Malcolm Glazer

Malcolm Glazer
Born Malcolm Irving Glazer
August 15, 1928
Rochester, New York
Died May 28, 2014 (aged 85)
Rochester, New York
Nationality United States
Occupation
Net worth Decrease $4 billion (May 2014)[1]
Spouse(s) Linda Glazer
Children 6; including Avram Glazer
Bryan Glazer
Joel Glazer

Malcolm Irving Glazer (August 15, 1928 – May 28, 2014) was an American businessman and sports team owner. He was the president and chief executive officer of First Allied Corporation, a holding company for his varied business interests, and owned both Manchester United of the Premier League and Tampa Bay Buccaneers of the National Football League.

Glazer died on May 28, 2014 at the age of 85.

Early life

Glazer was born in Rochester, New York, the fifth of seven children of Lithuanian Jewish immigrants, Abraham and Hannah Glazer.[2][3] In 1943, he inherited his father's wholesale jewelry and watch repair business.[2][3][4] He briefly attended Sampson College in Rochester before committing himself full-time to jewelry and watch repair.

Business history

He won the concession at the Sampson Air Force Base.[2] In 1956, after the base closed, he expanded into real estate investing in single-family homes, duplexes, and commercial buildings in Rochester, eventually specializing in the ownership and management of mobile-home parks,[2] mainly in Florida.[5] In 1963, he bought the National Bank of Savannah in upstate New York.[2] In 1973, he bought the first of five nursing homes he was to own, the West Hill Convalescent Center in Hartford, Connecticut.[2] In 1976, he purchased three television stations for $20 million including WRBL in Columbus, Georgia.[2] In 1984, he founded First Allied Corporation, a holding company for his various endeavors[2] where he served as president and chief executive officer.[6] First Allied has invested in a diverse portfolio of international holdings and public companies including: First Allied, Zapata Corporation, Houlihan's Restaurant chain, Harley Davidson, Formica, Tonka, Specialty Equipment and Omega Protein.

Glazer’s first attempt at a corporate takeover was in 1984, when he launched an unsuccessful $7.6 billion bid to buy the government controlled freight rail company, Conrail.[7] He also failed in an attempted takeover of kitchen designer Formica in 1988 and, later, with motorcycle manufacturer Harley-Davidson.[8][9] One of the companies that Glazer did purchase successfully was the nearly bankrupt Zapata Offshore, a remnant of Zapata Corporation, an oil and gas company founded by George H. W. Bush, which was left over after the latter's takeover by South Penn Oil to create Pennzoil. Glazer successfully diversified it into fish protein and Caribbean supermarkets.

Glazer owned a diverse portfolio of nationwide investments, which include food service equipment, food packaging and food supplies, marine protein, broadcasting, health care, property, banking, natural gas and oil, the Internet, stocks and bonds.

Sports ownership

Tampa Bay Buccaneers

Glazer purchased the Tampa Bay Buccaneers franchise on January 16, 1995, following the death of former owner Hugh Culverhouse. Glazer served as president of the team, while sons Bryan, Joel and Edward are co-chairmen.

Since coming under the Glazer family’s ownership, the club has experienced an upswing in its fortunes, winning 131 regular season games, earning seven playoff berths and capturing its first Super Bowl Championship in Super Bowl XXXVII. Prior to Glazer’s purchase, the Buccaneers had won just 87 games in 19 seasons and had advanced to the postseason just three times.

Tampa Bay also eclipsed the club record for wins in a regular season with 12 in 2002. The top five single-season win totals in club history (12 in 2002, 11 in 2005, 11 in 1999, 10 in 2010, 10 in 2000 and 10 in 1997) have all come under Glazer’s stewardship, and Tampa Bay was the only team in the league to play in the postseason each year from 1999 to 2002. The 2007 campaign saw the Buccaneers claim their third NFC South Division title in six years, the sixth division crown in franchise history. The three titles are the most for any team in the division since its inception in 2002.

In January 2009, Glazer and his family hired Raheem Morris as head coach of the Buccaneers, making him the youngest head coach in the National Football League upon his appointment. In addition, the family named longtime Director of Pro Personnel Mark Dominik as the fourth general manager in club history.

On January 27, 2012, Glazer and his family hired long-time Rutgers University head coach Greg Schiano as the ninth head coach in franchise history.

Glazer devoted a significant amount of time working to make the organization more fan-friendly by greatly increasing fan activities at Buccaneers home games through the expansion of the club’s community relations and special events departments. His mandate to enhance the team’s visibility in the community was reflected through increased appearances by Buccaneer players,coaches, cheerleaders and front office officials in recent years. Since 1999, the team has also coordinated with the Glazer Family Foundation to host "Gameday for Kids", a program that has hosted over 13,000 underprivileged youth at Buccaneers home games, giving them an opportunity to spend pre-game moments on the playing field and to cheer on the Buccaneers from exclusive seats in Raymond James Stadium.

