As the Tampa Bay Buccaneers won the Super Bowl on Sunday, the Glazer family, which owns the NFL franchise, took center stage.
“You know, my father had an expression,” said Joel Glazer, the co-chairman, reflecting on the decision to commit $50 million over two years to 43-year-old quarterback and Super Bowl MVP Tom Brady. “If you want to know the road ahead, ask the person who’s been there.”
A day earlier, Manchester United, the Glazers’ other sporting investment, conceded in injury time to draw 3–3 against Everton. United stands second in the Premier League table, five points behind Manchester City and having played a game more. A run of five points from four games has tempered the chatter that this season, finally, United might be about to mount a proper title challenge again. A scrappy win over West Ham on Tuesday carried the club into the quarterfinals of the FA Cup, but nobody much cares about that any more; winning the competition in 2016 wasn’t enough to keep manager Louis van Gaal in his job. Although United has won five Premier League titles under the Glazers' ownership, the club has not come close to winning any since Sir Alex Ferguson retired as manager in 2013.
There remains a lot of frustration among United supporters about the Glazer takeover in 2005, partly because of the dividends the family takes from the club—15 million pounds ($21 million) to each brother last year—and partly because, as the takeover was leveraged, there are substantial repayments to be made each year on a debt that now stands at a reported $656 million.
Interest is eating away at the money available for investment. It’s understandable that fans resent that; the debt was incurred only so the Glazers could take ownership and then milk their yearly dividends. Old Trafford these days is a tired stadium. It looks shabby. The roof leaks. By comparison with the best stadiums in the league, the corporate and media facilities are basic. The training ground needs refurbishment, and there are regular suggestions that there is a need for investment in scouting, recruitment and analytics.
Transfer spending, though, has remained relatively high, at a $1 billion net since Ferguson left. The problem is not the amount that’s been spent, it's it’s been spent. And this is where the traditions of the club find common ground with Glazer policy in a way that is perhaps not entirely helpful.
