A large fraction of Manchester United fans will never forgive the Glazer family for what they have done to their club.
Early life and education. Co-owner of Manchester United F.C. Premier League giants Manchester United are one of the biggest and the richest clubs in world football. Glazer served as president of the team, while sons Bryan, Joel and Edward were co-chairmen at the time. He eventually bought the watch repair concession at the Sampson Air Force Base near New York, turning it into a successful business and eventually moving into real estate.A group of wealthy United fans dubbed the ‘Red Knights’ discussed a takeover bid with them, but the deal eventually collapsed as the group refused to meet the Glazers’ valuation.When Glazer took control of 75% of the club’s shares within a few days, he was able to delist the company from the stock exchange, and Red Football Ltd took 98% ownership within a month, forcing a squeeze-out of the 2% which remained.But the club’s ownership is a highly controversial topic, with United’s current owners the Glazers unpopular with many fans.Glazer’s first step into sports ownership came as he bought NFL side the Tampa Bay Buccaneers following the death of former owner Hugh Culverhouse in 1995, for a then-record $192 million (£122m).The Manchester United Supporters’ Trust has been looking to return ownership of the club to supporters in 2005, and came close in 2010.In 2004, businessmen John Magnier and J. P. McManus, fell out with former United manager Sir Alex Ferguson.This involves borrowing money against a future asset to buy said asset, in this case incurring interest payments of over £60 million ($110m) per annum.Malcolm Glazer financed much of the takeover with loans, using a ‘leveraged buyout plan’ rather than their own money, much to the unhappiness of their fans.Malcolm Glazer took hold of a majority stake in the club in 2005 through investment company Red Football Ltd.The club was largely run by Glazer’s sons, Joe, Bryan, and Edward.Malcolm Glazer was born to Lithuanian parents in Rochester, New York in 1928, the fifth of seven children.He was famously dubbed a ‘slumlord’ after his holding company, First Allied Corporation, was accused by residents of adding illegal extra charges onto trailer park rent payments.However, the takeover was eventually blocked by the government’s Monopolies and Mergers Commission, due to a potential conflict of interest with Murdoch’s sports media investments.Takeover rumours circle regularly, and the well-publicised FC United of Manchester was founded in protest at the American family’s takeover.Joel and Avram had been in charge of the day-to-day running of the club since their father’s stroke in April 2006. Manchester United are currently owned by the six children of the late former owner Malcolm Glazer: Avram, Joel, Kevin, Bryan, Darcie and Edward Glazer. He paid $192 million, a league record at that time. Registered in Ireland: 523712.Your Irish Examiner delivered to your doorA statement from Red Football read: "Red owns or has received valid acceptances of the offer in respect of a total of 257,906,287 Manchester United shares, representing approximately 97.3% of the issued share capital of Manchester United. Kevin Glazer, left, is set to become the first of his siblings to cash out of Manchester United Credit: AFP - Getty. Despite their debt, Manchester United posted revenues of £627.1 milllion ($782 million) and an operating profit of £50 million ($62 million) for 2019 a club record. Here, let's take a look at the Malcolm Glazer family, who owns Manchester United and the Glazer family net worth. While the Glazer family net worth boasts a tall figure, Manchester United have been debt-ridden since the Glazer takeover in 2005. Malcolm Glazer has passed the 90% threshold needed for complete ownership of Manchester United. Reaching 97.3% of shares means Glazer can take the club off the stock market and United would be a private company.The announcement, made from Glazer's Red Football investment vehicle, means he could commence the compulsory purchase of any remaining shares.Latest news from the world of sport, along with the best in opinion from our outstanding team of sports writers© Irish Examiner Ltd, Linn Dubh, Assumption Road, Blackpool, Cork. THE American tycoon Malcolm Glazer acquired Manchester United as he looked to expand his business empire on both sides of the Atlantic.