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Report: Glazers' total debt grows beyond $1.5 billion

Folks in England who hope to force the Glazer family out as owners of the Manchester United soccer club have more ammunition.

In addition to more than $1 billion in debt relating to the soccer club, the BBC reports that the Glazers have borrowed $570 million against their shopping malls and more than $95 million against their NFL team, the Tampa Bay Buccaneers.

The mere existence of the debt does nothing to compel the Glazers to sell any of their assets.  But the news will do nothing to quiet those in England who want the Glazers to sell Manchester United.

The Glazers reportedly have turned down a $2.2 billion offer for the team, and they’ve declared that they do not intend to sell.

But things could get even more interesting when a portion of the soccer debt becomes subject to an annual interest rate of 16.25 percent.

In the U.S., the situation has prompted some to suspect that the Glazers are neglecting their pro football team by not spending enough money on players.

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36 Responses to “Report: Glazers' total debt grows beyond $1.5 billion”
  1. digitalbath says: Jun 7, 2010 8:08 AM

    england should never have a team,but in no way should florida ever have been allowed to have 3 professional teams in the first place,move them to LA,or alaska before england

  2. lololnpnp says: Jun 7, 2010 8:14 AM

    “In the U.S., the situation has prompted some to suspect that the Glazers are neglecting their pro football team by not spending enough money on players.”
    And by ‘some’ you mean yourselves and by ‘speculate’ you mean make up random shi8 for pageviews. Well done on getting me to read your 18th non-football post regarding the Glazers and their soccer club though. *cuts own wrist*

  3. JackBang says: Jun 7, 2010 8:25 AM

    $1,500,000,000 @ 12.5% (rumored current average interest rate on the total debt) is a monthly payment of $30,000,000. $15,625,000 is the monthly interest charge. In the current economic environment, there is no bank on earth capable of refinancing this debt. Therefore, private money is the only option (such as a hedge fund). The problem with that is the rate would be even higher than what is being paid now! As a close watcher of the Bucs for over 30 years, I can tell you it is quite obvious they are taking money out of the football operation to service this debt. Much like Hugh Culverhouse, the current owners are using this cash cow of a team to finance other non-NFL business interests. Therefore, we should be prepared for another extended run of Bucs futility—much like the dark period of ’83-’96. They should sell ManU…and the Bucs too!

  4. Topher says: Jun 7, 2010 8:26 AM

    It boggles my mind that you can make enough money of an investment to turn down $2.2b.

  5. Topher says: Jun 7, 2010 8:27 AM

    digitalbath, it helps to read the article.
    lololnpnp, don’t assume that because you haven’t speculated the rest of America isn’t.

  6. CleanSlaton says: Jun 7, 2010 8:41 AM

    Why couldn’t it be Jay Glazer that’s 1.5 billion in debt?
    little turd…

  7. GB3Pack4 says: Jun 7, 2010 8:46 AM

    Yes, the games are by name the same, and they both involve kicking the ball, but there the similarity ends. Stories about SOCCER no more belong on this site than other stories of significance FROM ANOTHER SPORT – Tiger’s 19th place serenity, Nadal’s 5th, the Blackhawks’ explosion or the Celtics’ Allen and RondoWonder. I want all that news, but this site needs to stay pristine American football.
    tenkyouveddymuch

  8. notoriousbri says: Jun 7, 2010 8:54 AM

    how can people complain they dont spend enough on their football team? they game Clayton a 5 year $26 million deal. $10 mil guaranteed.. haha I wonder if you can pawn a nfl franchise… wait a minute… they already have

  9. doe22us says: Jun 7, 2010 8:54 AM

    It is quite clear where they are placing their goose eggs Tampa folks. Man U is definately 6x worth more than the Bucs. Why do you think they are refusing to sell and neglecting to pay big to attract free agents to Tampa.

  10. sniperhare says: Jun 7, 2010 8:56 AM

    Coming in 2012 the LA Buccaneers. With a new logo designed to look like Johnny Depp’s memorable Capt. Jack Sparrow.

  11. jackybadass says: Jun 7, 2010 8:59 AM

    sell this crap team to a new owner and move them to LA. problem solved. nobody cares about this lousy franchise!

  12. lololnpnp says: Jun 7, 2010 9:10 AM

    @Topher
    Since you seem to know what everyone else is doing try googling glazers + debt or even add espn to the filter. You get soccer and European sites and no ‘journalistic’ conversation of the impact on the American football team. You can find any moron to ‘report’ on anything, but try finding someone who isn’t a hack blogger/local beat writer taking this angle in a football forum.
    But by all means, please continue to offer your valued and educated opinion while replying to everyone else’s posts.

