The Rochester-born businessman purchased the NFL franchise in 1995 and helped the Buccaneers to a first Super Bowl championship in the 2002 season.
A decade later he purchased a controlling stake in the Premier League club - with United winning five league titles as well as the UEFA Champions League under his guidance.
Glazer's death was confirmed by the Buccaneers on Wednesday, with the franchise also stating his wife Linda and their six children - who are board members at Old Trafford - would continue to run affairs at Raymond James Stadium.
A statement on their official website read: "The Tampa Bay Buccaneers are saddened to announce the passing of owner/president Malcolm Glazer earlier this morning at the age of 85.
"A dynamic business leader, Glazer helped mould the Buccaneers into a model franchise and one respected league-wide.
"Known among his league peers as a pioneering thinker, Glazer infused his team and employees with the determination and dedication to be the best in the NFL.
"Glazer"s commitment to building a championship organization has provided the foundation for continued success, on and off the field."
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