The Glazer Family, owners of one of the most successful teams in the English Premier League are seeking a record fee for giving up the ownership of Manchester United.
Manchester United have won a record 13 titles in the Premier League since the top flight of English football was given a new name in 1992.
The Glazers issued a statement on Tuesday to say they are looking at strategic alternatives including outside investment or a sale.
Although the Glazer family will only accept a bid that would make United the most expensive sports team ever, sources close to ESPN have mentioned that a full takeover is the most likely outcome.
When they were both sold earlier this year, Chelsea brought in GBP 2.5 billion (USD 3.02 billion) while the Denver Broncos raked in GBP 3.85 billion (USD 4.65 billion).
According to Forbes' most recent appraisal, United is worth GBP 3.8 billion (USD 4.59 billion), however, sources close to ESPN have told that the Glazers hope to receive bids over GBP 6 billion (USD 7.25 billion).
According to sources familiar with the situation, the Tuesday statement was purposefully ambiguous in order to preserve the Glazers' bargaining position.
Joel Glazer, the co-chairman, is still very much involved in the day-to-day operations of the club, but the other Glazer siblings have differences in strategy and think the moment is perfect to sell.
"As we announced, the board went through a process and it was decided it's going to look at different strategic alternatives and that's what we're doing. We've gone through a process, we're going to look at all different strategic alternatives and we'll see where it leads us," said Co-chairman Avram Glazer, ESPN quoted Sky News.
The club has been surrounded by controversies, with the most recent being the exit of Portugal forward Cristiano Ronaldo.
Following his explosive interview with Piers Morgan in which he criticised United and manager Erik ten Hag, Ronaldo, 37, mutually opted to end his contract.
"Cristiano Ronaldo is to leave Manchester United by mutual agreement, with immediate effect. The club thanks him for his immense contribution across two spells at Old Trafford, scoring 145 goals in 346 appearances, and wishes him and his family well in the future. Everyone at Manchester United remains focused on continuing the team's progress under Erik ten Hag and working together to deliver success on the pitch," a statement issued by the club on Tuesday read as quoted by ESPN
The striker told Morgan that the team had made zero progress since Sir Alex Ferguson retired in 2013 and that he doesn't respect Ten Hag, prompting United to try to have his contract at Old Trafford terminated before it was supposed to expire in June.