Malcolm Glazer

Malcolm Irving Glazer (born 1928 in Rochester, New York) 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, a National Football League (NFL) team located in Florida, and Manchester United, a FA Premier League football club from Manchester, England.

Biography

Malcolm Glazer now lives in Palm Beach, Florida. His father was said to be a deserter from the Russian Army before travelling to the US. He went on to became head of his family and took over the watch parts business in 1943 at the age of 15 when his father died. At that time he had just $300 to his name. However, his sisters claim that his father left him a sizeable inheritance.

The business first expanded into property, buying several mobile home parks in the 1970s, mainly in the Florida area. He went on to become president and chief executive officer of First Allied, a US holding company for his various business interests. He is married to Linda and has five sons and one daughter Avram, Kevin, Bryan, Joel, Darcie and Edward. Three of them (Joel, Bryan and Edward), are vice-presidents in First Allied. He now runs a wide-ranging business empire that includes shopping centers and nursing homes.

On 16 April, 2006, Glazer suffered a stroke causing impaired speech and loss of mobility in his right arm and leg." Glazer recuperating after stroke", BBC News, 24 April 2006. Retrieved 28 June 2006. At the time, his son Joel said "My father's spirits are high and doctors expect his condition to improve with rehabilitation," but after spending much of the intervening period in hospital, Glazer suffered a second stroke in May, 2006. His condition is not said to be life-threatening. " Man Utd owner has second stroke", BBC News, 19 May 2006. Retrieved 28 June 2006.

Business history

After his mother's death in 1980, Glazer was involved in an acrimonious dispute with his sisters over their mother's ^*]1 million will.

Glazer’s first attempt at a corporate takeover was in 1984, when he launched an unsuccessful 7.6 billion dollar bid to buy the bankrupt freight rail company, US Conrail. His attempts to raise the difference between his own $100m assets and the purchase price failed. He also failed in an attempted takeover of kitchen designer Formica in 1988 and, later, with motorcycle manufacturer Harley-Davidson.

One of the companies that Glazer did purchase successfully was the nearly bankrupt Zapata, an oil and gas company founded by George H. W. Bush. Glazer successfully diversified it into fish protein and Caribbean supermarkets.

Glazer has owned a diverse portfolio of nationwide investments which include food service equipment, food packaging and food supplies, marine protein, broadcasting, health care, property, banking, natural gas and oil, the Internet, stocks and bonds and even sausage skins makers.

Sports ownership

Tampa Bay Buccaneers

Since 1995, Malcolm Glazer has been the owner of the Tampa Bay Buccaneers, a National Football League franchise, after paying $192 million. The front office staff of the team includes Bryan Glazer, Edward Glazer and Joel Glazer.

The Glazer family was enticed by Baltimore with plans for a new more profitable stadium but after the city of Tampa passed legislation for and a new state-of-the-art stadium Raymond James Stadium. It was built in Tampa to retain the team and replaced the old dated Tampa Stadium that was maligned by sportscaster Chris Berman as the "Big Sombrero" for its shape. As of 2004 the franchise is valued at around $675 million.

Prior to Glazer ownership the Buccaneers were perennial losers, maligned by others as the Yuccaneers and other derogatory names. The hiring of qualified football coaches and office staff quickly turned around the franchise and in a short few years the team was a playoff contender. In the 1999 season the team, then coached by Tony Dungy, was defeated in the NFC championship game by the heavily favored St. Louis Rams by a score of 11-6 in a game in which the Bucs and their defensive-minded scheme nearly pulled a major upset. In the 2002 season, the first season with new coach Jon Gruden, the Buccaneers defeated the Oakland Raiders for their first Super Bowl victory. Gruden had coached the Raiders the previous season.

Manchester United

In May 2005, Glazer paid $1.4 billion for a 98% stake in English Premier League football team Manchester United, following a nearly year-long takeover battle. The takeover was fiercely opposed by many fans of Manchester United, led by Shareholders United, principally due to the fact that the Glazer takeover saddled the club with a large debt (over $850m). A new non-league team, FC United was formed in 2005 by some disgruntled Manchester United fans.

References

External links

Malcolm Glazer | Malcolm Glazer | Malcolm Glazer | Malcolm Glazer