Malcolm Glazer Net Worth & Biography

Malcolm Glazer was the president and chief executive officer and First Allied Corporation. He also had stakes in the Tampa Bay Buccaneers of the National Football League and Manchester United Football Club of the English Premier League. This American businessman’s fortune was built on a lifetime of investments, and the article below contains every information regarding his successful career, accomplishments in the world of business, and financial situation.

Life & Business Career

The son of Lithuanian immigrants, Glazer was born in Rochester, New York, where his father owned a watch-parts business. The fifth of seven children in the family, he was 15 when his father died, and he had to help support his family by selling watches door to door.

By the time he was 21, Malcolm Glazer had a profitable business fixing watches at a military base and began investing the proceeds in trailer parks and nursing homes. He started a holding company named First Allied Corporation, to diversify further, and became proficient at using takeover strategies to improve and enrich his business.

In 1984, his company, First Allied made an unsuccessful $7.6 billion offer for the then bankrupt railway corporation Conrail, using only $100 million of its own cash. The purchase would be funded from Conrail’s future revenues, which, after government regulation, turned out to be considerable. Glazer made attempts to take over Formica in 1988 and Harley-Davidson in 1989 but failed. However, in each case, the value of the stock increased and the entrepreneur made substantial profits.

In 1994, Glazer and his son Avram acquired Zapata, an oil company started by the future United States president George HW Bush in 1954 and later sold by him in the 1960s. Then they got out of the oil business, purchasing supermarkets in the Caribbean, and later focusing on a fishery venture called Omega Protein. In 1998, Zapata established Zap.com, which made an acquisition bid for the internet portal Excite; again, the attempt failed but the Glazer family profited from the rise in the value of the stock they held.

Moving into the world of American sport, Malcolm Glazer exhibited the same investment strategies. He bought the National Football League franchise Tampa Bay Buccaneers in 1995, paying a then record fee of $192 million, even though the team was in shambles. To help finance the purchase, First Allied tried to sell the Houlihan’s restaurant venture, which it controlled, at a cheap price to Zapata, which it owned outright. This would have netted a profit of $60 million for First Allied, but after an uproar, Houlihan’s shareholders turned the sale down. By threatening to relocate the Tampa Bay Buccaneers, Glazer got the city of Tampa to finance a new football stadium. Under his administration and guidance, The Bucs won their first Super Bowl.

Later in 2003, Malcolm Glazer began buying shares in Manchester United football club of England, seeing an underexploited and undervalued international brand in an industry that was comparatively recession-proof. Again, their strategy was aimed at raising the value of their investment in the franchise to ensure profit even if the acquisition failed. As they began purchasing United shares, the share value of Zapata and Omega increased on the strength of rumored takeover bids, which critics in the media claimed had been orchestrated by the Glazer family to raise more cash. Eventually, the Glazers took over Manchester United at a cost of about £800 million but acquired almost £575 million of debt.

The business mogul suffered a series of strokes in 2006 and wasn’t seen in public often thereafter. His businesses were overseen by his sons Bryan, Joel, and Avram. The sale in 2012 of 10 percent of United’s shares in New York led to the Premier League team being valued at around £1.5 billion.

Personal Life: Wife, Children

Glazer and his wife Linda got married in 1961. They had five sons, Kevin, Edward Glazer, Joel Glazer, Bryan Glazer, and Avram Glazer, and one daughter, Darcie S. Glazer Kassewitz. He lived in Palm Beach, Florida with his wife, and attended Palm Beach Synagogue.

Death

Glazer was in poor health since suffering two strokes in 2006, until he died at age 85 on May 28, 2014. He is survived by his wife, Linda, and their six children together, all of whom are involved in the family’s businesses.

Malcolm Glazer Net Worth: Salary. Income Sources, Wealth Details

The late American billionaire businessman, Malcolm Glazer, was famous for being a sports team owner, and was particularly popular to football fans for his ownership of the highly successful Manchester United Football Club. At the time of his passing, Malcolm had a net worth of $4.6 billion to his name according to Forbes magazine.

Malcolm earned his first fortune in the real estate industry, and then made a number of extremely wise investments through his holding company, First Allied Corporation. Through First Allied, he acquired huge stakes in companies like Formica and Harley Davidson which paid off. He also invested in the NFL’s Tampa Bay Buccaneers and succeeded in rebuilding the team which was in shambles by the time he took over. Today, the NFL team which he purchased in 1995 for $192 million is controlled by his six children and is estimated to worth $2.3 billion. On the other hand, the English Premier League team, Manchester United, which he got at a cost of about £800 million, is valued at over $2 billion today.