United owner Malcolm Glazer dies
- adamhigginsuk
- May 28, 2014
- 2 min read
Leading the empire: American billionaire Malcolm Glazer headed the takeover of Manchester United in 2005 but passed the running of the club to his sons due to health issues (Picture from Getty Images)
MANCHESTER United's controversial owner Malcolm Glazer has died at the age of 86 in his hometown of Tampa.
The businessman passed away on Wednesday morning, according to a statement released by the Tampa Bay Buccaneers, the American football club he owned for 30 years.
The club, who were "saddened" to announce his passing, described Glazer as "a pioneering thinker" and "dynamic business leader".
The Glazer family bought United in 2005 for £790 million amid fierce opposition from fans as a large proportion of the sum was borrowed.
The club had no previous debts although it is reported they now owe in excess of £400 million with supporters claiming United's financial power had been restricted by spending on restructuring and debt payments.
A resident of Palm Beach in Florida, Mr Glazer had never attended Old Trafford and was accused of hiding behind the shadow of former manager Sir Alex Ferguson.
But his takeover has coincided with the most successful era in the Premier League club's illustrious history.
In the last nine years, United have won five Premier League titles, the Champions League in 2008, reached European Cup finals in 2009 and 2011 and won the League Cup three times.
However the club endured a disastrous 2013-14 campaign and did not quality for Europe, which culminated in the sacking of boss David Moyes.
The Glazer family retain a 90% share in the Red Devils, split equally among six children, while the other 10% is floated around the New York stock exchange.
Mr Glazer's passing is unlikely to have a significant impact on the ownership of the 20-time English champions.
Sons Bryan, Joel and Avram assumed control of the running of both United and Tampa Bay Buccaneers after Mr Glazer suffered two strokes in April 2006, leaving him with limited mobility and impaired speech.
As one of seven children, Glazer was born in Rochester, New York, and took over the family watch-parts business aged 15 following the death of his father and then continued his foray into the professional world, investing in other businesses.
In 1995, he purchased the Tampa Bay Buccaneers for a then-NFL record $192 million and the club’s value has subsequently quadrupled having turned the franchise into Super Bowl winners.
Four years later, Glazer launched the Glazer Family Foundation, which is dedicated to assisting charitable and educational causes in the Tampa Bay community, highlighted by the opening of the Glazer Children’s Museum in 2010.
In its 15 years of existence, the Foundation has donated millions in programs, tickets, grants and in-kind contributions.
Glazer owned or was a substantial shareholder of a diverse portfolio of international holdings and public companies.
In 2010, Forbes ranked him as the world's 400th richest person with an estimated wealth of £1.58 billion.
Mr Glazer leaves behind his wife Linda, six children and 14 grandchildren and a private family funeral service has been arranged.
The circumstances of his death, which has sparked a mixed reaction from United fans across social media, have not been shared.
Last updated: 28 May 2014 22:55pm
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