Apple has announced that it is considering a takeover bid for Manchester United

Apple is considering a $1 billion bid to take over English soccer giants Manchester United, according to new reports.

Earlier this week it was confirmed that the Glazer family’s ownership of the football club was coming to an end when a letter to the New York Stock Exchange said the family was looking at “strategic alternatives” for the English football club.

The statement said the process was “designed to support the club’s future growth, with the ultimate aim of positioning the club to capitalize on opportunities both on the pitch and commercially”.

British tabloid The day star now reports that Apple CEO Tim Cook is keen to explore the opportunities that ownership of Manchester United could offer and is considering an official offer for the club of around £5.8 billion ($7 billion).

If Apple strikes a deal, it would be the tech giant’s first time buying a sports team.

Manchester United is one of the most successful clubs in the world with three Champions League wins and 20 league titles. The Glazer family bought the club in 2005 in a controversial leveraged buyout which many fans, players and commentators believe contributed to the club’s long period of underperformance.

United have not won the English Premier League since 2013 and have not picked up any silverware since 2017. Commentators have pointed to a lack of investment in Old Trafford’s famous stadium and training facilities, while rivals such as Manchester City have thrived with heavy investment from international owners.

News of a possible sale of Glazer came in a tumultuous week for United, who have parted ways with global superstar forward Ronaldo, after the Portuguese player gave an inflammatory interview to Piers Morgan’s UK talk show in which he revealed has that the club the company’s ambition. Coach Erik ten Hag and the management of the Glazer family.

The Raine Group, which oversaw the $5.4 billion sale of United rivals Chelsea to Dick Clark Productions and LA Dodgers supporter Todd Boehly, is acting as exclusive financial adviser to United and Latham & Watkins LLP as legal adviser. Rothschild and Co. acts as the exclusive financial advisor to the Glazer family’s shareholders.