Owner of the American Football Team Tampa Bay Buccaneers and the Co-Owner of the English Soccer Club Manchester United

Avram Glazer | Biography

Son of American Businessman and Billionaire, Late Malcolm Glazer

• By Nischal Niroula
• Update : September 17, 2021

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Avram Glazer is an American entrepreneur who holds most of the stakes in the English football club, Manchester United.

Who Is Avram Glazer?

Avram A. "Avie" Glazer is a widely renowned American business person. He is the owner of the American football team Tampa Bay Buccaneers and the co-owner of the famous English soccer club Manchester United. He holds the majority of stakes in Manchester United F.C.

Early Life and Education

Born on 19 October 1960 to Linda and Malcolm Glazer, Avram Glazer has a sister and four brothers. He achieved his bachelor's degree in business administration from Washington University in St. Louis. Glazer then earned a law degree from American University. He also studied Law at Fudan University and Peking University in Shanghai, China.

Career

After the demise of the Glazer family patriarch, Malcolm Glazer, in May 2014, the family lost its leader. However, the family inherited an impressive global sports empire and real estate. Through First Allied Corporation, the Glazer family developed a commercial real estate fortune, owning over 6.7 million square feet of exceptional shopping center space in the U.S.

The Glazers gained their recognition by their ownership of the sports team. In 1995, the Glazer family patriarch bought the Tampa Bay Buccaneers for $192 million, and now the team is worth an estimated $2.4 billion as of August 2021. In addition, the Glazers family acquired the British soccer team Manchester United for $1.4 billion in 2006. As a result, 83% of the voting power in the publicly traded group is controlled by the Glazer family. With the inflating soccer team valuations, the family has been selling shares in the historic team. Manchester United's estimated worth is $4.65 billion as of May 2021. Malcolm's wife Linda and the couple's six children are all beneficiaries of the inheritance.

Manchester United

The Glazer family patriarch, Malcolm Glazer, at 76, was striving to buy Manchester United. However, Avram and his brother Joel were backstopping the attempt to buy United.

In 2003 Malcolm purchased a 2.9% stake in Manchester United. Next year Malcolm's stake in the club reached approximately 20% in June and 30% in October of that year. He made bids for the club in October and December 2004. On 12 May 2005, after Malcolm's stock reached around 57%, he made a formal takeover bid. He owned over 76% of the club before the month-end, and the board counseled shareholders to favor his bid. Just after a month, in June of the same year, Malcolm obtained 98% of shares of United. Soon after, the club Kick off the 2005-2006 season of English football. In May 2006, after a goalless draw of the club with Middlesbrough, 'Love United Hate Glazer' stickers were placed on the seats of Old Trafford.

In the year 2010, it came out that the club is indebted to £716.5 million and that the Glazer family took £10m from the club in management and administration fees and personally borrowed £10m in the previous year. In 2012, the club's shares started trading on the New York stock exchange, from where the family made £75m by selling a piece of their shares.

The Glazer family sold over 12 million shares for $17 each, generating another $200 million after the Malcolm expired in 2014. In December 2014, Edward, one of the Glazer brothers, declared the sale of 3 million of his shares. Glazers continued selling the club despite fan's anger swirling around. The following year in 2015, after an announcement of a dividend provision to the club's shareholders, it emerged that more than £15m every year from the club would be paid to all the descendants of Malcolm Glazer, who owned United.

In 2018, The Guardian reported that the Glazer's takeover had drained out United more than £1 billion in interest, dividends, fees, and cost since 2005. After a year, the new dividend paid by United was disclosed to be £23 million, of which the five Glazer sons and their sister shared around £18 million. As a result, an increment of £127.4 million to £429.1 million occurred in United's net debt from 12 months to 31 March 2020.

The Glazers had dumped the loans utilized to buy Manchester United (approximately £600 million) in the club. In March 2021, Avram Glazer issued shares worth more than £70 million for sale. The debt was up 16% to £455.5 million after a year of the pandemic. 

The Protest 

There's an ongoing protest of Manchester United fans over the Glazer's ownership. The aftermath of Glazer's act to take United into the European Super League resulted in fans breaking into the training ground on 22 April 2021 out of their anger. Thousands of United fans organized a protest against the Glazers inside Old Trafford, just before their match with Liverpool, which resulted in the game's postponement. In addition, an open letter was published by a group to the club's commercial partners, asking them to no longer associate with the Glazer family. It was followed by a warning that fans would not be using their services and products. According to the club's official website, the club has 23 commercial partners ranging from Cadbury to Adidas and Remington.

Avram's Silence 

When the club co-owner, Avram Glazer, was approached by a local news reporter from Sky news, he didn't utter a word. He refused to apologize for the European Super League plot. Despite the fans' protests and rage, Glazers remained adamant about withdrawing their ownership from the club with an intention to make the club a 10 billion dollars' business.

Tampa Bay

The club was acquired by the family patriarch Malcolm Glazer in 1995. Joel Glazer worked next to his father to gain the Bucs franchise, and he supervised the regular operations of the franchise, acting as co-chairperson and the team's CEO. Tampa Bay defeated the Oakland Raiders by 48-21 and won the Superbowl in 2003. The club also won Super Bowl 2021, beating Kansas City Chiefs by 31-9. Tampa Bay was the first team to win the game on their home ground.

Wife

Avram Glazer has been married to Jill Henkin. She is a graduate of Tulane University. The couple now lives in New Orleans. 

Did You Know?

• Avram Glazer was awarded 'Distinguished Alumni Award' by Washington University at St. Louis.
• Avram is one of the scholarship sponsors at Tulane University and has generously provided support for the university in building an on-campus football stadium named Yulman Stadium.