ESPN reports: The American owners of Manchester United are $1.6 billion in debt, leaving their control of the club in doubt, the BBC reported Monday.
The BBC said its investigation found the Glazer family’s debts are $570 million greater than previously known. Malcolm Glazer and his sons also own the Tampa Bay Buccaneers.
All the extra debt comes after the Glazers borrowed extensively against their shopping mall business in the United States. The extent of the debt could fuel a further revolt by a group of United fans who oppose the Glazers’ ownership.
The BBC said it saw mortgage documents showing the Glazers have borrowed $570 million against shopping malls owned by their company Allied Corporation. That’s in addition to $1 billion in debts tied to Manchester United and $95 million to the Buccaneers.
The Buccaneers released a statement Monday trying to reassure their fans that the team is not in financial trouble. Continue reading here.
