There’s plenty of noise bellowing from Talk Radio this morning in the Tampa area with regards to the Glazers losing in the neighborhood of $460 million in the Bernie Madoff ponzie scheme reports Dan Sileo, of 620 WDAE The Sports Animal, according to Sileo’s sources inside the SEC (Security Exchange Commission) Sileo further stated because of their purported financial straits, that the Glazers might have to sell the Bucs or move the team. According to the rambling rant heard over the air waves this morning, the Bucs are trying to leverage $400 million or so to stay afloat.
They have already leveraged loans against Man U. They lost $460 million with their dealings with the Bernie Madoff scandal. There are also other sports franchises, who lost with Madoff according to the unnamed sources. Supported with no factual evidence to back up the rant, It was claimed they believe the Glazers are trying to sell the Bucs. Then, there was the nugget that the Glazers have leveraged the Bucs up to the league allowed max of half of the team’s value.
Couple that with the debt they took on with the purchase of Man U. It might spell disaster – possibly bankruptcy for the Glazers and would explain the lack of resources dumped into the franchise that past few seasons.
On face value alone, this would just be food for thought from a former Buccaneer turned radio sport talk shock jock, but Jack Harris and Tedd Webb of 970 WFLA AM Tampa Bay are no promising to have further details on the untangling web of the Glazers financial matters tomorrow morning.