Manchester United's owners the Glazer family will explore a sale of the club as part of a process aimed at enhancing the club's future growth.
The club confirmed on Tuesday it is "commencing a process to explore strategic alternatives".
A statement from Manchester United PLC read in part: "The process is designed to enhance the club's future growth, with the ultimate goal of positioning the club 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 club, including stadium and infrastructure redevelopment, and expansion of the club's commercial operations on a global scale, each in the context of enhancing the long-term success of the club's men's, women's and academy teams, and bringing benefits to fans and other stakeholders."
United also confirmed The Raine Group, which oversaw the sale of Chelsea by Roman Abramovich, is acting as the company's exclusive financial advisor and Latham & Watkins LLP is legal counsel to the company.
Meanwhile, Rothschild and Co. is the exclusive financial advisor to the Glazer family shareholders.
United fans have long since called for the Glazers to sell, angered by the club's apparent lack of direction and distinct struggles in replicating past glories under Alex Ferguson.
The Red Devils have not won the Premier League since the 2012-13 season and have not won a trophy of any kind since their 2016-17 EFL Cup and Europa League double with Jose Mourinho at the helm.
United also attracted significant ire by initially agreeing to join a breakaway group of major continental clubs aiming to form a European Super League in 2021, with the widespread backlash leading to the plans being scrapped.
The club stressed, however, that Tuesday's announcement does not necessarily mean the end of the Glazer era.
"There can be 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 concluded.