The business empire controlled by the Glazer family is a highly sophisticated, complex, and leveraged conglomerate in the global sports and real estate sectors. 

Originating from the commercial real estate activities of the late Malcolm Glazer in Rochester, New York, the portfolio has evolved into a trans-Atlantic holding structure that encompasses the National Football League (NFL), the English Premier League (EPL), increasing interests in Indian cricket, and diversified industrial holdings. 

The family’s assets have a distinct operational philosophy: the aggressive utilisation of debt financing secured against high-value, cash-generative assets to fund acquisition and expansion.

This report examines the Glazer business interests, in particular the corporate inter-connectivity between their private real estate arms (First Allied Corporation, Glazer Properties), their public and private sports franchises (Manchester United, Tampa Bay Buccaneers), and their investment vehicles (Lancer Capital, Innovate Corp). 

A primary focus of this analysis is the identification of encumbered assets, specifically, the extent to which the family utilises the balance sheets of their premium assets, such as Manchester United, to secure liquidity for broader family objectives. 

The analysis draws upon 2025 and 2026 regulatory filings from the US Securities and Exchange Commission (SEC), the UK Companies House, and UK land registry data to reconstruct the family’s debt profile and collateral obligations.

The evidence suggests that while the family maintains legally distinct silos for their assets to prevent cross-default contagion, there is a functional inter-connectivity where the liquidity and equity value of the sports franchises are leveraged to support the family’s broader investment thesis. The recent creation of new security charges against Manchester United assets in early 2026, coinciding with a massive bid for the Royal Challengers Bengaluru cricket franchise, underscores a continued reliance on leveraged finance strategies that prioritise asset monetisation over debt reduction.

Governance and beneficial ownership

The Glazer empire is not structured as a single holding company but rather as a federation of assets controlled through a series of irrevocable exempt trusts. These trusts serve as the ultimate beneficial owners, providing a mechanism for tax efficiency, asset protection from personal liability, and the centralisation of voting power. This structure ensures that while economic ownership may be diluted, as seen in the 2024 partial sale of Manchester United to Sir Jim Ratcliffe’s INEOS, voting control remains firmly consolidated within the family unit.

The family trusts

Regulatory filings from 2025 reveal a rigid framework where each of the six Glazer siblings, Avram, Joel, Kevin, Bryan, Darcie, and Edward holds their equity through specific Delaware-registered limited liability companies (LLCs) and trusts. 

This structure is designed to maintain the family’s super-voting rights, particularly regarding the Class B shares of Manchester United PLC, which carry ten votes per share compared to the single vote of publicly traded Class A shares.

The primary investment vehicles for the siblings are identified as follows:

The inter-connectivity here is subtle but critical. While RECO Holdings LLC and KEGT Holdings LLC appear as distinct entities on the shareholder register of Manchester United, they are bound by shareholder agreements that effectively block vote any major decisions, such as the approval of dividends or the appointment of directors. 

Furthermore, the family utilises Red Football Limited and Red Football Holdings Limited as the primary UK-domiciled vehicles to consolidate these interests before they reach the Cayman Islands-incorporated parent company, Manchester United PLC.

Inter-company management agreements

Management services agreements are used as the principal mechanism for inter-connectivity within the empire. Prior to the 2012 IPO of Manchester United, and continuing in various forms thereafter, the club paid substantial management and consultancy fees to Glazer-affiliated entities. 

For instance, SLP Partners was a Glazer-controlled entity that received millions in consultancy fees from the club. While public scrutiny has reduced the explicit use of these fees in the 2020s, the structure allows for the migration of cash from the operating entities to the family trusts, which can then be redeployed into other ventures like First Allied Corporation or Lancer Capital.

Real estate portfolio: First Allied Corporation and Glazer Properties

The Glazer’s commercial real estate portfolio is the foundation of the Glazer family’s original wealth, and a critical component of their diversified collateral base. 

This division operates primarily under two brands: the legacy First Allied Corporation and the Kevin Glazer-led Glazer Properties. The portfolio is heavily concentrated in anchored shopping centers, strip malls dominated by grocery stores or big-box retailers, which provide stable, recession-resistant cash flows that can be leveraged.

Corporate structure and debt strategy

First Allied Corporation, headquartered in Rochester, New York, with offices in Los Angeles and Tampa, acts as a holding company for a large array of single-asset Limited Liability Companies (LLCs). The Glazers employ a risk-mitigation strategy known as ring-fencing, where each shopping center is owned by a separate SPV (Special Purpose Vehicle). Mortgage debt is typically non-recourse and secured only against the specific property, preventing a default at one location from triggering a cross-default across the entire empire.

