The Glazers' message to Buccaneers fans was clear Monday: The family is not siphoning profits from its NFL team to offset debt of more than $1 billion from ownership of the Manchester United soccer club. In fact, the Glazers say their companies generate revenues of $800 million a year and that each business — including the Bucs and Man U — is "independent and self-sufficient." In a four-paragraph statement from Bucs director of communications Jonathan Grella, the team responded to a BBC report stating the Glazer family is $1.6 billion in debt, including $95 million borrowed against the Bucs. "Buccaneers fans should know that the Glazer family is as financially well-positioned as ever before," Grella said. "Companies they own generate revenues in excess of $800 million each year. This franchise remains committed to bringing the resources to build its next championship team." According to the report published Monday, "mortgage documents seen by the BBC show that the Glazers have borrowed ($570 million) against shopping malls and ($95 million) against … the Buccaneers." That's nearly $600 million more debt than originally suspected, the BBC said. Source: St. Petersburg Times
