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  • Pittsburgh Steelers not in the Rooney family?

    Say it ain't so.

    http://sports.yahoo.com/nfl/news;_yl...v=ap&type=lgns



    Financier makes bid for Steelers
    By DAVE GOLDBERG, AP Football Writer

    AP - Jul 7, 6:11 pm EDT NFL Gallery A deal could be reached within days to sell a majority interest in the Pittsburgh Steelers to the chairman of a Pittsburgh-based investment firm, taking control of the NFL franchise away from the Rooney family.

    The shares would be sold to Stanley Druckenmiller, chairman of Duquesne Capital management, making him principal owner of the team. Two officials familiar with the talks identified the buyer as Druckenmiller and said Monday that the deal could be completed by the end of the week. They declined to be identified because they were not directly involved in negotiations.

    Druckenmiller’s interest was first reported Monday by The Wall Street Journal, which said a secret study by Goldman Sachs valued the franchise at between $800 million and $1.2 billion. The report came a day after Dan Rooney said he and his son, team president Art Rooney II, were attempting to buy out his four brothers in an effort to retain “substantial ownership of the team.”

    Each brother owns 16 percent of the team, adding up to 80 percent, with another Pittsburgh family, the McGinleys, owning 20 percent.




    Even if the deal with Druckenmiller goes through, it would still need approval by 24 of the league’s 32 owners. Dan Rooney is, without question, the most influential and respected member of that group.

    During the past 40 years, Rooney has helped resolve labor disputes, promoted racial diversity within the league and helped elect Paul Tagliabue and Roger Goodell as commissioners.

    The impending sale is the result of a feud among members of one of sport’s most renowned families and has been simmering about two years.

    The 75-year-old Rooney is the oldest of five brothers. Their father, Art, bought the franchise in 1933 for $2,500.

    Dan and Art are enshrined in Pro Football’s Hall of Fame.

    The other four brothers—Art Jr., Timothy, Patrick and John—want to drop their interest in the Steelers to concentrate on their race track and other interests, many of which involve the gambling industry. The Rooney family owns race tracks in New York and Florida and has added forms of gaming that are inconsistent with NFL gambling policy.

    Goodell has asked Tagliabue to represent the league on Dan Rooney’s behalf in talks to reach an agreement on a separation of the gambling interests and restructured ownership if part of the team is sold.

    Rooney said in a statement Monday that with Tagliabue’s help, he was attempting to put together a financing plan that would buy out his brothers and their families over a period of time.

    “For the past two years, the Rooney family has had discussions about a restructuring of the ownership of the Steelers in order to ensure compliance with the NFL ownership policies and the continuation of the Rooney family ownership and operation of the team,” the team said in the statement.

    “I have spent my entire life devoted to the Pittsburgh Steelers and the National Football League,” Dan Rooney said in the statement. “I will do everything possible to work out a solution to ensure my father’s legacy of keeping the Steelers in the Rooney family and in Pittsburgh for at least another 75 years.”

    Druckenmiller did not immediately return a call placed to his office by The Associated Press.

    Although he lives primarily in New York, he frequently attends Steelers games and is said to want to include Dan and Art Rooney II in his ownership group.
    Make America Great For Once.

  • #2
    As long as Jim Druckenmiller isn't invited to camp, I'm good.

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    • #3
      I heard that reported yesterday. Hard to fathom that franchise owned by anyone else.

      Now might not be a bad time liquidate an NFL francise. Values are at record highs. Of course I thought that in 1995 when the same was true. Difference here is I think the League is headed for a work stoppage.

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      • #4
        Originally posted by jack jones View Post
        I heard that reported yesterday. Hard to fathom that franchise owned by anyone else.

        Now might not be a bad time liquidate an NFL francise. Values are at record highs. Of course I thought that in 1995 when the same was true. Difference here is I think the League is headed for a work stoppage.
        There's no way the NFL will reduce the size of their product.
        Make America Great For Once.

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        • #5
          kinda like the Busch family not involved with AB
          Official sponsor of Mike Shannon's Retirement Party

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          • #6
            Originally posted by Bleacher Creature View Post
            There's no way the NFL will reduce the size of their product.
            You're right. I didn't put that very well. What I meant was if I owned a club now might be a time I would seriously consider selling. Especially if it was in a smaller market like Pittsburgh.

