Manchester United fans could be forgiven for having some scepticism when news of a potential sale first broke.
Then a statement from the club confirmed the news. The door has been opened for the Glazers to sell the club, with Joel and Avram both quoted in the release.
United state the club are considering all levels of investment into the club including a sale. This latter option is the one the supporters want, and have been demanding for years.
One key clue to the seriousness of the club’s plans is the appointment of The Raine Group as ‘exclusive financial advisors’.
Who are The Raine Group
The Raine Group are the financial advisors who oversaw the auction of Chelsea earlier this year.
They worked to broker an agreement on behalf of the club and the Government, with Roman Abramovich forced to sell the club.
There were numerous parties interested, including Sir Jim Ratcliffe, before the bidding was won by US investor Todd Boehly at £2.5 billion.
The company was co-founded by Joe Ravitch, who was approached by Abramovich earlier this year to find a new owner, Goal.com reported.
His partners include former US banker Jeff Sine and Hollywood mogul Ari Emanuel – the founder of the company which owns UFC, with overseas investors from Japan and Abu Dhabi.
This international connection allows the group to handle ‘complex’ negotiations and sales, reports the Financial Times.
The Raine Group have offices in London and New York, and there is a Manchester United connection too.
Co-founder Joe Ravitch ‘worked on a bid by Rupert Murdoch’s BSkyB’ to buy United in the 90s, which ultimately failed, where he would have learned a lot about fan passion and power.
Raine has also had a hand in deals for David Beckham’s Inter Miami, Sports Pro Media reported.