  13. rocknrollsinger says: Jun 7, 2010 9:34 AM

    For some of you commenters, it simply isn’t possible for me to hate you more. Why don’t we move YOUR franchise to LA? Nobody cares about YOUR favorite team either, A-hole.
    Also, I’m typically not one to complain about the topics here on PFT, but there are a lot of good things going on with the Bucs that shouldn’t be swept under the rug of GLAZER DEBT. Additionally, I would like at least one of these articles about GLAZER DEBT to mention that yes, the Bucs DID pay Michael Clayton TOO MUCH money, they extended Kellen Winslow’s contract before he even caught one pass for them, they paid Derrick Ward TOO MUCH MONEY, they’ll be paying Gerald McCoy A FREAKIN LOT OF MONEY soon, and they paid Josh Freeman more money than anyone usually gets paid as the 17th overall pick last year. I could go on. Point is, if there is “speculation” that the Bucs are not spending money on anyone/anything, then please do something to either confirm or debunk it.

  14. sketch813 says: Jun 7, 2010 9:35 AM

    @digitalbath. What do you know about Florida. This state is football 24/7. Screw Alaska and LA.

  15. Franchise says: Jun 7, 2010 9:53 AM

    @sketch813,
    For a state that is football 24/7, two of its pro teams are in danger of moving or going bankrupt.
    Even more reason why HS and college football will be so popular.

  16. CTifer says: Jun 7, 2010 10:00 AM

    “Why do you think they are refusing to sell and neglecting to pay big to attract free agents to Tampa.”
    The main reason is because they’re not ready for big free agents.
    Which free agent do you get and at what position? Does he make them go from a 4-6 win team to a 7-8 win team at best? Does that help them in the long run?

  17. cailte says: Jun 7, 2010 10:01 AM

    Glazers guilty as charged, fraud, misappropriation of funds, intentional misrepresentation, deception and malicious impersonation of an NFL owner. Come on Commish! This public burglary is worse than Benny R and MV together. Let’s expose these Glazer scoundrels.

  18. Louie says: Jun 7, 2010 10:06 AM

    @rocknrollsinger, you’ve got to be kidding!
    First, the Bucs HAVE to pay their draft picks – they don’t really have a choice. You can’t use rookie contracts as examples of spending.
    Second, the signings you mentioned occurred when there was a salary cap floor. They HAD to spend some money just to get to the floor (not to mention the Clayton and Ward deals were a complete waste of money).
    Without the cap, they haven’t spend any money on free agents and haven’t re-signed their own players (Ruud, Penn). Don’t you think a 3-13 team should do something to improve?
    We’re bracing for another dismal season. The Yuks are back!

  19. Hap says: Jun 7, 2010 10:06 AM

    How much could they possibly get for The Yuc’s ?

  20. dafish says: Jun 7, 2010 10:08 AM

    Didn’t the old AAFC LA team used to be called the Buccaneers?

  21. NitshkesGhost@1265 says: Jun 7, 2010 10:12 AM

    So the Britts are going to trash the NFL, well look what they did to the gulf of Mexico. You think these snobby Brit elites give a damn about our sport or our country? Hell no. They just come here and exploit things for money. That is British history arround the globe. Well lets go 1776 on the Glazers, BP, and any other oily snaggle toothed snob in the area. Go back across the pond and leave us the hell alone.

  22. whelbuc says: Jun 7, 2010 10:15 AM

    The Bucs are not going to LA

  23. Jersuza says: Jun 7, 2010 10:21 AM

    Why do people continue to talk about an NFL team moving to Los Angeles? The Rams didn’t move because they were making too much money there.
    And now California AND Los Angeles are on the verge of bankruptcy with the worst, most penalizing business climate in the country.
    Not to mention the fact it is now much more of a Mexican city than it is an American city!

  24. Tom Selleck says: Jun 7, 2010 10:28 AM

    “Without the cap, they haven’t spend any money on free agents and haven’t re-signed their own players (Ruud, Penn). Don’t you think a 3-13 team should do something to improve?”
    Maybe Ruud and Penn are part of the reason they went 3-13.

  25. FSUBrowns9510 says: Jun 7, 2010 10:30 AM

    NitshkesGhost@1265-
    The Glazers are American. Malcolm was born in Rochester, NY and they live in Florida.
    Nice try though.

  26. FSUBrowns9510 says: Jun 7, 2010 10:40 AM

    NitshkesGhost@1265-
    Glazers aren’t from Britain. Hahahaha. Malcolm was born in Rochester, NY, they run an American based company, own a NFL team in Florida and their only ties to England is the EPL team they own.
    Nice try playing the snobby brit card though.

  27. Buccaneer says: Jun 7, 2010 10:42 AM

    Well, thats nice!

