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Bucs dispute reports of debt problems

In response to a BBC report regarding millions in debt that the Glazers face beyond more than $1 billion owed in connection with their English soccer club, the football team that the family owns has issued a statement.

“Buccaneers fans should know that the Glazer family is as financially well-positioned as ever before,” said team director of communications Jonathan Grella.  “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 statement contains no denial of the existence or magnitude of the total debt load, which reportedly now exceeds $1.5 billion.  And regardless of reality, the perception remains that the Bucs aren’t spending enough money on players — and it’s triggering a presumption that the failure to spend money on players comes from a lack of money to spend on anything.

So perhaps the best way to change peoples’ minds won’t be to issue a “nothing to see here” statement but to issue a statement announcing that the franchise has signed left tackle Donald Penn to a seven-year deal.

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28 Responses to “Bucs dispute reports of debt problems”
  1. Playmaker's Dealer says: Jun 7, 2010 1:18 PM

    “Bucs dispute reports of debt problems”
    yeah…so did Tom Hicks

  2. JoeSixPack says: Jun 7, 2010 1:19 PM

    Wow – whether it’s $1.5 billion or even half of that, that’s a lot of debt.
    But on the bright side, that should result in enough credit card reward miles to fly the entire team to their away schedule for an entire season

  3. abucsfan says: Jun 7, 2010 1:23 PM

    Yup good way to convince me….and let’s throw in a deal for Barrett Ruud while we’re at it!

  4. It puts the lotion on the skin says: Jun 7, 2010 1:28 PM

    Are we arguing semantics? LOL, so they arent arguing that they have debt, and how much they have, they are simply arguing that it isnt too much to handle???? LMFAO

  5. CleanSlaton says: Jun 7, 2010 1:31 PM

    Oh yeah, where’s the money then?

  6. robigd says: Jun 7, 2010 1:32 PM

    Does Florio ever report good news?
    This guy was born to be a funeral home director.

  7. Hap says: Jun 7, 2010 1:41 PM

    The Bucs also dispute rumors of not being able to field a semblance of a competitive team. D’oh!
    Hey… imagine this…you’re the banker that made the loan and you were told to justify the security that WAS The Buc’s.
    Can you say “soup line”?

  8. 987654321 says: Jun 7, 2010 1:50 PM

    I live in the Tampa area. And, the Bucs SUCK!!!!

  9. Dewey Axewoond says: Jun 7, 2010 1:53 PM

    Ladies & Gentlemen, may I present, Mr. Mike Florio’s words-to-live-by:
    “And regardless of reality…”

  10. robert ethen says: Jun 7, 2010 1:55 PM

    $1.5 billion? The credit card sharks are knocking on my bathroom door while I’m in the shower if I’m $1.50 in arrears.

  11. downwithdansnyder says: Jun 7, 2010 1:59 PM

    Revenue doesn’t matter if there aren’t profits to go along with it. One can have $800M in revenue, but lose $150M on that revenue, or one could have $100m in revenue and MAKE $20m of profit. Also it didn’t indicate the value of the assets above the debt. Sort of like when a house is “under water”. That’s possible in their real estate portfolio too….

  12. chris says: Jun 7, 2010 2:10 PM

    “they own generate revenues in excess of $800 million each year” and? Whats the net income?
    You can revenues of $800 mil and after debt payments be negative. This was the stupid press release the kids have done to date. BTW has anyone seen the actually owner Malcom Galzer in years?

  13. Paracelsus says: Jun 7, 2010 2:36 PM

    Good business points, folks. These comments are ridiculously limited. My question is why was it good to refinance commercial real estate before the meltdown? Was it to get cash based on inflated values and now have debts that exceed the underlying value? Shrewd move if you want to bleed your businesses before they go bankrupt.
    This just reinforces the complete inability to ever take owners’ comments seriously without full disclosure.

  14. rocknrollsinger says: Jun 7, 2010 2:40 PM

    @987654321: “I live in the Tampa area. And, the Bucs SUCK!!!!”
    Well, great. More proof that football fans are spoiled little crybabies. I live in Nashville and when the Titans came to town, they went straight to the Super Bowl in year 1. After all, it was the expectation of a Tennessee football team. Since then, every team struggle has been met with “FIRE JEFF FISHER!” or “PUT IN NEAL O’DONNELL!” or “VINCE IS TOO STUPID!!”. The culture of football in Tennessee was all about UT & the SEC. Everyone around here (pre-NFL) followed the perennial SEC contender of their choice, and no one had any clue how to handle losing. So when the inevitable 5-11 season comes along, the fans just crap in their hands and throw it on the field like a bunch of monkeys.
    The Bucs were bad for a long time. Then they got much better. Then they won the Super Bowl. Then they proceeded to field teams of almost wash-ups at the tail ends of their careers just to keep the team competitive, but with no real chance at a Super Bowl. Then the team dumps all the old guys, starts over in the spirit of the mid/late 90′s Bucs, and the fans aren’t on board!? THEY WERE NEVER GOING TO WIN A SUPER BOWL WITH JEFF GARCIA, BRIAN GRIESE, IKE HILLIARD, KEVIN CARTER, JOEY GALLOWAY, WARRICK DUNN, ET AL.
    People, chill the heck out. The time will come when the Bucs are competitive again. And at that time, you will have had 2-4 years to get to know the players, and it will feel way better than if we went out and traded for/signed Matt Hasselbeck, Thomas Jones, and Brandon Marshall. Until then, put on your Derrick Brooks jersey, cheer for your team and just shut up and bear it.

