Malcolm Glazer, the billionaire who led a controversial takeover of Manchester United, has died aged 85.
• Death announced on Tampa Bay Buccaneers’ website
• Glazer’s family to take on his business interests
Malcolm Glazer bought Manchester United in 2005 and saw them win five Premier League titles. Photograph: Dj Peters/Action Images
Malcolm Glazer, the head of the family that own Manchester United, died on Wednesday morning aged 86, in his hometown of Tampa.
While
Glazer drove the controversial process that took control of United for
the family in 2005 by leveraging the club with a £500m-plus debt, his
recent failing health had meant that two of his sons, Joel and Avram,
took on the hands-on role of leading the club. His passing should have
little if any effect on the overall structure of the club, with the
family retaining a 90% share with the remaining 10% listed on the New
York stock exchange.
A statement from the 20-times champions last night said: “The thoughts of all at the club are with the family at this time.”
Glazer’s
death was announced by the Tampa Bay Buccaneers, the NFL franchise the
family also owns. “The Tampa Bay Buccaneers are saddened to announce the
passing of owner/president Malcolm Glazer earlier this morning,” read
the statement. “Known among his league peers as a pioneering thinker,
Glazer infused his team and employees with the determination and
dedication to be the best in the NFL. Glazer’s commitment to building a
championship organisation has provided the foundation for continued
success, on and off the field.
“Mr Glazer’s long-established
estate succession plan has assured the Buccaneers will remain with the
Glazer family for generations to come. Linda Glazer, along with their
five sons and daughter, will continue to own and operate the team as
they have throughout the family’s ownership.”
Despite the
hostility to Glazer’s purchase of United, his ownership coincided with
the most successful era of the club’s history. Since 2005 United have
won five Premier League titles, the 2008 Champions League and reached
European Cup finals in 2009 and 2011.
Born in Rochester, New
York, as one of seven children, Glazer took over the family watch-parts
business at the age 15 following the death of his father and then
continued his foray into the professional world, investing in other
businesses. He owned or was a substantial shareholder of a diverse
portfolio of international holdings and public companies including
First Allied, Zapata Corporation, Houlihan’s restaurant chain, Harley
Davidson, Formica, Tonka, Specialty Equipment and Omega Protein. He
leaves behind his wife, six children and 14 grandchildren.
Nonetheless
a grassroots club FC United was founded by a group of dissatisfied
supporters and accepted into the North West Counties Football League
months after the takeover was completed. “The Glazers’ ownership of
Manchester United is a product of the lack of regulation that we have in
the game,” the general manager, Andy Walsh, told the Manchester Evening
News. “Malcolm Glazer took advantage of that and his passing does not
change that fact. The Glazer family still own Manchester United Football
Club. The takeover of Manchester United caused a lot of pain in this
city.”
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