Hoeness also criticised the billionaire for saddling the English champions with debt since his takeover in 2005.
"Before Mr Glazer bought Manchester United, he didn't know there was air in the ball. That's not something that I accept. His target is making money," said Hoeness.
"I would accept Mr Glazer immediately if he said, 'okay the price of Manchester United is £800m – that's my money, my risk and now we are working'.
"But what did he do? He bought the club and said, 'I don't have the money how can we finance it?' That's something I never accept."
Hoeness appeared 35 times for West Germany in the 1970s.