Manchester United’s owners, the Glazer family, are willing to listen to offers for the club after a 17-year reign.

The American owners working with financial advisers Raine Group, which recently facilitated the sale of Chelsea, with Latham & Watkins LLP acting as their legal counsel.

“As we seek to continue building on the club’s history of success, the board has authorized a thorough evaluation of strategic alternatives,” Avram Glazer and Joel Glazer, executive co-chairmen and directors of United, said in the statement.

“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,” the statement said.

United were most recently valued at £3.75bn but would expect to fetch far more given that a consortium led by the US businessman Todd Boehly paid £4.25bn for Chelsea in May.

The Old Trafford side has not won the Premier League title since 2013, and has sacked a succession of managers in the aftermath of the retirement of Sir Alex Ferguson.