Bucs dispute reports of debt problems per PFT
Bucs dispute reports of debt problems
Posted by Mike Florio on June 7, 2010 1:12 PM ET
In response to a BBC report regarding millions in debt that the Glazers face beyond more than $1 billion owed in connection with their English soccer club, the football team that the family owns has issued a statement.
"Buccaneers fans should know that the Glazer family is as financially well-positioned as ever before," said team director of communications Jonathan Grella. "Companies they own generate revenues in excess of $800 million each year.
"Sophisticated real estate experts know that the family's refinancing of their commercial real estate before the global meltdown has proven to be the wise move.
"While First Allied represents only a small portion of their asset portfolio, it continues to generate significant profits, enjoys over 90% occupancy, and has long term non-recourse financing.
"This franchise remains committed to bringing the resources to build its next championship team."
The statement contains no denial of the existence or magnitude of the total debt load, which reportedly now exceeds $1.5 billion. And regardless of reality, the perception remains that the Bucs aren't spending enough money on players -- and it's triggering a presumption that the failure to spend money on players comes from a lack of money to spend on anything.
So perhaps the best way to change peoples' minds won't be to issue a "nothing to see here" statement but to issue a statement announcing that the franchise has signed left tackle Donald Penn to a seven-year deal.