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Koopa
07-07-2008, 07:05 PM
just got a text that the steelers are being secretly shopped to buyers....... that would be cool if we got an owner that wasn't old school and got us field turf :lol:

K Train
07-07-2008, 07:08 PM
lol theres alot of teams that are up for sale, didnt think we would be one but how good would field turf be?!?!?! lol

Black@Gold Forever32
07-07-2008, 07:17 PM
Dan Rooney wants to buy his four other brothers shares....So Dan and his son can still own the team....The other four Rooney brothers want to get out of the NFL and concentrate on their racetracks.....So its looking the Steelers will still be Rooney owned....

from Wall Street Journal

Steelers Shopped to Potential Buyers
By JOHN R. WILKE
July 7, 2008 5:31 p.m.

The storied Pittsburgh Steelers football franchise has been secretly shopped to potential buyers amid continuing divisions among the five sons of the team's founder, Art Rooney Sr.

The talks affect not only one of America's iconic sports franchises, but one of its most fabled sports families. Steelers Chairman Dan Rooney, who helped build the National Football League and is the oldest of the five sons, wants to consolidate his control by acquiring most of his brothers' shares in the Steelers over 10 years, those briefed on the talks said.


Reuters
Steelers quarterback Ben Roethlisberger leaps into the endzone to score against the Cleveland Browns last November.
In a statement Monday afternoon, Dan Rooney confirmed these efforts and said, "I have spent my entire life devoted to the Pittsburgh Steelers and the National Football League. 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."

The statement said the company is restructuring its ownership to ensure compliance with NFL rules. Dan Rooney "wants to stay in the football business while some of his four brothers plan to get out of the NFL and focus their business efforts on their racetracks and other interests." The statement said that Dan Rooney and his son, Steelers President Art Rooney II, are arranging a financing plan to buy Dan's brothers' shares in the team in order to continue substantial ownership of the franchise by the Rooneys.

But some of the brothers and younger third-generation family members are asking whether a better deal can be put together, if there is to be an ownership change.

However its fate is decided, the Steelers franchise is a rich prize. The team has won five Super Bowl titles and been among the most dominant in the league for 30 years. They play in a new riverfront stadium that routinely sells out its 65,000 seats. And their fan base is famously loyal, reaching


http://online.wsj.com/article/SB121546397767833575.html?mod=djemalertNEWS

Prosdo
07-07-2008, 07:17 PM
No big deal. I'm sure Mr. Rooney will get the shares.

Black@Gold Forever32
07-07-2008, 07:21 PM
New ownership could be good or bad....We could get stuck with an owner like Dan Snyder...lol He has done wonders since owning the Redskins...lol Its going to take more then just the playing surface for me to want to see an ownership change...

BlitzburghRockCity
07-07-2008, 07:35 PM
I got this text while I was in walmart about 15 minutes ago and about had a heart attack till I came home just now and read more of the article.

The Rooney's won't let the team leave Pittsburgh, that much we can be thankful for. Dan and Art deuce are wanting to keep the team in the family and continue the rich heritage and tradition that made them one of the best owners in professional sports history.

SteelerDan43
07-07-2008, 07:37 PM
I really dont see this as a "sale" its just buying out non-controlling partners. Still the same people in charge though

BlitzburghRockCity
07-07-2008, 07:40 PM
http://kdka.com/sports/Steelers.shopped.around.2.765622.html


Steelers Ownership Shakeup
PITTSBURGH (KDKA) ― The Wall Street Journal is reporting the storied Pittsburgh Steelers Football franchise has been secretly shopped to potential buyers amid continuing divisions among the five sons of the team's founder, Art Rooney, Sr.

This is possibly related to talks the Rooney family has been having with the NFL to restructure the family's ownership of the team.

Steelers Chairman Dan Rooney and some of his brothers also hold ownership stakes in racetracks - but that is against the NFL's policy on gambling.

Dan Rooney reportedly wants to consolidate his control by acquiring most of his brothers' shares in the Steelers over 10 years.

The Wall Street Journal reports Dan and his son, Steelers President Art Rooney II are arranging a financing plan to buy Dan's brothers' shares in order to continue substantial ownership of the franchise by the Rooneys.

But some of the the brothers and younger third-generation family members are asking whether a better deal can be put together if there is to be an ownership change.

Dan Rooney says he wants to stay in the football business.

"I have spent my entire life devoted to the Pittsburgh Steelers and the National Football League. 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," he said in a statement released by the Steelers organization.

"There is no reason to believe that the current internal discussions will have any impact on our fans or on our team this season or in the seasons to come," Steelers President Art Rooney II said in the statement.

Iron City South
07-07-2008, 08:30 PM
This is really not a big deal ..... It appears they're just playing a legal "shell game" with the outstanding shares owned by the brothers.

SteelfordWexler
07-07-2008, 09:19 PM
I hope you are all correct that this is no big deal, but it sounds like some of the family would like to get market value for their portion of the team


But some of the brothers and younger third-generation family members are asking whether a better deal can be put together, if there is to be an ownership change.