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            • #7
              Originally posted by ElviswasaBluesFan View Post
              kinda like the Busch family not involved with AB

              Apples & Oranges

              Still American owned.

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              • #8
                http://www.nfl.com/news/story?id=090...o&confirm=true

                If team is sold, official wants Steelers to repay funding for stadium
                Associated Press

                If family members who own the Pittsburgh Steelers sell all or part of the team to outside interests, the county controller wants the team to repay some of the $281 million taxpayers ponied up to build Heinz Field.

                Allegheny County Controller Mark Flaherty explained his threat to the team's owners at a news conference Wednesday.

                "When the stadium was originally built, the public entered into a partnership with the Steelers," Flaherty said. "I feel it would be unjust for any shareholder to sell their shares and not have any implication to the public taxpayer."


                Flaherty called the news conference to explain a two-page letter he sent Tuesday to the team's owners, Steelers Chairman Dan Rooney and his four brothers, who own 80 percent of the team, and their cousins, the McGinley family, who own the other 20 percent.

                Flaherty noted in the letter that Forbes magazine said the franchise was worth about $300 million in 1998, but was worth $928 million by last year.

                The stadium, which opened in 2001, and related lease provisions "contributed significantly to increases in the value of the Steelers franchise," Flaherty's letter said. "The public should share in the increased value that the stadium has contributed to the franchise."

                Steelers chairman Dan Rooney, the oldest son of late team founder Art Rooney, wants to stay in the football business and is discussing the ownership of the team with his four brothers. Each brother owns 16 percent of the franchise. The other four brothers, all in their late 60s or early 70s, want to sell to safeguard the investment for their heirs and because some of them own gambling interests that run counter to NFL rules for owners.

                Flaherty said the stadium lease, which ties the team to the city until the year 2029, anticipated that the Rooneys or McGinleys might one day sell their interests. It allows them to transfer ownership within their families, but requires them to notify parties to the lease agreement -- notably the city-county Sports & Exhibition Authority -- of a sale to outside interests, Flaherty said.

                Flaherty said his letter was meant to get public officials who represent the taxpayers a "seat at the table" if such a sale is contemplated.

                Steelers spokesman Burt Lauten said the team, including Dan Rooney and his son, Steelers president Art Rooney II, had no comment on Flaherty's letter or his comments at the news conference.

                The Steelers contributed about $76.5 million to the stadium and state and county taxpayers $281 million, Flaherty said. Flaherty said he wants a proportional amount returned to taxpayers; if half the team were sold to an outsider, Flaherty said he would seek half the $281 million from the team.

                The four brothers have hired the investment firm Goldman Sachs Group Inc. to calculate the value of their shares, while Dan Rooney has turned to Morgan Stanley for guidance in the matter.

                Goldman Sachs analysts have put the team's value at $800 million to $1.2 billion.
                Make America Great For Once.

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                • #9
                  Originally posted by Bleacher Creature View Post
                  http://www.nfl.com/news/story?id=090...o&confirm=true
                  Flaherty said he wants a proportional amount returned to taxpayers; if half the team were sold to an outsider, Flaherty said he would seek half the $281 million from the team.
                  Yeah, like that would happen.

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                  • #10
                    I hope it does, especially since the Pens got the state to pay for a new arena.
                    Official Sponsor of the National League Three-Peat.

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                    • #11
                      and still hatin'

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                      • #12
                        Originally posted by i.am.js View Post
                        and still hatin'
                        Maybe. Or maybe I just think it's not fair that Pittsburgh is getting a publicly funded arena to go along with their stadium and ballpark while our arena was privately funded.
                        Official Sponsor of the National League Three-Peat.

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                        • #13
                          Had the state went with Plan B and the Isle of Capri plan, which would have paid for the arena with slot machine revenues (how right or wrong that is would be another thread in itself), that wouldn't even be a discussion.

                          However, the mayor of Eastern PA....err, the gov and his cronies on teh gaming board decided to award the slots license to Don Barden. Barden, who supposedly had this master plan for the casino on Pittsburgh's North Shore, yet hasn't done shit in the last year,recently defaulted on $200 mil worth of loans towards the casino project and had to surrender his license.

                          I'm not hi-jacking this thread any further.
                          i.am.js
                          Senior Member
                          Last edited by i.am.js; 07-17-2008, 05:58 PM.

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                          • #14
                            Blah blah blah. Mario should have just put up his own money.
                            Official Sponsor of the National League Three-Peat.

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