TAMPA - Before Buccaneers owner Malcolm Glazer suffered his second stroke last month, he had a succession plan in place to keep the NFL team in the family.
Under such a plan, Glazer's sons - who run the team's daily operations - would continue controlling the NFL team.
"It's fair to say that there is succession planning in every organization, but what those details are, it's inappropriate to discuss them at this point given the expectation that Mr. Glazer will be coming back to Palm Beach and continuing his rehabilitation," said Eric Land, the Bucs' chief operating officer.
Three of Glazer's five sons - Joel, Bryan and Edward - run the team's business operations as executive vice presidents. Joel Glazer also helped the family gain control of the world-famous Manchester United soccer team last year for nearly $1.5 million.
"The day-to-day operations of the Bucs have, for some time, been handled by the Glazer family and predominantly by the three sons. I see no change in the short or long horizon," Land said.
Succession plans outline the terms for family members to transfer the assets and power of the business to other members.
"I'm sure they have (a succession plan) in place. The boys are committed to the football team. I don't expect any changes of the operation," said Leonard Levy, a retired Tampa printing company owner who was instrumental in Tampa Bay getting an NFL team.
Glazer, 77, a billionaire who controls a real estate and fish oil empire, was in the Cleveland Clinic in Weston as of Friday. He was admitted to the South Florida medical facility April 30 after suffering the second of two recent strokes last month. His first stroke was April 16.
Joel Glazer, in a statement last week, said, "Doctors expect my father to return home in the next few weeks . . . As a result of this stroke, his rehabilitation period will be longer and more challenging."
The NFL does not require families who own teams to have a succession plan, said Greg Aiello, a league spokesman. Generally speaking, the NFL will work with estate planners for an owner's heirs to maintain control of a team.
Glazer's connection to the team was mostly limited to attending home and away Bucs games this past season, and he was not seen in public. Glazer no longer attends every NFL owners meeting.
For example, when a Tampa Bay contingent made its pitch at an NFL owners meeting last spring to host the 2009 Super Bowl, it was Bryan Glazer who spoke before an owners panel to clinch the Super Bowl host selection.
Either Joel or Bryan is expected to attend the NFL owners meeting in Denver this week.
The sons were unavailable for comment Monday. Their father is a Rochester, N.Y., native who bought the Bucs for a then-record $192 million from the Hugh Culverhouse estate in 1995. He is chief executive officer of First Allied Corp., the holding company for his many businesses that include commercial and residential real estate.
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