Malcolm Glazer, owner of Manchester United and Tampa Bay Buccaneers has passed away on May 28 at the age of 85.Glazer has had failing health for sometime after suffering from two strokes in 2006.
Manchester United's ownership will remain the Glazer's family. The Glazers will retain 90% of the team while the remaining 10% is listed in the New York stock exchange. His sons Joel and Avram Glazer have been at the helm of the club for sometime after health issues have hampered the older Glazer's ability to run the club. The passing should not shake up anything in the club's structure apart from the already -planned majr restructuring after the sacking of David Moyes.
"The thoughts of everyone at Manchester United are with the Glazer family tonight following the news that Malcolm Glazer has passed away." said a statement on Manchester United's official Web site.
NFL team, Tampa Bay Buccaneers, would remain also remain in the family
"The Tampa Bay Buccaneers are saddened to announce the passing of owner/president Malcolm Glazer earlier this morning." said a statement on the Buccaneers' Web site.
Linda Glazer, Malcolm's wife, along with their five sons and daughter will continue to own and operate both teams as they have before Malcolm's passing after he has efficiently planned succession within his family a long time before his death.
The Glazer family obtained Manchester United, one of the most marketable football clubs in the world, back in June 2005 after a long process which started in September 2003. The family now controls 147 million shares in the club with a total value of approximately $2,2 billion.
During the time since Glazer acquired the club, they won five Premiere League titles, three League Cups and a UEFA Champions League title in 2008 all under Sir Alex Ferguson.
The Glazer family bought the Bucs in 1995 for a then-NFL record of $192 million. And while Glazer once said he probably overpaid by $50 million, the value of the team has more than quadrupled since he assumed control.
Glazer's first foray into entrepreneurship started when he was only 15 years old after inheriting a watch-parts business from his father. He now holds a vast portfolio of international holdings including the Buccaneers (valued over $1 billion) and a real estate company (First Allied Corporation) that owns 6.7 million square feet of shopping center space across 17 states.
The man from Rochester, New York, was one of seven children and leaves behind his wife, Linda, their five sons, Avram, Kevin, Brian, Joel and Edward, and their daughter, Darcie.