and until the board has approved a specific transaction or other course of action requiring a formal announcement," the statement concluded.
Haaland out of Brighton clash, confirms Man City boss Guardiola
Manchester City will be without Erling Haaland when they take on Brighton, Pep Guardiola has confirmed.
Haaland missed Saturday's FA Cup semi-final victory over Chelsea with a muscular injury he sustained against Real Madrid last week.
And the issue will also see the striker, who has scored 20 Premier League goals this season, miss out against the Seagulls on Thursday.
"Erling is not ready for tomorrow," said Guardiola, who added that City will be able to call on Phil Foden and John Stones.
"It's not a big issue but he's not available."
Haaland has scored, on average, every 109 minutes in the league this season.
However, the Norwegian has actually underperformed his expected goals (xG) of 23.7.
He has also chipped in with five assists, giving him an overall goal contributions tally of 25. Haaland has created 28 goalscoring chances for team-mates across the campaign.
After Arsenal's 5-0 thrashing of Chelsea on Tuesday, reigning Premier League champions Manchester City sit four points off the summit in third place, albeit with two games in hand.
Second-place Liverpool will aim to move level on points with the Gunners by beating Merseyside rivals Everton on Wednesday.
Liverpool line up Feyenoord coach Slot as Klopp replacement
Arne Slot appears to be at the front of the queue to replace Jurgen Klopp as Liverpool manager.
Klopp confirmed in January that he would be leaving the Reds at the end of the season.
Xabi Alonso, who has led Bayer Leverkusen to their first Bundesliga title, was swiftly established as a leading candidate to take the helm at Anfield, where he starred as a player for the Reds between 2004 and 2009.
The 42-year-old, however, is staying put in Germany, and Liverpool's search for Klopp's successor has taken them to Feyenoord's door.
Slot has been previously linked to jobs in the Premier League. Leeds United wanted to appoint him last season before their relegation to the Championship, while he was targeted by Tottenham before they appointed Ange Postecoglou.
The Dutchman intimated when linked with Spurs: "A normal next step would be to go abroad and I've always said that the best league in the world is the Premier League."
Ideally, Liverpool will be aiming for a coach who can come close to replicating Klopp's style of play, and in particular has a flair for working with and developing young players.
Slot has enjoyed fantastic success in Rotterdam. He became Feyenoord head coach in December 2022, after leaving AZ, and went on to win the Eredivisie title in 2022-23, having reached the Europa League final in the previous season.
The 45-year-old has a 64.4 per cent win record from 146 games in charge, winning 94, drawing 29 and losing just 23.
His Feyenoord team have scored 329 goals, an average of 2.2 per match, conceding 147 in return. Slot's points per game is a hugely impressive 2.13.
Feyenoord are, though, set to relinquish their Eredivisie crown, as they trail leaders PSV by nine points. They have, however, won the KNVB Cup this term.
As there is no break clause in the Dutchman's contract, it has been reported that a compensation fee in the region of €10million (£8.5m) could prise him away from Feyenoord.
Sporting CP boss Ruben Amorim is another coach who has been heavily linked with the Liverpool job, albeit he is reportedly in talks with West Ham.
Harry Maguire accepts big changes 'rightly' coming at Man Utd
Harry Maguire accepts there will be big changes at Manchester United at the end of the season, but he says everyone at the club must remain together amid fierce criticism of their displays.
United have endured a miserable second season under Erik ten Hag, sitting seventh in the Premier League table and 16 points adrift of the top four ahead of Wednesday's visit of Sheffield United.
They could yet end the campaign with silverware after reaching the FA Cup final with Sunday's penalty shoot-out victory over Coventry City, but they have been heavily criticised after narrowly avoiding a humiliating loss in that semi-final.
Ten Hag's men squandered a 3-0 lead and were fortunate to avoid a 4-3 defeat in the dying moments of extra time, when Victor Torp's potential winner was disallowed for a marginal offside call.
Roy Keane said United's players looked "embarrassed" to win the tie, though Ten Hag later said it was the negative media coverage of his team that was embarrassing.
Speaking to Sky Sports ahead of Wednesday's meeting with his former club, Maguire said: "I've been at this club a long enough time to know that the noise around the place is always here, whether it's with the manager or the players.
"There are players under huge amounts of pressure and when you lose matches or go on bad runs, the manager comes under pressure as well.
"We all know it's about maintaining our focus and aims for the season and sticking together. We believe that we can still achieve things this season.
"We've got an FA Cup final, Premier League games to fight in and we're all in this together. The manager, the players, the fans, we all want the same thing and that's to be successful."
United's players celebrated Sunday's win in a muted fashion, with the exception of winger Antony, who has been roundly mocked for cupping his ears to taunt Coventry's players.
Reflecting on the end of that game, Maguire said: "It was a really strange mix of emotions. I don't think we needed to celebrate too hard.
"We let ourselves down in the last 20 minutes of normal time and to play for this club, it involves huge responsibility, and we didn't take responsibility in that last 20 minutes.
"You're coming to training the next day and you're in another FA Cup final. It's what you dream of playing in when you're a young boy, so the boys are really happy.
"But like I said, the way the game ended, we were disappointed with the way we acted."
A decision on Ten Hag's future is one of many which must be made by new minority shareholder Jim Ratcliffe in the coming weeks, after the INEOS founder was handed full control of football operations at Old Trafford.
Maguire has faith in INEOS to get things right in the close season, saying: "They've brought a lot of positivity to the club and to the fanbase. I think there will be changes and rightly so.
"The club is wanting to get back to where it was 15 years ago, and that's fighting for the big trophies and league titles. I'm sure they have a plan."
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