In the years since, it is widely reported the takeover has cost the club well over £1 billion ($1.3bn) in interest and other fees. This involves borrowing money against a future asset to buy said asset, in this case incurring interest payments of over £60 million ($110m) per annum. Malcolm Glazer financed much of the takeover with loans, using a ‘leveraged buyout plan’ rather than their own money, much to the unhappiness of their fans. United were debt-free when the Glazers took over in 2005, but the takeover deal advised on by Woodward reportedly saddled the club with over £500 million ($920m) worth of debt. Return to top Why are Manchester United in so much debt? When Glazer took control of 75% of the club’s shares within a few days, he was able to delist the company from the stock exchange, and Red Football Ltd took 98% ownership within a month, forcing a squeeze-out of the 2% which remained.Įd Woodward, who became the club's executive vice-chairman, was heavily involved as an advisor on the deal, and was recruited by the Glazers in a 'financial planning' role at the club soon after. This took him to around 57% ownership, well over the 30% threshold at which he was required to launch a takeover bid. The pair owned 28.7% of shares in the club, and also invested in Irish racehorse ‘Rock of Gibraltar’ with Ferguson.Īn argument over stud rights led to the businessmen wanting out of the club, with Glazer buying their shares in May 2005. McManus, fell out with former United manager Sir Alex Ferguson. In March 2003, he spent around £9m ($4.7m) on his first 2.9% – a figure which had increased to close to 30% by the end of the following year.
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On the advice of his sons, Malcolm Glazer began accumulating shares in Manchester United in 2003, and had taken full ownership of the club by the end of 2005. Return to top When and how did the Glazers take over Manchester United?
The team was largely run by Glazer’s sons, Joel, Bryan, and Edward. Glazer’s first step into sports ownership came as he bought NFL side the Tampa Bay Buccaneers following the death of former owner Hugh Culverhouse in 1995, for a then-record $192 million (£122m). He was famously dubbed a ‘slumlord’ after his holding company, First Allied Corporation, was accused by residents of adding illegal extra charges onto trailer park rent payments. Initially owning small homes in Rochester, Glazer expanded his portfolio to include banks, healthcare facilities, television stations and more. He eventually bought the watch repair concession at the Sampson Air Force Base near New York, turning it into a successful business and eventually moving into real estate. When his father died when he was a teenager, Glazer helped support his family by selling watches door-to-door. Malcolm Glazer was born to Lithuanian parents in Rochester, New York in 1928, the fifth of seven children.
The Glazers' wealth stems from vast property and real estate interests, which allowed them to branch out into sports. Return to top How did the Glazers make their money? In March 2021, Avram Glazer put £70 million ($97m) worth of his shares up for sale.
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The pair are now co-chairmen with Kevin, Bryan, Darcie and Edward holding positions as directors. Joel and Avram had been in charge of the day-to-day running of the club since their father’s stroke in April 2006. When he died in May 2014 after a long illness following a stroke, the 90 per cent controlling stake he owned was split equally between the six Glazer children. Malcolm Glazer took hold of a majority stake in the club in 2005 through investment company Red Football Ltd. Manchester United are currently owned by the six children of the late former owner Malcolm Glazer: Avram, Joel, Kevin, Bryan, Darcie and Edward Glazer.
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