Update 2: The Glazer family denies everything and WDAE has suspended the radio host who first broke the story.
From a statement:
“The report today by WDAE’s Dan Sileo about our family and the Tampa Bay Buccaneers is 100 per cent false,” Joel Glazer said. “The Tampa Bay Buccaneers are not, nor have they ever been for sale. In addition, our family or any of our related companies have never invested one penny with Bernie Madoff. The report is baseless, irresponsible and slanderous. This type of behaviour by Mr. Sileo and his company Clear Channel will be dealt with in the appropriate manner.”
Update: Noah Pransky, reporter for CBS affiliate WTSP-TV tweets: “WDAE’s Dan Sileo says Glazers haven’t put Bucs on market yet, but Wall St. insider says family lost $400M+ indirectly to Madoff.”
Earlier: The Glazer family is trying to sell the Tampa Bay Buccaneers, their NFL franchise. Tampa sports talk radio station WDAE broke the news.
Forbes valued the Buccaneers franchise at $1.085 billion in 2009.
The source of the Glazer family’s trouble may be the UK soccer team it also owns, Manchester United.
That was a highly-leveraged buyout, and Man-U is now thought to be in as much as $1.8 billion debt.
That debt may be one reason the Buccaneers’ payroll is an astounding $30 million under the NFL’s salary cap. It’s almost unheard of for NFL owners not to spend as much on salary as they can.
The Buccaneers are winless on the year.
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