Bucs: Glazers 'financially well-positioned'
The Glazer family said Monday companies they own generate revenues of $800-million a year and that each business -- including the Bucs and the Manchester United soccer club -- is 'independent and self-sufficient.'
In a four-paragraph statement from Bucs director of communications Jonathan Grella, the team responded to a BBC report stating that the Glazer family is $1.6-billion in debt. In fact, the Glazers went to some trouble to assure fans that the family's businesses are as viable as ever.
The BBC said its investigation found that the Glazer family's debts are $570 million greater than previously known, leaving their control of Manchester United in doubt.
The BBC report says the extra debt comes after the Glazers borrowed extensively against their shopping mall business in the United States.
In a statement from Grella that represents the most the Glazers have ever said about the issue, the family reassures fans that they will continue to put financial resources into building a championship team.
"Buccaneers fans should know that the Glazer family is as financially well-positioned as ever before,'' Grella said in the statement. "Companies they own generate revenues in excess of $800 million each year.
"Sophisticated real estate experts know that the family's refinancing of their commercial real estate before the global meltdown has proven to be the wise move.
"While First Allied represents only a small portion of their asset portfolio, it continues to generate significant profits, enjoys over 90-percent occupancy, and has long term non-recourse financing.
"This franchise remains committed to bringing the resources to build its next championship team.''