Monday, June 7, 2010
Bucs give statement on Man U situation
By Pat Yasinskas
The Tampa Bay Buccaneers, reacting to today’s earlier reports about their debt situation with the Manchester United soccer team, just issued a statement talking about their financial situation.
The Glazer family that owns the Bucs also owns Manchester United and there have been stories saying the soccer team is carrying more than $1.5 billion in debt. Fans have talked of trying to put together a bid to take over Manchester United and Tampa Bay fans publicly wonder if Manchester United is a financial drain on the Bucs.
But the team just issued the following statement from new director of communications Jonathan Grella, defending the family’s financial position.
"Buccaneers fans should know that the Glazer family is as financially well-positioned as ever before. 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% occupancy, and has long term non-recourse financing.
"This franchise remains committed to bringing the resources to build its next championship team."