Some members of the billionaire Glazer family have been debating whether to sell their stake in Manchester United FC, after more than 20 years of ownership that has often been blighted by fan protest, people familiar with the matter said.

Several stakeholders in the US-based Glazer family have been studying the possibility of divesting part or all of their holdings in the English Premier League football club, according to the people. The internal discussions initially centred on stake sales by some individual family members, who are now hoping to convince others to join them, the people said.

Deliberations come as Manchester United’s owners face a potential multibillion-pound bill to redevelop the club’s famous Old Trafford stadium in the coming years. On the other hand, the club’s recent qualification for the lucrative UEFA Champions League comes with fresh earnings potential, providing incentive to remain invested.

The Glazer family as a whole has not made a decision to exit, and different family members are still discussing the best path forward, the people said, asking not to be identified discussing confidential information.

Some remain against a sale and it could be difficult to pursue a deal unless they come around, some of the people said. A representative for Manchester United declined to comment. The Glazers did not respond to a request for comment made through the club. 

Any potential sale could attract interest from suitors including Middle Eastern parties, as well as wealthy individuals in the US. Buyers would likely face a steep price tag for such a high-profile sporting asset at a time when the cost of financing large M&A remains elevated. 

Shares in Manchester United trade at around US$21 on the New York Stock Exchange, giving the club a market value of around US$3.6 billion (S$4.62 billion), although any potential sale would far exceed that valuation due to the voting...