The Glazer family are ready to sell Manchester United and will listen to offers in the region of £5 billion, ($6 billionb) it has emerged.

United confirmed the sensational news that the world’s biggest football club is effectively up for sale in a statement issued at 9.30pm on Tuesday night.

The Raine Group and Rothschild and Co have been appointed as exclusive financial advisors to oversee the process. United said it is designed to enhance future growth, but added that the club “will consider all strategic alternatives, including new investment into the club, a sale or other transactions”.

A statement from co-chairmen Avram and Joel Glazer read, “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 authorised a thorough evaluation of strategic alternatives. We will evaluate all options to ensure that we best serve our fans and that Manchester United maximises the significant growth opportunities available to the club today and in the future.”

The hated American owners have been in power at Old Trafford since 2005. However, they have come under pressure from fan groups for some time to end their 17-year reign which was criticised from the outset over the leveraged £790 million ($941 million) purchase that heaped huge debt on United.

The news will inevitably spark interest from around the globe as well as in the UK. Sir Jim Ratcliffe, Britain’s richest man and a lifelong United fan, has long been linked with a bid for the club.

After the INEOS billionaire failed with a late bid for Chelsea in May, a spokesman for Ratcliffe confirmed: “If the club (United) is for sale, Jim is definitely a potential buyer.”

Chelsea were bought by American businessman Todd Boehly for £4.25 billion ($5.09 billion)  and earlier this month it was revealed that Liverpool’s US owners Fenway Sports Group are open to selling the Anfield club after appointing Goldman Sachs and Morgan Stanley to oversee new investment with the potential for a takeover.

Industry insiders were last night were speculating that the figures on offer to the Premier League’s foreign owners combined with the grim economic forecast in the UK is tempting them to sell.

There is also the issue of the failed European Super League which scuppered the hopes of English football’s biggest clubs to set up a lucrative closed shop last year. It is perhaps no surprise that FSG and the Glazers are looking to cash in 13 months after it collapsed.

News that the Glazers may finally sell up will be widely welcomed by the vast majority of the club’s fans and the Manchester United Supporters’ Trust who have campaigned relentlessly to drive them out.

The owners put a minority stake in the club up for sale a decade ago but made sure they kept overall control through a dual-class share structure which endured they retained the majority of the voting rights. More recently, they have been looking to bring in a fan share scheme that would give supporters the same level of voting rights, but that has yet to be implemented.

The Glazers enjoyed early success at Old Trafford with Sir Alex Ferguson as manager, but United have failed to win the title in almost a decade since Ferguson and chief executive David Gill retired in 2013.

Although the owners have spent well over £1 billion ($1.2 billion) on new signings in that time – and a club record £220 million (262 million) in the summer transfer window – they have failed to win over fans who continue to protest regularly inside and outside Old Trafford.

The Glazers’ statement said Manchester United plc, bulled as one of the most successful and historic sports clubs in the world, was commencing a process to explore strategic alternatives for the club.

The process is designed to enhance the club’s future growth, with the ultimate goal of positioning it 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 it, including stadium and infrastructure redevelopment, and expansion of the its commercial operations on a global scale, each in the context of enhancing the long-term success of the men’s, women’s and academy teams, and bringing benefits to fans and other stakeholders.

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

The Raine Group is acting as the company’s exclusive financial advisor and Latham & Watkins LLP is legal counsel to the Company, the statement added.

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

However, there is 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 reads.

• A Daily Mail report