Report: Glazer family $1.6 billion in debt

Posted June 07, 2010 @ 11:35 a.m.
Posted By PFW staff

Malcolm Glazer and his sons, who own the Buccaneers and Manchester United, an English soccer team, are $1.6 billion in debt, according to a BBC report. Their control of the soccer team is in doubt.

The BBC reports that $1 billion of the debt is tied to Manchester United and $95 million to the Bucs. The Glazers also borrowed $570 million against shopping malls owned by their company, Allied Corporation.

There is a segment of Manchester United fans who would like to see the Glazers sell the team, but the family has said it does not intend to sell it.

There has also been speculation that the Glazers' financial situation has kept them from spending money on free agents for the Bucs.

The Bucs released a statement responding to the report Monday.

"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.

"This franchise remains committed to bringing the resources to build its next championship team."

 

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