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, 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.
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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, for $1.47 billion, in English Association football team Manchester United following a nearly year-long takeover battle. The takeover was fiercely opposed by fans of Manchester United, lead by Shareholders United, but 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.
Though 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 Manchester 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, so now that Glazer has completed 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.
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United r not for sale but were doing better |
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