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In 2006 the Glazer family controversially bought Manchester United. The biggest sports franchise in the world.
Why was it controversial? They couldn't afford it.
Malcolm Glazer had to take out $1.5 billion in loans to purchase the club, from it's shareholders. And turned a once great PLC, into one of the most indebted clubs in the world.
A move so unpopular, that many Manchester United fans simply stopped supporting the club.
3 years later on, the club has proven to be highly successful, but the financial reality of the situation is truly shocking.
It's been revealed that the Glazer's took out bank loans totalling $1.5 billion to take ownership of the club. At extortionate interest rates.
They have been unable to refinance these loans, as intended, meaning they have been paying out over $100 million dollars a season in interest payments alone.
In 3 years they have paid out nearly $500 million in interest payments. And their borrowings have actually increased since takeover day.
Meaning they haven't paid off a dime of the debt in 3 years.
In 2008/2009, Manchester United were the second most profitable sporting franchise in the world. The problem being their debts were so large, that after servicing them, they actually made a loss.....
My question being, is this financial millstone the family now find themselves with also hitting the Bucs?
Tampa Bay have the most cap room out of any team in the NFL, but are seemingly making no effort to use it. Is this cost cutting?
Running the Bucs in the most efficient way possible, to help pay off Manchester United?
It's been reported that the Glazer family have until 2015 to settle their debts with the lenders. Because of the current financial situation, they have been given a strict deadline to follow, and targets to meet.
Is the cap room situation merely coincidence?
The theory in England is that if Manchester United get in serious financial trouble, the Glazers will use their Tamba Bay holding to save the club.
My concern at the minute, is that this is already happening
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