Team Glazer No. 19
September 7th, 2010
On the dawn of each NFL season, cool cat Maoist Michael Silver of Yahoo! Sports ranks all NFL owners, much like his colleagues do players and teams. It definitely gets a lot of attention in NFL circles.
Not long ago, Silver had Team Glazer among the top of NFL owners. No longer. This year Silver has Team Glazer slotted at No. 19.
In June, after the BBC reported that the family had amassed debts of nearly $1.5 billion, the Glazers issued a sharp denial that they were financially compromised and rejected the notion that they had borrowed from the Bucs to help cope with their financial situation. Perhaps not, but to other owners, the eye in the sky doesn’t lie. “Anyone who has a lot of debt, be it a company or individual, is heavily leveraged in this economy,” the NFC owner says. “They’re deep into real estate [via the family-owned First Allied Corp.] and it’s killing them, and their market that has been especially brutalized.” Still, Man U is a major cash cow, and the Glazers aren’t stupid. Some owners believe they’re simply laying low in anticipation of a probable work-stoppage and will resume their aggressive spending of years past once there’s a new CBA and the young team is in position to be more competitive.
Bingo! While Team Glazer is in debt with their English kickball team — only a forensic accountant would know for sure — the damned thing is a license to print money.
Joe finds it amusing that Pittsburgh general manager Kevin Colbert has stated the Rooneys aren’t going to spend wild because they fear painting themselves into a corner when the new CBA (and salary cap) is agreed upon, and the man is lauded as a sage.
But when Bucs general manager Mark Dominik essentially says the same thing, the commoners are ready to break out the pitchforks.
Strange.
September 7th, 2010 at 8:32 am
Say what? Did somebody hack the site? Have the Joes been abducted by aliens?!?
Lol. Good work guys.
September 7th, 2010 at 9:18 am
Absolutely right on this one, Joe. You don’t stay a billionaire for long, if you don’t manage your money carefully in an uncertain economic climate. Glazers are still spending money. They are just spending it wisely
September 7th, 2010 at 9:48 am
ANYONE in real estate got their assets handed to them if they didn’t get out several years ago. That is an absolute fact.
Of all the asset classes to be invested in, that has been the worst by far.
The economy is nearly a depression BECAUSE of the real estate bubble bust.
100’s of banks have failed. Many hedge funds have failed. The US government had to bail out AIG, the largest insurer of banks, a well as big banks just so we didn’t spiral into a depression or total collapse.
Anybody see the government spending profile bar chart a few weeks ago? The stimulus package cost 2-3 times more than the entire Iraq war campaing.
The Glazers are in deep debt even without Man U.
And they are destroying there last cash cow of the Tampa Bay Buccaneers… well they already destroyed it. See blackouts and 30,000 + empty seats at home games.
The community needs to grow a set and start demanding new ownership. This group is diverting revenues to subsidize other failed business ventures.
The Glazer Brats are fning it up royaly in and out of Tampa. They ate essentially international f–kups… with daddy’s holdings.
September 7th, 2010 at 11:10 am
Very simple.
The Steelers have a proven personnel department to sit our free agency, and a much, much better team than the bucs.
Easy to stand pat with Polamalu, etc.
In contrast our guy is firing and missing on Clayton, Luke, Brown, Nugent, Ward, Leftwich etc. and insulting “upgrades” with tomato cans like Vincent and Jones.
Steelers and Bucs are worlds apart. Thus, Steelers get a deserved pass, but not the bucs.
September 7th, 2010 at 1:21 pm
Actually Eric, they are so close you could drive to Pittsburgh, and become a Steelers Fan!! I’m sure they would love to have you, LOL! Thanks Joe, I really love it when you post articles about the Glazers fianaces! Listening to Javier discuss high fianance is like hearing the lost chapter of “Forrest Gump”!!it’s like having Forrest explain Einstein’s theory of Time-Space!! Javier is jus so cute when he’s trying to explain grown-up stuff!! Lmao! You can’t beat a minimum wage earner trying to run a multiple billion dollar empire for top comedy!! And I thought his pretending to be a coach/Gm was hilarious already!! Meybe tomorrow, Joe can post something on Brain surgery! I’d live to hear how our Lil Javier would straighten out that mess! Lol
September 7th, 2010 at 4:16 pm
@Capt Dim:
“You can’t beat a minimum wage earner trying to run a multiple billion dollar empire for top comedy!!”
That pretty much sums up the leadership of this org right now, and that is exactly how we got to 3-13, repeated blackouts, community apathy . . .
If they lose to Cleveland (you may have 20k at future non-Steeler,non-Saints games). Great job boys – way to screw up a good, respected thing. I sure hope that the powers that be are right – that the Glazers are just putting Rah and Dom in charge until there is CBA certainty and their financial picture soldifies – otherwise – hello Detriot Lions b/c that his who we will be looking up to!
September 7th, 2010 at 5:18 pm
When the young players develop and start to produce the stadium will be full again. If Rah doesn’t progress with the young players [I hope he Does] you will see a new HC. Don’t lose faith we will be good again soon.
September 7th, 2010 at 5:46 pm
No, Thomas the liar. We got to this point because of yer Lil mancrush jongruden, and his inability to draft or coach. Thankfully, we are in recovery