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TWO FIRMS USED AS COLLATERAL IN BUCS SALE

     Documents filed Thursday show that Bucs Owner Malcolm Glazer
"borrowed heavily against his ownership stake in two companies to
raise money" for his purchase of the team, according to Rex
Henderson of the TAMPA TRIBUNE.  Glazer pledged his stock in
Specialty Equipment Cos. Inc. and Houlihan Restaurants Inc. as
collateral to borrow $66M from three banks.  The documents also
show he got access to another $20M in unsecured loans through the
same transaction.  NFL rules allow owners to borrow $50M with the
team as collateral.  But the league "imposes no rules about how
the owners raise the rest of the purchase price" (TAMPA TRIBUNE,
8/5).
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Franchises, NFL, Tampa Bay Buccaneers

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