  15. Kool Herc says: Jun 7, 2010 2:42 PM

    “BTW has anyone seen the actually owner Malcom Galzer in years?”
    No conspiracy theory, he’s doing very poorly, unless you’re family or a very close friend, no one has seen him in a year or two.

  16. sethb22 says: Jun 7, 2010 2:44 PM

    Anyone who owns a house understands that their mortgage is only a percentage of what they owe. I owe 300,000 on my house and pay 1,800 a month. I make 4,000 or so a month so I’m not going under by any means at all. SAME WITH THE BUCS!
    is that simple enough???
    They owe 1.5 Billion, probably pay 30 million a month and generate 60 million a month.

  17. the mush says: Jun 7, 2010 2:50 PM

    Not alot of talk about parity now. It’s a joke that the NFL is allowing a farm team to compete. Their DE’s (all ten or eleven on the roster) combined for like a dozen or less sacks last year. Two rookie DTS. Yay pass rush! They’ll probably go Rays’ style and chop their name to just Bucs; not for politacal reasons just to save $$ on lettering. Two easy wins for the Saints, Pants, Falcons. Same with the Bills: any backup left-tackle in the league would be an upgrade. Why bother having a TE who can run routes he’s just half of the LT position.

  18. notorious_buc says: Jun 7, 2010 3:11 PM

    Malcolm Glazer hasn’t been seen in years…apparently to disguise his shape-shifting into the form of Hugh Culverhouse. Looking forward another decade of double-digit losses!!!

  19. HarrisonHits says: Jun 7, 2010 3:16 PM

    “Companies they own generate revenues in excess of $800 million each year. ”
    Using semantics to make the situation sound better does not change a thing. Revenue generally indicates the amount of cash generated before expenses are paid. If you have $800 mil of revenue and $850 mil of expenses you at losing 50 mil a year and it doesn’t matter how impressive generating 800 mil in revenue is.
    The Glazers are seriously overextended and dumping money by the boatload into Manchester United while cutting every penny they can from the Bucs expenses, including as much of the payroll as they can for as long as there is no salary floor.
    Unfortunately it doesn’t seem like the league has any legal way to push bad owners out.

  20. BernieMac says: Jun 7, 2010 3:42 PM

    rocknrollsinger says:
    June 7, 2010 2:40 PM
    That is a very good response. All I want to know is what is theory about the bill’s. At least the bucs have done a few things to try and improve the team. The Bills wel…. not so much

  21. hrmlss says: Jun 7, 2010 3:42 PM

    Pay no attention to the man behind the curtain…..

  22. HC says: Jun 7, 2010 3:56 PM

    “BTW has anyone seen the actual owner Malcolm Glazer in years?”
    You know I did watch this movie, Weekend at Bernie’s yesterday. Just sayin’.

  23. randy33872 says: Jun 7, 2010 4:38 PM

    @ Rocknrollsinger, You nailed it!!!!! These crybabies on here just spout off! The Bucs are doing the right things. Gruden would have kept them at 9-7 for the next 10 years if he could!

  24. Bious says: Jun 7, 2010 4:48 PM

    Having debt is not a bad thing but my god, having this much debt is just absurd
    There HAS to be a line somewhere and this is….I mean…laughably high

  25. rocknrollsinger says: Jun 7, 2010 4:59 PM

    @the mush:
    Stylez G. White alone had 6.5 sacks last year in only 8 starts. He was backing up Gaines Adams until he was traded away, and along with him went 13.5 sacks over his only 3 NFL seasons. These other DE’s don’t have sacks because they are YOUNG. Kyle Moore is going into his 2nd year and is back to his speedy USC days after fired D-Coordinator Jim Bates made him gain 30 pounds to play in his failed system (as a backup) last year.
    The upside with the Bucs is that they have a VERY young nucleus of adequately talented players. Just watch out for guys like Geno Hayes and Kyle Moore this year. If those two rookie DT’s can at least hold their own, you’ll see more sacks from the edge and more big plays out of Hayes and Barrett Ruud. This defense will be back in the top half of the league next year.
    @BernieMac – I’m sorry if you are a Bills fan. I’m not one to criticize, but in no way did I expect the Bills to stand pat at QB. On the other hand, they do have some exciting running backs and a great secondary! It’s a tough division, but keep the faith. If it all goes down the tubes, you get Jake Locker next year to go with that talented backfield.

  26. kupski says: Jun 7, 2010 4:59 PM

    “robigd says:
    June 7, 2010 1:32 PM
    Does Florio ever report good news?
    This guy was born to be a funeral home director”
    Dood ? Are you working for the Bucs front office ?

  27. 987654321 says: Jun 7, 2010 5:10 PM

    What the Hell are you talking about? I DO live in Tampa. But, I’m from Pittsburgh and a Steelers fan.
    GO STEELERS! We’re gonna get our seventh whether you people like it or not!

  28. MEGAMORE says: Jun 7, 2010 5:17 PM

    rocknrollsinger … 100% accurate. Though it is not alway fun to watch a team lose, it is fun to watch a group of young players come into their own and become the future stars of the game. It takes a great deal of dedication to keep a team young and contributing year after year. You have to make tough decisions like cutting popular veterans, letting players leave if their salary demands will cripple the team, or getting rid of quality players if they ae a virous in the locker room. The BUCS are on the right path and though I do not feel this will be a turnaround season, I do feel that we will start to see great improvements this year.

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