  28. dafish says: Jun 7, 2010 10:47 AM

    Hap says:
    June 7, 2010 10:06 AM
    How much could they possibly get for The Yuc’s ?
    Seriously? Any franchise (even the Jaguars) is worth a minimum $850M and up from there. Although I could see a number of S. Florida businessmen pooling together to keep them in Tampa. The Super Bowl trophy and stadium offer a hell of a lot of prestige. The only other sports league in the world with the same stroke as the NFL is probably the English premier league, and even then, only about 5-8 clubs in that.

  29. DarthPirate says: Jun 7, 2010 11:03 AM

    NitshkesGhost@1265 says: June 7, 2010 10:12 AM
    So the Britts are going to trash the NFL, well look what they did to the gulf of Mexico. You think these snobby Brit elites give a damn about our sport or our country? Hell no. They just come here and exploit things for money. That is British history arround the globe. Well lets go 1776 on the Glazers, BP, and any other oily snaggle toothed snob in the area. Go back across the pond and leave us the hell alone.
    —————————
    Dey took ur jerbs!! Glazers aren’t from England.

  30. patpatriotagain says: Jun 7, 2010 11:18 AM

    of the three teams in Fla. , jax would go to LA. Tampa actually has fans who care about the team.

  31. EG says: Jun 7, 2010 11:21 AM

    NitshkesGhost@1265 says:
    June 7, 2010 10:12 AM
    So the Britts are going to trash the NFL, well look what they did to the gulf of Mexico. You think these snobby Brit elites give a damn about our sport or our country? Hell no. They just come here and exploit things for money. That is British history arround the globe. Well lets go 1776 on the Glazers, BP, and any other oily snaggle toothed snob in the area. Go back across the pond and leave us the hell alone.
    _______________________________
    the Glazers are American lol

  32. rocknrollsinger says: Jun 7, 2010 11:21 AM

    @Louie,
    If you think that Ruud/Penn are shoe-ins for re-signings, then you are missing something. Both are decent players, but Ruud had a ton of missed tackles last year, NO interceptions nor big plays of any kind, and Penn struggled with weight problems and allowed far too many QB pressures. I think those guys are solid and both were a victim of scheme-changes and instability on both sides of the ball. Also, you have to consider rookie signings. If a team knows they have 11 draft picks, 3 of which are in the top 42, they know that they’ll soon be spending quite a bit of money on them. That fact might stop a team from dropping huge cash on free agents in the off-season.
    And this team has done a lot to improve. By most accounts, they aced the draft. They filled a couple holes in free agency in terms of depth and problem areas (most notably at Safety). Some people have complained about the lack of additions in free agency, but let’s face it: The realistic goal in 2010 is not to win the Super Bowl. You don’t go nuts in free agency until you are on the cusp of something big and you need a player or two to get you over the hump (see the 2000-2002 Bucs w/ the additions of Brad Johnson/Keyshawn Johnson/Simeon Rice – not to mention Gruden). Most great teams in this league were developed in the draft. The Bucs will show once again over time that this is the best way.
    The “Yucs” will improve wildly on last year’s 3 wins, or Raheem will justifiably be fired. Raheem is the only element to this team’s rebuilding effort that I still have a bunch of questions about. But on paper, based on the schedule, the stability of the offensive/defensive schemes, and the talent of some of these young, unknown Buc players, it’s quite conceivable that this team is headed back to .500 this year. That’d be pretty good for year 2 of a rebuilding phase. I’m sure the Browns, Rams, Raiders, Chiefs, & Bills would all be thrilled to say that about their teams.

  33. Panda_Claus says: Jun 7, 2010 11:32 AM

    If the economic news is as bad as you think, there’d be no reason to sell either the Buccaneers or ManU. It sounds like those are the only two investments the family has that is worth anything, or at least is above water financially. The value of those teams go up every year just for existing in leagues already full of other valuable franchises.
    Isn’t a cardinal rule of real estate to be the one owning the cheaper house in the expensive neighborhood? By following that principle, and it appears the Glazers are doing that, your property goes up every year (when real estate is healthy) just by association.

  34. Topher says: Jun 7, 2010 11:42 AM

    @lololnpnp,
    I reject the idea that bloggers don’t count as journalists but I respect that some would disagree.
    I’m exactly sure how anyone can say a local beat writer isn’t a journalist. (I know you didn’t say that but you absolutely implied it)
    I also severely reject the idea that the only conversation occurring that matters is journalistic in nature. In my neighborhood the only conversation that matters is the one the boys and I have at the bar.

  35. bmac3434 says: Jun 7, 2010 11:56 AM

    Hey Digitalbath, if shithole NY can have three teams so can Florida. Move the Bills to LA….

  36. abucsfan says: Jun 7, 2010 1:35 PM

    If the Lions can remain in Detroit, I think the Bucs can remain in Tampa. With Detroit’s crappy record why don’t we hear anything about them going to LA? No, lets pick on Florida teams. Lets face it Florida is a football state!

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