Tampa Bay Bucs Owners May Soon Be Dollar Menu-naires

NFL News - January 21st, 2010 - Written by John

Tampa Bay Buccaneers fans cried foul when the team failed to spend last off-season to upgrade it's already thinned roster, while maintaining high ticket prices, and there were whispers that the team was in financial turmoil. Turns out there was reason for concern.

A report out of London by Reuters claims that the Glazer family, owners of the Bucs, are in the midst of a financial crisis that puts them somewhere around 716.5 pounds, or $1.17 billion on an American scale, in debt. Accounts show, according to the news site, that the Glazers' plight is caused primarily by their ownership of the European soccer giant, Manchester United, which was purchased in 2005 with high interest.

While Manchester United continues to thrive as the dominant club in the Premier League, it continues to bleed money because of a high interest payment the Glazers agreed to pay to purchase the club, which is roughly 68.5 million pounds per period.

United has already begun scrambling to right it's finances, selling off superstar Cristiano Ronaldo to Real Madrid for 80 million pounds, and planning to launch a 500-million high yield bond.

In 2008, Red Football Joint Ventures Limited announced a profit of 6.4 million pounds, but lost nearly 43 million pounds the same year.

Meanwhile Tampa Bay continues to get younger and cheaper, keeping rookie head coach Raheem Morris for a second year and building on rookie quarterback Josh Freeman. The team lost six more games in 2009 NFL Season than 2008, and failed to make the postseason for the third time in four years.

They will pick third in the upcoming NFL Draft, and current mock drafts expect the Bucs to take safety Eric Berry.