May 28, 2014, 4:54 PM EST
Manchester United and Tampa Bay Buccaneers owner Malcolm Glazer passed away Wednesday morning at the age of 86 years old.
The news broke in a press release published on the Buccaneers website that explained the NFL team would remain in the family. Glazer’s passing is not believed to have any effect on the overall structure of United, with the family retaining a 90% share with the remaining 10% listed on the New York stock exchange. With Glazer experiencing a growing list of health troubles prior to his death, sons Joel and Avram have been running the club and, from all indications, will continue doing so.
From United’s website:
The thoughts of everyone at Manchester United are with the Glazer family tonight following the news that Malcolm Glazer has passed away.
From the Buc’s website:
The Tampa Bay Buccaneers are saddened to announce the passing of owner/president Malcolm Glazer earlier this morning….
Known among his league peers as a pioneering thinker, Glazer infused his team and employees with the determination and dedication to be the best in the NFL. Glazer’s commitment to building a championship organization has provided the foundation for continued success, on and off the field…
Mr Glazer’s long-established estate succession plan has assured the Buccaneers will remain with the Glazer family for generations to come. Linda Glazer, along with their five sons and daughter, will continue to own and operate the team as they have throughout the family’s ownership.
Glazer’s acquisition of United began in September 2003 and was completed in June 2005 through a debt-driven purchase totaling $1.4 billion. After going public in August 2012, the Glazer family now controls more than 147 million shares valued at approximately $2.2 billion.
Despite well-publicized hostility to Glazer’s purchase of United, the decade of ownership proved to be the most successful in the club’s history, winning three League Cups, five Premier League titles and the 2008 Champions League.
Malcolm Glazer grew up in Rochester, New York, as one of seven children and took over his family watch-parts business at the age 15 following the death of his father. He entrepreneurial nature continued into adulthood acquiring a diverse portfolio of international holdings including the Bucs (valued over $1 billion) and a real estate company (First Allied Corporation) that owns 6.7 million square feet of shopping center space across 17 states.
He leaves behind his wife, Linda, their five sons, Avram, Kevin, Brian, Joel and Edward, and their daughter, Darcie.
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