Manchester United

Manchester United is one of the most popular and profitable football clubs in the world.[10] Glazer acquired ownership of United in a £790m takeover by gradually buying out United shareholders between 2003 and 2005.[11] Glazer's takeover was protested by a portion of United's fans due to financial concerns.[12][13] Reportedly, Glazer had "effectively [completed the] takeover with the club's own cash", with United being £525m in debt after the takeover.[13] This turned United from the richest club in the world to the one which owed the most money.[13] However, Glazer's stroke in April 2006 resulted in his sons Joel and Avram, taking over the day-to-day running of the club, and Glazer's family continued to control the club through his death in 2014.[11] Reportedly, Glazer had never stepped foot in the club's stadium, Old Trafford.[13] The 2005–06 Manchester United F.C. season ended with United only winning the League Cup. Despite Glazer's death, his family owned a 90% stake in the club that is equally split among Glazer's six children.[14]

Philanthropy

In addition to his business ventures, Glazer was also involved in philanthropic efforts. He launched the Glazer Family Foundation in 1999, which is dedicated to assisting charitable and educational causes in the Tampa Bay community. During its existence, the foundation has donated millions in programs, tickets, grants and in-kind contributions. The foundation donated $5 million toward the construction of the Glazer Children's Museum in downtown Tampa, which opened on September 25, 2010.[15]

Glazer also oversaw the operations of the far-reaching Glazer Family Foundation’s Vision Program, created in 2006 to provide school-children with an opportunity to have vision problems identified in schools at an early age. The initiative, highlighted by the Vision Mobile, visits schools and provides eye examinations to thousands of disadvantaged children.[16]

Glazer’s charitable activities also included the Tampa Bay Sports Commission, an organization that promotes amateur sports activities. Glazer committed $2 million to the Commission.[17]

Personal life

Malcolm Glazer was married to Linda Glazer from 1961 until his death in 2014.[18] They lived in Palm Beach, Florida, and had five sons and one daughter:[19]

The Glazers attended the Palm Beach synagogue in Palm Beach, Florida.[25][26]

Death

Glazer died aged 85 on May 28, 2014, as announced by his team, the Tampa Bay Buccaneers.[12][27] Glazer had been in poor health since suffering two strokes in April 2006.[28]

References

  1. ↑ Forbes: The World's Billionaires - Malcolm Glazer May 2014
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 Bloomberg: "Malcolm Glazer, Manchester United, NFL Owner, Dies at 85" By Laurence Arnold May 28, 2014
  3. ↑ 3.0 3.1 Tampa Bay Times: "The owner, the enigma Malcolm Glazer is not a sports guy, but he's in on some of sports' biggest deals. He's not a high society guy, but he lives with in it. And everyone's talking about him, except him. By SCOTT BARANCIK and DAMIAN CRISTODERO December 26, 2004
  4. ↑ Trickett, Alex (October 19, 2004). "Glazer takes shine to Man Utd". BBC News. Retrieved December 7, 2008.
  5. ↑ Jewish Virtual Library: "Malcolm Glazer retrieved May 28, 2014
  6. ↑ "Malcolm Glazer, Owner/President". Glazer Family Foundation. Retrieved December 7, 2008.
  7. ↑ Vito Stellino (September 18, 1991). "Glazer family says it could pay cash for Baltimore football team". The Baltimore Sun.
  8. ↑ "COMPANY NEWS; Realty Concern's Stake in Formica". The New York Times. November 16, 1988.
  9. ↑ Kevin Gray (May 28, 2014). "Manchester United, Tampa Bay Buccaneers owner Malcolm Glazer dies at 85". Reuters.
  10. ↑ Badenhausen, Kurt. "The World's 50 Most Valuable Sports Teams 2013". Forbes.
  11. ↑ 11.0 11.1 "Malcolm Glazer dies: Man Utd's former owner dies aged 85". BBC News. Retrieved 29 May 2014.
  12. ↑ 12.0 12.1 "Malcolm Glazer, Owner of Buccaneers and Manchester United, Is Dead at 85". New York Times. Retrieved 29 May 2014.
  13. ↑ 13.0 13.1 13.2 13.3 "Malcolm Glazer dies: Manchester United legacy examined". BBC News. Retrieved 29 May 2014.
  14. ↑ "Manchester United, Tampa Bay Buccaneers owner Malcolm Glazer dies at 85". Reuters. Retrieved 29 May 2014.
  15. ↑ Bay Bloggers (July 7, 2010). "Glazer Children's Museum Opening and Membership Special!". Visit Tampa Bay.
  16. ↑ "Tampa Bay Buccaneers Media Guide".
  17. ↑ "Front Office". Tampa Bay Buccaneers. Retrieved December 15, 2014.
  18. ↑ Glazer Family Foundation: "Meet Our Family: Malcolm & Linda Glazer" retrieved November 25, 2012
  19. ↑ "Manchester United's new owner". CBC. June 22, 2005. Retrieved December 7, 2008.
  20. ↑ Glazer Family Foundation: "Meet Our Family: Avie Glazer" retrieved November 25, 2012
  21. ↑ Glazer Family Foundation: "Meet Our Family: Bryan Glazer" retrieved November 25, 2012
  22. ↑ Glazer Family Foundation: "Meet Our Family: Joel Glazer" retrieved November 25, 2012
  23. ↑ Glazer Family Foundation: "Meet Our Family: Darcie Glazer Kassewitz" retrieved November 25, 2012
  24. ↑ "Meet Our Family: Edward Glazer" retrieved November 25, 2012
  25. ↑ The Guardian: "The Guardian profile: Malcolm Glazer" by Nils Pratley February 10, 2005
  26. ↑ Tampa Bay Times: "The owner, the enigma" By SCOTT BARANCIK and DAMIAN CRISTODERO December 26, 2004
  27. ↑ "Buccaneers Owner Malcolm Glazer Passes Away". Buccaneers.com. Retrieved May 28, 2014.
  28. ↑ "Malcolm Glazer dies at 85". ESPN. Retrieved 29 May 2014.

Further reading

External links