Malcolm Glazer built a $4.4 billion fortune on real estate and sports teams.Malcolm Glazer, the real estate mogul who owned the Tampa Bay Buccaneers and Manchester United, died Wednesday at 85, the Buccaneers said in a statement.
Glazer, who is worth an estimated $4.4 billion, had reportedly been ill for years after suffering two strokes in 2006. He bought his NFL team in 1995 for $192 million and held on as NFL valuations skyrocketed, giving him one of his two billion-dollar team. He added the second one in 2005, buying English Premier League giant Manchester United in a heavily leveraged, $1.4 billion deal. His stake in the soccer team is now his family's most valuable asset, worth $2.4 billion.
A longtime member of the Forbes 400, Glazer became a billionaire in 2003. He made his first fortune in real estate. Today his First Allied Corporation owns 6.7 million square feet of shopping centers and is worth an estimated $700 million after debt, less than either of his sports teams. Over the years, he has invested in a handful of businesses including Harley Davidson, Tonka and Zapata Corp., a onetime oil and gas company founded by George H.W. Bush that evolved into a marine protein business.
Glazer's six children and wife already controlled the family's assets. 'A dynamic business leader, Glazer helped mold the Buccaneers into a model franchise,' the team said in the statement. 'Mr. Glazer's long-established estate succession plan has assured the Buccaneers will remain with the Glazer family for generations to come.'
Posted by Unknown on Wednesday, May 28, 2014 - Rating: 4.5
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