Former Manchester United captain Gary Neville has urged the Glazer family to complete a "full sale" of the club rather than bring in outside investment.
The Glazers announced last month that they were open to selling the 20-time English champions.
"Manchester United plc, one of the most successful and historic sports clubs in the world, announces today that the company's board of directors (the "board") is commencing a process to explore strategic alternatives for the club," read a statement on Man United's official website.
"The process is designed to enhance the club's future growth, with the ultimate goal of positioning the club to capitalize 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.
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"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."
The club's co-owner Avram Glazer recently said that a full sale might not take place, with the club potentially looking to bring in investment.
"It's not necessarily a sale, it's a process and we're going forward with the process, so we'll see what happens," he told The Athletic. "I'm here to really watch the World Cup but I appreciate your interest. That's the update, it's the process and the process is proceeding."
However, Neville has said that the only way for Man United to move forward is for the Glazers to sell up.
"It is out of his hands [Erik ten Hag], it is out of everyone's hands. Only the Glazer family themselves can determine what happens and the bidding parties," Neville told Sky Sports News.
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"It has been needing this, it has been coming for the last six to eight months because of the cash requirement to rebuild or refurbish this stadium, whatever it is they decide to do, the cost of the transfer market nowadays, competing with City and the other clubs at the top. They haven't got the money.
"They have obviously put the club into quite a bit of debt and they can't extend that debt either. It is absolutely right and it needs to be a full sale and I think it will be. I am not sure any new party will put in money with the Glazers as a partner.
"Any party that comes into this club that has the Glazer's as a partner is going to be deemed as being in bed with them and that would not go down well with the fans.
"They will not taint their own reputation. I can't see anyone being that silly and naïve to leave them in. I think they need a clean exit and I think they will get it."
Man United returned to competitive action on Wednesday evening, recording a 2-0 victory over Championship leaders Burnley to advance to the quarter-finals of the EFL Cup.
Matt Law
