The Shortest Distance Between Two Points Is a Straight Line
It appears that when one embarks upon a journey there are numbers of ways that one can go about planning it . You can take the path of least resistance knowing that if you’ve mapped out a plan then the journey and effort itself won’t be too laborious . Or one can go about this journey without a plan and essentially trying to overcome whatever obstacles are thrown your way and then seek to overcome each one at each moment it is in your pathway.
Plain but simple these are also the decisions that one also may well have to make in life as we proceed along its path. However we’re told that in life we have to be able to face adversity look it stare it straight in the eye and do our very best in order to deal with it and then overcome it. What if the obstacles at times that are thrown in front of us are ones of our own making ? How should one deal with them? Work to overcome them? Deny that they are and look elsewhere for assistance or perhaps simply just give up? Tests such as this are things show character if we choose to face them head on. However when we choose to deny them then along the way we’re liable to meet more of these very same obstacles in life.
Slide show gallery for your perusal .
In article in the online forum of ESPN.com there’s a piece that deals with the burgeoning debt and finances of the Glazer family and the very fact that their most prized sporting assets are very much facing financial difficulties. As owners of the NFL’s __ Tampa Bay Buccaneers and the English Premiership soccer team Manchester United the Glazer family were thought to be the envy of the sport’s world. As the proud owners of Manchester United perhaps the most recognized sporting brand in the world , with its legions of fans the world over. This has given the semblance of respectability that the family may well have desired. But in their earnest rush to attain that respectability they have essentially “sold their souls to the Devil” and have little to in return to show for it all . Granted , United has won a Premier League title and have become a perennial contender on the European front. But in the midst of it all the sons of Malcolm Glazier have become financially irresponsible and have began to hide behind a whole line of false truths and misleading statements concerning their own financial stability and that of the two sporting franchises.
Courtesy of InsideWorldofFootball.com
June 7 – The scale of debt held by the Glazer family, the owners of Manchester United, is even greater than first imagined after it emerged that their business empire owes £1.1 billion ($1.6 billion), which could threaten their ownership of the three-time European champions .
According to an investigation by BBC’s Panorama programme, to be broadcast tonight [Monday], the Americans are carrying £392 million ($568 million) of previously unknown debt relating to mortgages taken out on 63 of the 64 shopping malls owned by their company First Allied Corporation across the United States.
Four First Allied shopping centres have recently fallen insolvent due to low occupancy, while the report also suggests the malls do not make enough money to fund the mortgages.
They have also borrowed £66 milion ($96 million) against their American Football League team, the Tampa Bay Buccaneers.
The explosive findings suggest that the Glazers’ other business interests are unlikely to be able to pay off Manchester United’s £717 million ($1.03 billion) debts and cast further doubt on on whether the club will have funds to spend on transfers this summer.
United have always insisted Sir Alex Ferguson will be given cash in this transfer window but the Scot has suggested he will keep new arrivals to a minimum.
The research for the programme was carried out by Andy Green, a City analyst and United supporter who is a keen backer of the ‘Green and Gold’ campaign to oust the Grazers.
“The Glazers have called the US property market appallingly bad,” he said.
“They borrowed money at inflated valuations right at the top at the top of the cycle.
“In their core business in the USA they got is absolutely wrong.”
Panorama quotes Dave Whelan, the chairman of Wigan Athletic, as saying: “I don’t think anybody can be satisfied with how Manchester United are being run.
“They have got somewhere in the order of three-quarters of a billion pounds worth of debt.
“That has got to be eliminated and eliminated quickly.”
In March, United chief executive David Gill claimed the club’s debts were easily covered by the income.
He said then: “We have an element of the debt that is very easily serviced by the cashflows of Manchester United, we are in a sport that is getting bigger all the time and as one of the leading clubs we should benefit from that growth.
“We believe we have a much more appropriate and flexible financial structure in place.”
At present the Tampa Bay Buccaneers are close to $100 million in debt and the Manchester United soccer club has amassed debts totaling $1.56 billion and rising. In the midst of this all , the Glazers have sought to renegotiate the financial obligations owed on this debt to their various creditors without much success. And why should the banks in question acquiesce to their requests to begin with ? Many of these very same banks had to be bailed out via their various sovereign governments and it would be something of a folly if they were to now bail out Manchester United , while not actually making funds available to small businesses much less a home owner looking to refinance their mortgage.
As the Premiership season has ended with United having finished as runners-up to Chelsea who once again made off seriously with some domestic silverware , having won the Premiership title and FA Cup . And in doing so they joined a select few teams that’ve completed the “domestic double” in having won both the Premiership league title and FA Cup in the same year. And whereas , Chelsea doesn’t have to worry about its financial stability as it is owned by Russian billionaire tycoon Roman Abramovich . The same cannot be said of Manchester United and their owners, the Glazer family under their patriarch Malcolm Glazer. With each passing month things are becoming more acute not only for both sport’s franchises but also for the family and their business interests. Their primary business interests outside that of the two clubs is that of their commercial real estate and mall holdings in First Allied Corporation . The company is one of the pre-eminent companies in its field . But as we all know with these dire economic times the consumer hasn’t been always been willing to spend much of their disposable income in many of the big box stores that First Allied has as its tenants. That being said the Glazers would have us believe that they have a 90 % occupancy rate at all of their various commercial real estate properties across the nation. If only that were true to begin with. On average the industry as a whole has lost many of their retailers and occupancy rates are averaging at best no more than 72 % .Somewhat of a misleading figure to begin with don’t you think that was forthcoming from the Glazers ?
