The controversial owner of Manchester United, Malcolm Glazer, has died at the age of eighty six, it was announced last night.
The news about Glazer, who took control of the club in 2005, was announced on the official website of the Tampa Bay Buccaneers, the NFL franchise he acquired ownership of in 1995 where he was described as a “pioneering thinker” and “dynamic business leader”.
The club won five Premier League titles and one Champions League since being bought by the Glazer family in 2005, but the leveraged buyout by the Glazer family had created much controversy around the club, including the setting up of the supporter based club of FC United. The club have spent £700 million on interest payments and financial costs connected to the debt.
Glazer had little involvement at the club after the takeover. He did not sit on the board and ninety per cent of the club is owned jointly by his five sons and his daughter, all of whom are on the board, with the other 10 per cent of the shareholding having been floated on the New York Stock Exchange.
The response to his death has been muted.The club issued a brief statement while the Supporters Trust said via Twitter “In terms of the effect of the Glazer (kids) takeover, massive damage to MUFC fanbase and minus £1 billion from our club.”
Born in New York, one of seven children, he took over the family watch business at the age of 15 when his father died and has invested in companies such as Harley Davidson and Tonka. Forbes estimated him and his family to be $4 billion.
His greatest success though came with his purchase in 1995 of the Tampa Bay Buccaneers franchise who earned seven playoff berths, five playoff wins, and captured their first Super Bowl in 2003.
His real estate company, First Allied Corporation, owns 6.7 million square feet of shopping centre space across 17 states in the US.
