For months, the Tampa Bay Buccaneers have been dogged by claims that they aren’t spending enough money on players. In January, former G.M. Bruce Allen vowed to use all of a gigantic salary-cap bulge fueled by years of carrying over excess space in past year.
And then he was fired.
Since then, the Bucs have continued to be frugal, in comparison to most other teams.
Now, a report has emerged that the owners of the Bucs might be tightening the player payroll for Manchester United, the high-profile English soccer team they own.
The perception traces to a debt of roughly $1.79 billion. According to the London Times, efforts to refinance the debt have failed to date, given the overall economic climate. Recently, a European soccer bigwig whose name rings no bells for us suggested that the Glazers bailed on a deal to sign a star Serbian youth because “maybe they are in financial crisis.”
The financial concerns arise from a large chunk of the debt that entails a North Jersey-style interest rate of 14.25 percent. Per the Times, the Glazers have been trying unsuccessfully to refinance that obligation.
Perhaps most significantly, the Times claims it has obtained documents reflecting that the terms of the loan place limits on the club’s expenditures.
The official response from the team and the Glazer family is that no problems exist. And that’s the usual refrain when rumors and reports of money troubles arise regarding the Glazers and/or the sports teams they own.
Plenty of folks believe otherwise. In the end, time will tell.
As to the Buccaneers, the proof will come in the coming offseason. With the salary cap apparently poised to go away (at least for a year) as of March 2010, the extent of the team’s spending on players will go a long way toward proving that the Glazers are serious about improving the quality of the team.
Or not.