However, the portfolio has historically carried significant leverage. During the 2010 financial crisis, it was reported that nearly half of First Allied’s portfolio was on lender watch-lists due to high loan-to-value (LTV) ratios. In 2026, the portfolio remains active, with the family continuously refinancing these properties to extract equity.

Detailed inventory of properties and encumbrances

The following table presents the Glazer real estate portfolio based on UCC filings, lease litigations, and mortgage records. This list demonstrates the geographic spread and the specific corporate vehicles used to hold these assets.

Identified Glazer real estate assets and encumbrances (2026)

The operational management of these assets is centralised through Plaza Management Corporation, a subsidiary of First Allied Corporation. This entity handles leasing and tenant relations, allowing the family to maintain operational control while the asset ownership remains fragmented across dozens of SPVs. The use of entities like MWM Commercial SP Ltd and Natick Associates LLC further obfuscates the total aggregate debt load of the real estate division, as there is no single consolidated public balance sheet for First Allied Corporation.

Manchester United PLC:

The acquisition of Manchester United in 2005 by the Glazer family was funded via a leveraged buyout (LBO). The transaction loaded approximately £660 million of debt onto the club’s balance sheet. Two decades later, despite the partial sale to INEOS, the club remains heavily indebted and its assets are extensively charged to secure financing.

The corporate structure of Manchester United is designed to facilitate the placement of debt. The hierarchy, as detailed in the 2025 Form 20-F, is designed to subordinate the operating company’s assets to the debt obligations of the holding companies.

1. Manchester United PLC (Cayman Islands): The NYSE-listed parent.
2. Red Football Holdings Limited (UK): Intermediate holding.
3. Red Football Limited (UK): The primary guarantor of the senior secured notes and term loans.
4. Red Football Junior Limited (UK): Guarantor.
5. Manchester United Limited (UK): Operational holding.
6. Manchester United Football Club Limited (UK): The principal operating subsidiary holding the stadium, player registrations, and intellectual property. This entity is the borrower for the secured term loans and the issuer of the senior secured notes.

It is important to note that the debt is not held by the Glazers personally; it sits on the books of these subsidiaries. However, because the Glazers control the voting rights, they direct the subsidiaries to pledge their assets as collateral for this debt.

Charged and encumbered assets (2025–2026)

As of the fiscal year ended June 30, 2025, and updated through interim reports in February 2026, Manchester United’s total indebtedness stands at approximately £637.0 million (excluding trade payables). This debt is substantially secured against all assets of the club.

Manchester United debt instruments and security (2026)

Charge 0018, Evidence of new secured borrowing

The most recent development is the registration of Charge 0018 at Companies House. Created on 10 February 2026 and delivered on 11 February 2026, this legal charge raises warning flags as to the family’s continued use of club assets for liquidity.

• Chargor: Manchester United Football Club Limited (00095489).
• Chargee: Bank of America Europe Designated Activity Company (As Security Trustee).
• Nature of Security: A First Fixed Charge and Legal Mortgage over specific real estate assets, specifically:

• Title GM943124: Land lying to the west of Sir Matt Busby Way (development land around Old Trafford).
• Title GM724607: The Old Trafford Football Stadium leasehold interest.
• Intellectual Property: A fixed charge over the club’s trademarks and IP rights.

The creation of Charge 0018 coincides with the increase in the existing Revolving Credit Facility (RCF) to £350 million. While this is technically corporate debt for the club, the Glazers utilise this liquidity to manage working capital, thereby freeing up other revenue streams (sponsorships, merchandise) to support the dividend payments and management fees that flow up to the family trusts. 

Furthermore, Bank of America’s role as the security trustee here is pivotal, given their involvement in the broader financing of the Glazer family’s bid for the IPL franchise (see below).

Personal margin loans:

Beyond the debt secured against the club’s physical assets, the Glazer family members individually pledge their Class B Shares as collateral for personal loans. This is distinct from the club’s corporate debt but represents a significant risk factor.

• Darcie Glazer Kassewitz: Regulatory filings confirm that Darcie Glazer has pledged a significant portion of her Class B shares (approx. 20 million shares worth over $288 million) as collateral for personal loans with Swiss investment bank UBS.
• If the Glazers default on these personal margin loans, the banks could seize the Class B shares, potentially destabilising the voting control of the club. This demonstrates that the family treats their equity in Manchester United not just as an investment, but as a liquid asset to be monetised for alternative use including personal cash flow.

Lancer Capital RCB bid

In 2026, the Glazer family increased their interest and intention to invest in the Indian Premier League (IPL), utilising the liquidity derived from their sports empire to finance a potential acquisition. This is conducted through Lancer Capital, a private investment vehicle wholly owned by Avram Glazer.

