Four more US malls owned by Glazers now ‘delinquent’

The Glazer family who own Manchester United FC are getting into further trouble with their American shopping malls, according to research by the Guardian in conjunction with the BBC's Panorama which has found that four more malls have fallen into default on their mortgages.

On top of previous defaults, this means that nine of the Glazers' 68 malls are now 'delinquent' or insolvent. A further 29 have so many units empty that the rental income cannot cover the mortgage repayments.

The malls are operated by the Glazers' US-based First Allied Corporation which is the only significant business the Florida-based family runs besides Manchester United and the Tampa Bay Buccaneers NFL franchise.

Bank disclosures show First Allied makes only $9m income per year above the malls' running costs. Yet accounts for the year to June 2009 showed that Manchester United's total borrowings - all derived from the Glazers' original personal borrowings to buy the club in 2005 - had risen to £716m.

Neither Manchester United FC nor the Glazer family were available for comment yesterday.

Read a full report at the Guardian

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