Glazer family
With a fortune of $1.1 billion (£600m), making him the 244th richest man in the USA the 78 year old is the man whose pursuit of yet more money, could destroy Manchester United. Born into a Lithuanian, Jewish family who emigrated to the USA, Malcolm Glazer inherited his father's watch making firm in Rochester, New York in 1943 and made it into a business empire, thanks to a series of investments in trailer park rentals, a TV station and a fish oil company.
In 1984, he launched an unsuccessful $7.6bn (£4bn) bid to buy the bankrupt freight rail company, Conrail and also failed with takeover's of kitchen designer Formica and motorcycle manufacturer Harley-Davidson. When Harley took out an injunction against Mr Glazer, the judge at the court hearing called him a "snake in sheep's clothing". His reputation is that of a ruthless, penny-pinching, money obsessed scrooge. Even though he is worth hundreds of millions he still sued his sisters over their dead mother's $1 million will.
In 1995, he paid $192m for the Man City of the NFL, the Tampa Bay Buccaneers. 8 years followed without success during which Glazer threatened to move the team to another city unless Tampa authorities built him a new stadium. In 2003, he finally spent big to sign top coach, Jon Gruden. The gamble paid off as that same year, the Buccaneers went on to win the Superbowl. The team is said to have quadrupled in value. Glazer then tried and failed to buy the LA Dodgers baseball team before shifting his sights across the Atlantic.
In March 2003 Glazer paid £9m to buy his first United shares but few suspected the nightmare ahead. His stake steadily rose, hitting 28% by October 2004 but he lay in the shadows as the Coolmore shareholders of John Magnier and JP McManus took the headlines. However when Coolmore sold their 29% worth of shares to him in May 2005 Glazer was free to launch his takeover which happened with lightning speed. The £790 million takeover by the Red Football Company (A front for the Glazers) was completed in June 2005 and the club delisted from the Stock Exchange on 22nd June.
It was estimated that Glazer took out £580 million in loans (including legal costs) to finance the takeover with annual interest payments of just under £90 million. Crucially the loans are secured against United's assets so if he is unable to make the payments (which seems the likely outcome) the Glazer family will not have to fork out a single cent.....and Manchester United could go the way of Leeds United.
In July 2006 a refinancing package cut annual interest payments by £28m in a deal which saw loan charges fall from £90m a year to £62m. However, overall borrowings will rise from £580m to £660m. Chief executive David Gill reassured fans the move was "good housekeeping".
The Glazer clan
http://www.glazerfamilyfoundation.com is made up of old man Malcolm and his six children who all sit in the Manchester United boardroom. The current United board consists of joint chairmen Joel and Avram Glazer. Bryan Glazer, Darcie Glazer, Edward Glazer, and Kevin Glazer all hold seats along with chief executive David Gill and Michael Bolingbroke as chief operating officer.
The family are notoriously secretive and private in all their business dealings. Joel Glazer is the only one to have ever done a public interview since the takeover and that was on MUTV, who gave him a very easy ride. On 16 April 2006, Malcolm Glazer suffered a stroke causing impaired speech and loss of mobility in his right arm and leg. Glazer suffered a second stroke in May, 2006 however he still seems to be hanging in there.....
Whilst the words "Malcolm Glazer, owner of Manchester United" will never seem to sit right but the American and his crazy, debt-ridden, evil master plan is here to stay for the foreseeable future. And as to what that future holds one thing is certain, to follow United you better be prepared to open your wallet.
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