Glazers' Manchester United reports massive losses
The holding company for the Manchester United soccer team that the Glazer family owns in the English Premier League reported a net loss of $171.5 million last season, according to the Associated Press.
Per the report, the holding company experienced an expense of $105.9 million to re-finance bank loans with high-interest rates. That was a major part of the loss for Red Football Joint Venture Limited.
The Glazers have been roundly criticized as the owners of the Tampa Bay Buccaneers for years for their involvement with the soccer team that has strapped their businesses financially. In the annual report released last year, Joel Glazer said the soccer club had “sufficient cash reserves” to form the team. In the past, the Glazers have sold high-profile players.
Follow me on Twitter: @BradBiggs
Brad Biggs covers the Bears for the Chicago Tribune