In the midst of this all , the sons of Malcolm Glazer who oversee the sports holdings of the family have been less than upfront as to their intentions concerning both teams. And given the fact that the Buccaneers at present still owes the Tampa Bay Sports Authority in excess of $1.2 million for which the city of Tampa has yet to collect on this debt, which is in excess of two years old. It has me wondering what else is going inside of the ornate boardrooms of the Buccaneers’ organization . In this day and age when a city is now obfuscating their responsibilities to their citizens by not collecting monies owed to them but would seek to cut much needed and vital services to the community. I’ve got to ask myself in whose service are the city and in particular is Mayor Pam Iorio beholding to ? If not its residents then surely it can’t be to the Glazers at this juncture can it ?
And as ambitious as the aspirations are for the Tampa Bay Buccaneers this upcoming season . This Raheem Morris coached team will be hard pressed to surpass last season’s anemic record of a 3-13 in what was a horrendous display of football on all fronts. Morris , himself, had made the statement that ” throughout the season the team had improved it showed in their determination and play”. Now I’m not one to ridicule a coach in merely his second year on the job. But what the hell was he looking at throughout much of the season ? How the hell had the team improved when with each game they simply regressed and became worse over their entire regular sixteen game schedule ? In the midst of this all watching over this debacle were Avram , Joel, Bryan and Edward Glazer the sons of patriarch , Malcolm Glazer. The quartet are now entrusted in looking after the family business and its sporting interests. Let‘s just say that the job that they‘re now doing borders the mess that was orchestrated by Rick Wagner as he presided over GM and led the automotive giant into bankruptcy and looked to apportion blame elsewhere because of his rather asinine executive decisions as he presided over the company as its Chairman & CEO.
With the 2010 NFL Draft having come and gone , with the Buccaneers taking Gerald McCoy as their first round draft pick and third overall. It is hoped that McCoy along with the other picks taken by the Buccaneers in the draft will be enough to bolster what was been a very under achieving that team that was lacking in depth on all fronts !. No leadership, no play-maker but most of all no sense of urgency from either the team or coaching staff that seemed to be learning its trade whilst on the job. And this was meant to be a positive change of direction for the team and organization as a whole from the reign of Morris’ predecessor Jon Gruden ? Truth be told they’re now further into an abyss than they ever were before and all of the rosy speeches being made by Morris and GM Mark Dominik cannot hide the fact that the Buccaneers as an organization are on a slippery slope to nowhere and that they’re heading there fast !
If things should get much worse financially for either of the two sporting interests or even for First Allied , then there’s very much the possibility that the Glazers may well have to sell one if not both of their sports’ holdings. Some fans may well feel that this would be for the better given the tact taken by the family in their business dealings and obvious misinformation to the public and fans alike. But then again what’s new ? As normally this is very much the way that we now have many of the owners acting with regard to their baubles as it concerns the ownership of a major professional sports franchise. Never mind what they do by way of conducting themselves as it concerns their business practices and businesses in general. Simply look at the actions of Goldman Sachs , the now defunct Merrill Lynch , Bank of America and you can easily understand why it is that the economic meltdown came about within the financial industry and spread like wildfire across the economic landscape. Honesty and integrity went out the window as these executives chased after the almighty dollar foregoing financial expediency and their fiduciary responsibilities to their shareholders and the public alike. It is no different now with the Glazers and how they’re now treating not only the Buccaneers and Manchester United fans but also the residents of the city of Tampa. They simply cannot be trusted to be upfront and tell the truth , instead they choose to be evasive and lie about their present predicament. Somehow this will end up costing someone a great deal of financial pain and the burden at the end of it all may well be placed upon the shoulders of the fans when it’s all said and done.
Picture gallery for your perusal
Doubt my word on this all ? Then simply watch as everything now begins to unfold. One way or another there’ll be a lot that will come to the fore as this all begins to play itself out. Much of this could have been avoided had the Glazers shown the temerity to simply tell the truth right from the start. But as we know the “The Shortest Distance Between Two Points Is a Straight Line “. And having the courage to tell the truth has never hurt anyone , if anything it shows character and honor when taking such a stance . At this juncture is that what we’re actually seeing from the Glazer family ? I’ll leave it for you to be the judge of that !.
Alan Parkins aka tophatal …………………………
Lindsay Buckingham of Fleetwood Mac gives you an acoustic version of his self penned mega-hit “Trouble” .