Bucs spokesman: Glazer family 'financially well-positioned'
The latest report from across the pond about the staggering debt the Glazer family has owning Manchester United didn’t sit well with the Tampa Bay Buccaneers and, well, the Glazer family.
A report by the BBC indicated that the Glazers are nearly $1.6 billion in debt, a significantly higher total than was previously reported after some $570 million in debt was discovered, money the family reportedly borrowed against its strip mall business in the United States.
The entire report promoted the Bucs, with a new PR front man aboard, to react. Jonathan Grella released the following statement in regards to the Glazers and the Bucs:
"Buccaneers fans should know that the Glazer family is as financially well-positioned as ever before. Companies they own generate revenues in excess of $800 million each year.
"Sophisticated real estate experts know that the family's refinancing of their commercial real estate before the global meltdown has proven to be the wise move.
"While First Allied represents only a small portion of their asset portfolio, it continues to generate significant profits, enjoys over 90% occupancy, and has long term non-recourse financing.
"This franchise remains committed to bringing the resources to build its next championship team.”
The problem, however, exists with the fact that the Glazers have annually pumped very little money into their NFL franchise compared to other owners, particularly since they took over ownership of Manchester United. The fear is that the football team is helping support the endeavors of the other football club – the one that plays in England. The Bucs have maintained that is nonsense and now they come out with this denial, painting a rosy picture of financial health and stability, one that doesn’t address the reports of overwhelming debt.
Unfortunately, perception becomes reality in matters of this nature. Until the Bucs wield their financial power in an effort to turn around a nose-diving franchise, one that is almost certain to be subject to local television blackouts this season, the belief in some corners will be that profits from the gridiron are being earmarked for expenditures elsewhere. And we’re not even beginning to address the unrest English fans have with the Glazers and how they are running United.
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