Finances of Glazers comes into spotlight in England again
If the reports are accurate, the Glazer family, owner of the Tampa Bay Buccaneers and the English soccer club Manchester United, are far deeper in the red than previously believed.
It’s a development that is only going to increase the voices on each shore urging the Glazers to sell. The belief in both places is that the owners are funneling money from one team to help the other.
Per an Associated Press report, the Glazers are nearly $1.6 billion in debt and that the BBC’s latest investigation into the family determined there was $570 million more debt than was previously known or reported. The Glazers have reportedly borrowed heavily against their shopping mall businesses in the U.S. and the BBC claims it saw mortgage documents showing the debt the Glazers have borrowed against Allied Corportation, their company. The family also has $1 billion in debt with Manchester United and $95 million in debt associated with the Buccaneers, who have been the league’s lowest-spending team for half a decade now.
“I don't think anybody can be satisfied with how Manchester United are being run,” Dave Whelan, chairman of Premier League club Wigan, told the BBC program “Panorama,” per the report.
“They have got somewhere in the order of a three-quarters of a billion pounds worth of debt. That has got to be eliminated and eliminated quickly.”
The Glazers reportedly turned down an offer of $2.2 billion for the soccer team and have been adamant that they do not intend to sell the club despite growing public anger. The problem with the Bucs is that they have not been competitive in recent seasons and the belief is that the team is not spending at a rate necessary to facilitate a turnaround.
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