 Royal Challengers Bengaluru (RCB) acquisition bid

As of February 2026, reports confirm that Avram Glazer, via Lancer Capital, has submitted a bid of approximately $1.8 billion (£1.32 billion) to acquire the Royal Challengers Bengaluru (RCB) franchise.

• This bid is nearly double the $940 million paid for the Lucknow Super Giants in 2021, signaling an aggressive valuation strategy.
• The timing of Manchester United’s Charge 0018 (executed in Feb 2026 with Bank of America) and the RCB bid does not provide conclusive evidence of funding via securitising Manchester United’s assets. While cross-collateralisation covenants likely prevent the direct use of Man Utd cash to buy RCB, the increase in the Manchester United credit facility would allow the family to extract capital (via previously delayed dividends or share sales to INEOS) while underwriting the club’s operational needs with bank debt. Bank of America, serving as the security trustee for Man Utd, is ideally positioned to facilitate the leverage for the RCB deal by viewing the family’s assets holistically.

Regulatory hurdles and multi-club ownership

The Glazers are also bidding for the Rajasthan Royals. However, the Board of Control for Cricket in India (BCCI) maintains strict regulations prohibiting an individual or entity from owning majority stakes in multiple IPL franchises. Consequently, if successful in both bids, the family would be forced to divest one interest or restructure the holdings significantly. Lancer Capital already owns the Desert Vipers in the UAE’s ILT20 league, establishing a multi-club network in cricket similar to many MCO models in football.

Industrial and infrastructure holdings: Innovate Corp

While sports and real estate dominate the headlines, the Glazer empire retains significant industrial interests through Innovate Corp (NYSE: VATE), formerly known as HC2 Holdings, and prior to that, Primus Telecommunications. Avram Glazer serves as the Chairman of the Board.

Innovate Corp is the spiritual successor to Zapata Corporation, the oil and gas company originally founded by George H.W. Bush, which Malcolm Glazer acquired and used as his primary investment vehicle in the 1990s. Zapata was eventually dismantled, with its remnants and capital folded into the modern Glazer structure.

Innovate Corp operates as a diversified holding company with several key subsidiaries:

• DBM Global: A steel fabrication and construction company (a successor to the family’s investments in infrastructure).
• MediBeacon: A life sciences company focusing on kidney function monitoring.
• Spectrum Assets: A portfolio of broadcasting stations.

Innovate Corp is heavily leveraged, with total liabilities exceeding $1 billion and debt obligations of approximately $500 million as of late 2024/2025. Lancer Capital (Avram Glazer’s vehicle) has frequently acted as a lender of last resort or equity injector for Innovate Corp, purchasing preferred stock to shore up its balance sheet. This demonstrates the circular flow of capital within the empire: dividends from Manchester United fund Lancer Capital, which in turn supports the industrial holdings of Innovate Corp.

The Tampa Bay Buccaneers

In contrast to the highly leveraged Manchester United and real estate portfolios, the Tampa Bay Buccaneers (NFL) operate with a conservative capital structure.

• The franchise is valued at approximately $5.2 billion (net of debt) as of 2025/2026.
• The team carries a debt-to-value ratio of only 3%.
•  Unlike Old Trafford, the Raymond James Stadium is owned by Hillsborough County, not the team. Therefore, the Glazers cannot mortgage the stadium to raise capital. The debt on the books is largely operational or related to specific leasehold improvements. This asset serves as a high-value, unencumbered asset that provides balance sheet credibility to lenders like Bank of America when they are assessing the risk of lending against the more leveraged assets like Manchester United or the RCB bid.

Conclusion

This analysis of the Glazer business empire reveals a conglomerate built on the strategic deployment of debt. The inter-connectivity between the companies is defined not by shared operations, but by shared liquidity and cross-collateralisation of equity.

Key Findings on Asset Usage:

1. Direct Encumbrance: There is irrefutable evidence in Charge 0018 (Feb 2026) that the Glazers continue to use Manchester United’s real estate and IP as collateral to secure massive credit facilities (£350m+), which likely frees up capital for other ventures.
2. Equity Pledging: Family members actively pledge their Manchester United shares for personal margin loans, creating a secondary layer of leverage risk.
3. Expansion Strategy: The $1.8 billion bid for the Royal Challengers Bengaluru is not funded by the family’s legacy real estate cash flow, but rather by the liquidity events (INEOS sale, dividends, debt refinancing) generated by their sports portfolio.

The Glazer empire effectively operates as a leveraged buyout machine, where the target companies bear the burden of the debt used to acquire and maintain them, while the family extracts the equity value to fuel the next cycle of expansion.