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Malcolm Irving Glazer (born 1928) is an American businessman and sports-team owner. He is president and chief executive officer of First Allied Corporation, a holding company for his varied business interests. He holds controlling stakes in the Tampa Bay Buccaneers, an NFL team located in Florida, and Manchester United, a major European football club based in Manchester, England.
Biography
Glazer was born in Rochester, New York and now lives in Palm Beach, Florida. The son of an immigrant, orthodox Jewish family from Lithuania, he became head of his family watch parts business in 1943. The business first expanded into property, buying several trailer parks. He is married and has six sons; three of them are vice-presidents in First Allied.
Business history
Glazer has owned a diverse portfolio of nationwide investments which have included food service equipment, food packaging and food supplies, marine protein, broadcasting, health care, real estate, banking, natural gas and oil, the Internet, stocks, securities and bonds.
Sports ownership
In the sporting world, Glazer is the current owner of the Tampa Bay Buccaneers, a National Football League team. The front office staff of the team includes Bryan Glazer, Edward Glazer and Joel Glazer. Malcolm purchased the Bucanneers franchise in 1995 for $192 million. As of 2004 the franchise is valued at around $675 million, having won the Super Bowl in 2003. Also in 2003, Glazer made a failed bid for the Los Angeles Dodgers, a Major League Baseball team.
Manchester United
In May 2005, he bought a controlling stake in English Association football team Manchester United following a nearly year-long takeover battle, for $1.47 billion. Glazer's initial attempts in 2004 to buy out the team were opposed by many fans due to the perceived insecurity of the bid (as Glazer required a high amount of loans to finance the purchase). This led to several protests, including a pitch invasion at a reserve game in which United supporters burned an American flag. He continued to increase his shareholding nonetheless, and from 19 October 2004, held 28.11% of the company. In February 2005, he re-launched his take-over bid, but met with aggressive and threatening hostility from many fans' groups, and was threatened with Parliamentary action by Shareholders United.
On 12 May 2005, Glazer reached an agreement with shareholders J. P. McManus and John Magnier to purchase their 28.7% stake in the team, giving him a controlling stake with just under 57% of the team's shares. He then managed to secure the stake of the third largest stakeholder, Scottish mining entrepreneur Harry Dobson, taking his share total to 62% of the club. Just hours later, Glazer had bought a further 9.8% stake taking his total ownership to 71.8%.
On 16 May 2005, Glazer took his shareholding in United to 75%, allowing him to end the club's PLC status and delist it from the London Stock Exchange, which he has already pledged to do ]. According to the London-based public relations firm that represents the Glazer family in matters dealing with Manchester United, Smithfield, Joel Glazer has been the driving force in the takeover bid and will continue in that role. Joel is said to have been an avid Manchester United supporter prior to the takeover but it's uncertain if he has ever attended a United match at the club's home ground, Old Trafford.
The Glazer family's intentions for United remain unclear, but it is thought they will try to exploit the club's brand name in the United States, as well as in Asia, where United also have a loyal following. The Glazers have said they remain committed to the Tampa Bay Buccaneers and Bucs general manager Bruce Allen said in a May 16 news conference that no part of the NFL club was used in the Glazers' complex loan structure to purchase United. On May 25, in a meeting of NFL owners in Washington, D.C., the Glazers played a key role in persuading the owners to vote to award the 2009 Super Bowl to Tampa.
It also has been speculated that the Glazers will attempt to break the Premiership's collective bargaining relationship for TV rights, which would probably increase Manchester United income more than any other single action, but the Premier League's chief executive Richard Scudamore has stated that he believes Glazer has almost no chance of doing this as a change would need the approval of 14 of the 20 clubs, and the last time Manchester United made this proposal they were outvoted by 19 to 1.
Glazer's purchase of United could still cause a problem with the NFL. Although his purchase of a sports team in another country does not breach the NFL's cross-ownership restrictions (which prohibit NFL owners from owning sports teams in other American NFL cities, and in any event have been struck down by U.S. courts with respect to soccer teams), Manchester United have invested in casinos both near Old Trafford and in Las Vegas. The NFL has some of the strictest anti-gambling policies of any sports league, particularly when compared to the English Premiership. NFL personnel are not permitted to have ties - even indirect ties - to gambling interests, and so if and when Glazer completes the acquisition of Manchester United, the club may have to abandon its gambling interests to keep Glazer within NFL regulations. This could reduce the income potential of the club.
As of 28 June 2005, Glazer held 98% of Manchester United shares, pushing him beyond the key 97.6% needed to buy out compulsorily the last remaining shareholders.
External links
- First Allied Corporation
- Tampa Bay Buccaneers
- Glazer Family Foundation
- Details of Glazer Bid for MUFC