Tampa Bay Buccaneers’ Owners Owe $373 Million as $4.6 Billion Club Manchester United Forced to Make Loan Deals in January

The Glazers are one hell of a family that owns the Tampa Bay Buccaneers and Manchester United. They have taken the business side of sports to the next level. The family has quite an extensive business empire that every member runs.

After receiving a family inheritance from real estate, the Glazers transitioned their business into banks, healthcare facilities, television stations, etc. It is said that when the senior Glazer died in 2014, he had a net worth of £3.19bn.

Today his six children, Avraam, Joel, Bryan, Kevin, Darcie, and Edward, handle the family’s investment. Even if they have a lot of wealth, why are the Tampa Bay owners in huge debt?

Tampa Bay Buccaneers’ Owners in huge debt

Long ago, when the Glazers bought the club, the purchase was made out on a leveraged deal. It is a situation when the acquisition of a company is subsidized majorly by borrowed funds, with the debt guaranteed against the purchased company.

The main controversial point is that the debt, interest paid, and profit distribution among shareholders all go to the Glazers. There was not a single debt when the United wasn’t under any ownership.

However, today the club has an outstanding debt of over £550 million, and it has grown a lot in the following years. In 2010, it reached £ 700 million which resulted in major protests breaking in the country.

United paid most of its debt with a £500 million bond and through the club’s IPO on the New York Stock Exchange in 2012. Even after that, they had a gross debt of £603 million in their first year.

Read More: Tom Brady’s $15 Million Worth Ex-Teammate Shared a 4-Word Reaction to an Iconic Soccer Game as $170 Million Worth Team Won in a Thriller

Last time, sources revealed that the Red Devils had a net debt of £495.7m in March 2022, after removing gross debt from cash reserves. A figure is yet to be revealed for this year’s financial report. However, recent studies show that United owes £307m to other clubs on transfer fee installments.

Hence, due to the heavy debt trap, United is being forced to make loan signings to balance its books. And there is another reason why the club will only make loan deals. Reports suggest that the owners are trying to sell the club.

Glazers’ investment in Tampa bay and other sports

Soon after, in 1995, they made a breakthrough in sports when they purchased the NFL team Tampa Bay Buccaneers, for $ 192 million. After more than a decade, they purchased Manchester United because they wanted to sail on two boats.

The Glazers bought the club in 2005 for £790 million. And since then, the owners have been criticized for their shabby ways of running the club. Today, it has left Manchester United deeply in debt.

Football and soccer aren’t their main focus, aside from being the owners of First Allied Corporation and HRG Group. They are looking to expand themselves into other sports as well. There were rumors suggesting that the family was keen to buy a franchise in the Indian Premier League back in 2022.

However, Malcolm’s eldest son, Edward, bought a franchise in the T-20 league in the United Arab Emirates. Whereas the others, aside from being co-chairman are into other businesses.

WATCH THIS STORY: Lionel Messi Receives One Word Message From Hendrick Motorsports Legend Jimmie Johnson Post World Cup Heroics