2009–10 Manchester United F.C. season and United were knocked out on away goals. United announced early in the transfer window that they had agreed a world record fee of £80 million to sell Cristiano Ronaldo to Real Madrid. Shortly after this, they confirmed that Carlos Tevez, who had been on loan with the club for two seasons, had not taken up the offer of a permanent contract. Tevez would later sign for United's local rivals, Manchester City. Lee Martin, Fraizer Campbell, Richard Eckersley and Manucho also left the club for an undisclosed fee. After the departures of Ronaldo and Tevez, United sought a new striker,
Glazer ownership of Manchester United 98% ownership of the club via their Red Football parent company, forcing a squeeze out of the remaining 2%. The final purchase price of the club totalled almost £800 million. Most of the capital used by Glazer to purchase Manchester United came in the form of loans, the majority of which were secured against the club's assets, incurring interest payments of over £60 million per annum. The remainder came in the form of PIK loans (payment in kind loans), which were later sold to hedge funds. Manchester United was not liable for the PIKs, which were held by Red Football