Salford City, the fourth-tier football club owned by the so-called ‘Class of ’92’ cohort of former Manchester United stars, have kicked off a search for a new investor.
The David Beckham, Ryan Giggs and Gary Neville-backed club have launched a “process to explore new strategic partners…to support its ambitious growth targets”.
In a statement, the current owners and management said they “remain fully committed to the club but are open to the possibility of the right new partner investing alongside the group with a view to capitalising on the club’s significant sporting, media/commercial and infrastructure opportunities”.
The club added that they intend to “consider a range of potential partners and some interest in new equity investment in the club has already been received”.
The move comes a decade after Salford City were acquired by Gary Neville, Giggs, Phil Neville, Paul Scholes and Nicky Butt. Singaporean businessman Peter Lim and David Beckham have since become investors.
They took the non-league side into the English Football League for the first time. They currently sit 19th of 24 teams in League Two.
CEO Butt, who took over from Gary Neville last year, said: “We are backing Salford City with as much commitment and confidence as ever.
“We have achieved very special things here but there are major opportunities in front of us and we want to make sure we have the right mix of investment and strategic partners to take advantage of those opportunities.
“We had an original 10-year plan and with strong foundations now in place, it was always the intention to explore options for the next phase.
“That includes potentially bringing in new partners to help us grow the club and best serve the fans and community.”
Tifosy Capital & Advisory is acting as the company’s exclusive financial advisor.
Salford City FC added that they do not intend to make any further announcements regarding the review “unless the board approves a specific course of action”.
In their latest set of public accounts, Salford City posted pre-tax losses of £3.2m for the 12 months to June 30, 2022, compared to losses of £4.8m in the prior year.
Their turnover also improved from £3.1m to £3.5m over the same period.