An investigation into First Allied Corporation, a shopping centre company owned by the Glazers, was carried out by investment analyst Andy Green in conjunction with the programme and the Guardian newspaper.
Four of the family's shopping centres have reportedly become insolvent as a result of the downturn, while 28 more are being monitored by banks due to outstanding mortgage payments totalling US$567m (£394.7m).
Green told Panorama: "These are people who tell us not to worry about Manchester United debt because they are great businessmen. In their core business in the US they got it absolutely wrong."
Meanwhile, Manchester United Supporters Trust (MUST) has expressed concern that the new information means the Glazers will be unable to pay interest on payment in kind loans taken out against MUFC.
A MUST spokesperson said: "The new research confirms everything we suspected about the Glazer family - that they are not, as they have recently chosen to project themselves through recent PR, canny business people who can manage debt in their businesses.
"It also reinforces our belief that the Red Knights are right not to rush into any deal with the Glazers, and not to overpay, as the Glazers desperately need money to prop up their failing business."
Meanwhile, Lincoln City Football Club has elected Bob Dorrian as chair to replace incumbent Steff Wright, who has decided to relinquish his position after five years. Chris Travers will be the club's new vice-chair.
Hereford United Football Club has also announced the appointment of its new chair, with David Keyte to replace the outgoing Graham Turner. Tim Russon has been named vice-chair.