What is Malcolm Glazer's Net Worth?
|Name: Malcolm Glazer|
Born: May 25th, 1928
Company: Manchester United plc (MANU)
Malcolm Glazer currently has a net worth of an estimated:
Malcolm Glazer's net worth decreased by $10,291,332 on 7/22/2014
It's tough to find an owner that attracts as much vitriol as Malcolm Glazer.
Malcolm Glazer and his family own the NFL's Tampa Bay Buccaneers and a very large stake in Manchester United, which just recently went public.
Glazer and his family also control First Allied Corporation, which "specializes in the ownership, management and leasing of over 6,700,000 square feet of community and neighbourhood shopping centers located throughout the United States". The value of First Allied Corporation is not known as it is a private company.
Malcolm Glazer purchased the Tampa Bay Buccaneers in 1995 for $192 million. The team, which was a laughing stock for many years, eventually became much stronger on the field and went on to win the Super Bowl in 2002. However, since Malcolm Glazer became involved with Manchester United, the Tampa Bay Buccaneers have suffered, drawing the ire of many of Tampa Bay's loyal fans.
The Tampa Bay Buccaneers were recently valued by Forbes Magazine at $981 million.
In 2003, Malcolm Glazer went after an even bigger fish when he started building a stake in Manchester United, which is arguably the world's most notable sports franchise.
Glazer purchased his first stake in the company in September of 2003 when he revealed that he owned a 3.17% share. By the spring of 2005, Glazer owned 75% of all shares in the soccer team, and by the summer of that same year, Glazer owned 100%. Glazer ended up paying around 800 million pounds for the team.
What made the purchase so controversial is that it was a leveraged buyout, meaning that Glazer used cash that had come from loans that were secured against the assets of the team to finalize his purchase. This drew the ire of many of the club's fans, as the team, which has previously been debt-free, now had a debt load that was in the many hundreds of millions of pounds. To this day, legions of Manchester United's dedicated fans are 100% against the Glazer family and their ownership of the team. Ticket prices have substantially increased since Malcolm Glazer took over the team nearly 10 years ago. Go to any game in Old Trafford and you will quickly learn how a large contingent of Manchester United's supporters feel about the Glazer family.
Manchester United was successfully listed on the NYSE (New York Stock Exchange) earlier this year.
Manchester United fans were made even more furious by the fact that half of the proceeds of the IPO went towards the Glazer family, while the other half went to the club. Originally the plan was for all of the IPO proceeds to go towards paying off the team's debt, but the IPO offering was amended so that half of the proceeds could go to the Glazer family.
Red Football LLC (the entity that holds the Glazer family's shares in Manchester United) sold 8,333,333 shares in the initial public offering, giving the Glazer family over $116 million in cash. After selling these shares, Red Football LLC was left with:
23,019,033 Class A Shares
124,000,000 Class B Shares
It's important to note that the Class B shares of Manchester United have ten times the voting power of the Class B shares. Following the IPO, Red Football LLC had 98.7% of the company's voting power.
So, the Glazer family saddled Manchester United with debt in order to complete their leveraged buyout, took the company public, sold off a bunch of shares after initially telling shareholders that the proceeds of the IPO would go entirely to the club, and then maintained almost 100% of the company's voting rights.
Pretty slick, huh?
Q: How many shares of Manchester United plc does Malcolm Glazer own?
Malcolm Glazer is worth 49,778 times more than the median US household
If Malcolm Glazer sold everything that they owned, they could fund the United States' deficit spending for 1.3 days.
Note: Net Worth changes calculated at 4 pm EST daily
The net worth pages are strictly for entertainment purposes only. The information on these pages is based on speculation and shouldn't be construed as being accurate in any way.
By: Dave Manuel