After 17 years of being dominated by fan protests and declining on- pitch performance, Manchester United could be sold by its American owners.
Sky News can exclusively reveal that the Glazer family is preparing to formally announce its intention to explore potential sources of outside investment that could include a full-blown auction of the football club.
Investment bankers were instructed by Manchester United's owners to advise on the process, which is likely to include a full or partial sale, according to sources.
One of them said that a statement would come soon.
The announcement of a review of financial options that could include a sale process would mean an end to years of speculation over the future of the club.
After the retirement of Sir Alex Ferguson, Manchester United has not won the title in three years.
The club has become involved in a bitter legal fight with the player over an interview in which he questioned United's ambition and lambasted the club's approach to owning it.
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On Tuesday, United announced thatRonaldo had left.
The family that took control of United in 2005 may not sell.
A partial sale to new investors is one of the possible outcomes from the process.
New infrastructure investment and substantial funds are required to enable the men's team to compete at the top of the European game, while the stadium needs to be transformed into a genuinely world-class venue.
The sale of United to a group led by the American businessman Todd Boehly would make it the latest top-flight club to go under.
During Tuesday's trading session on the New York Stock Exchange, United's share price implied a market cap of over $2 billion.
Reports in recent months have said that any transaction would need to be worth between £5 billion and $9 billion to convince the owners to sell.
A minority stake in the company was listed by the Glazers in 2012 but they retained complete control through a dual class share structure.
For more than 18 months, the club has been promising to introduce a small supporter ownership scheme that would give fans the same voting rights as the Glazers.
Despite a promise to have it operational by the start of the season, the initiative is yet to be launched.
It was one of the commitments made by the co-chairman in the wake of theESL debacle.
Within hours of the official launch, the project collapsed due to public and political acrimination.
Fans of United forced the postponement of a home match against their rivals after protesting against the ESL and the Glazer family.
'Love United, hate the Glazers' has become a familiar refrain during their tenure, with supporters critical of a perceived lack of investment in the club's infrastructure while the owners have made hundreds of millions of pounds from its continued commercial success.
The identities of potential buyers will be the focus of the sale process.
Sir Jim Ratcliffe, the Ineos billionaire who has supported United since childhood, said in August that he was interested in buying the club.
The kind of takeovers seen at Paris Saint-Germain andNewcastle United will be linked to bids from billionaires from around the world.
The Red Knights, a group led by a former United director, could revive an attempt to take control of the club, according to reports.
The prospective sale of Manchester United comes at a time when the owner of the club is weighing the sale of all or part of the club.
It would be the first time in history that simultaneous sale processes for two of English football's so-called 'big six' would take place.
The timing suggested that some investors believed the value of top clubs could be approaching its peak against a backdrop of tough global economic forecasts.
The shifting financing of the global football industry is highlighted by the United's announcement during the World Cup.
On Tuesday, Manchester United did not respond.
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