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Glazers record a $171.5 Million loss on Manchester United

The Bucs' owners also own Manchester United, which they purchased in a leveraged buyout in 2005. The losses recorded fall under the heading of Manchester United's holding company, Red Football Joint Venture. The losses are caused in large part by the refinancing of loans. While the report doesn't say which loans were refinanced, it seems reasonable to assume that these are the PIK loans the Glazers refinanced a few months ago. If that's true, we now know how they refinanced those loans: they took the money out of Manchester United's holding company.

Whether or not that's what happened, the fact that loans were refinanced at such a heavy cost is actually good news for the Bucs. While this report looks ugly for Manchester United, though big business finance is always a bit murky, it looks better for the Bucs. As the Glazers pay off loans with money taken out of Manchester United, they should have more money to spend on the Bucs. I can't say any of this definitively as the precise financials of both Manchester United and the Buccaneers remain unclear, but it does make intuitive sense. Of course, it'd be even better if they made a profit on Manchester United - which they could be doing anyway.

Not that that's a real problem for the Bucs anyway. The Glazers probably made a tidy profit on the Bucs last year despite numerous blackouts, cutting several expensive veterans in favor of much cheaper rookies. The Glazers won't be able to keep that up if a salary floor returns, which it is likely to do if a new CBA is agreed upon. It's unclear whether the Glazers actually want to run the team as cheaply as possible or whether this is simply a consequence of their long-term rebuilding plan. As the team is renewed and rebuilt, the team necessarily uses more rookies than veterans and this leads to a cheaper payroll.