The article suggests that there has been some discreet marketing of the team - that could mean these family members are trying to establish the value of the team. Is there some division within the family? I don't know if a ten year purchase arrangement will satisfy anyone if they are looking at it purely as a business deal. The inflated value of NFL franchises - particluarly one like the Steelers - could make it too rich for Dan and Art 2 to swing alone.

Losing the Rooney's as controlling owners would be a shame. They haven't been super aggressive, but the teams have been consistenly competitive. We could do a lot worse.

Ambridge
07-07-2008, 09:51 PM
But some of the the brothers and younger third-generation family members are asking whether a better deal can be put together if there is to be an ownership change.

I wonder if any of the brothers or family members have lifted a finger to help build the franchise to what it is today.......or do they just have their Greedy-Grubby hands out to see how much cash they can collect.

This will be interesting to see how this all plays out in the end.

BlitzburghRockCity
07-08-2008, 01:38 AM
Getting a good idea of what the team's value in the open market is fine; it gives the other brothers something to look forward too as Dan and Art II work to make an arrangement. It's not like any of those other brothers are hard up for money or anything and Im sure the deal they want to make will be fair. Dan and Art II have the majority rights to the team as it is now so it's not like the others can just wave a wand and say "hey we're selling the Steelers, who's up for bids" LOL. This will work out in the end, it's been going on for 2 years now and this is the first we've heard about it out in the open. The other brothers are probably trying to force their hand alittle.

BlitzburghRockCity
07-08-2008, 11:10 AM
The latest article from the PG..

http://www.post-gazette.com/pg/08190/895506-66.stm?cmpid=HBEHTML

I stand corrected; I thought Dan Rooney and Art II owned the majority rights but it looks like they are all equal rights so it's a good thing that both of them are on the same page to get the ownership restructured so everything stays put and in place. When it comes right down to it even if the other 3 brothers want out Im sure they still want to see the team stay in Pittsburgh and continue the legacy started by the Chief. Something will get done when the time is right.

ejsteeler
07-08-2008, 12:39 PM
Non-issue. The team will stay put and the ownership will continue to be dominantly Rooney. As usual, I think the press blew this a little out of proportion.

K Train
07-08-2008, 10:15 PM
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. 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.

Source: http://sports.yahoo.com/nfl/news?slug=ap-steelers-ownership&prov=ap&type=lgns

well mr druckenmiller...can we have field turf?

SteelersfaninPhilly
07-08-2008, 10:22 PM
Not surprised by this move. Does not make sense for the Rooneys to hold on to majority interest.

Friday133
07-08-2008, 11:16 PM
The CW reported tonight on its 10pm news a deal with Drunkenmiller could be done by the end of the week. Of course it would need to be approved by the NFL owners before it would be official.

K Train
07-08-2008, 11:18 PM
owners would approve it if it happened, its a code of conduct not to stick your nose in other owners buisness and they all respect the rooneys

steelcityrockers
07-08-2008, 11:34 PM
As good as field turf would be, the Miami game was fun to watch. That punt was awesome, where it just stuck in the ground.

K Train
07-08-2008, 11:39 PM
who would be the face of the franchise if the rooneys sold to druckenmiller?

SteelersfaninPhilly
07-09-2008, 12:56 AM
who would be the face of the franchise if the rooneys sold to druckenmiller?


Rooney sells majority to Druckenmiller. Watch for Rooney's to be active still. Even in there minority. I hope Drunkenmiller does not want to upset the apple cart. If or when he comes aboard.

K Train
07-09-2008, 01:31 AM
lol that was a joke

Black@Gold Forever32
07-09-2008, 01:39 AM
Honestly I don't care if the ownership changes as long as the team never leaves Pittsburgh....That would be a very sad day.......I don't want the Rooney's to give up majority interest in the team....But in the end with the ever changing NFL economy the Rooney's just wouldn't have the capital to field a competitive team in the future...Especially if the salary cap disappears....Without a cap the Steelers would need an owner with deep pockets like Mr. Drunkenmiller......Just keep the team in the Burgh......

K Train
07-09-2008, 01:48 AM
the team will never leave pittsburgh...the nfl wouldnt have it and druckenmiller is a pittsburgh man anyway...and the rooneys wouldnt sell if they were planning on moving the team

Black@Gold Forever32
07-09-2008, 01:58 AM
the team will never leave pittsburgh...the nfl wouldnt have it and druckenmiller is a pittsburgh man anyway...and the rooneys wouldnt sell if they were planning on moving the team

I don't think the team will be moved in the near future...I was thinking in more 10 years or so down the line....Since hopefully I will still be alive...I never in my lifetime would want to see the Steelers moved..even though I don't live in Pittsburgh myself...My parents were born close to Pittsburgh so the Burgh and surrounding area will always be special to me....

I'm willing to trust Drunkenmiller......But I hope if indeed he does buy the team he doesn't cry poor in 5-10 years since Pittsburgh is always a declining market.....

DBR96A
07-09-2008, 03:31 AM
I don't think the team will be moved in the near future...I was thinking in more 10 years or so down the line....Since hopefully I will still be alive...I never in my lifetime would want to see the Steelers moved..even though I don't live in Pittsburgh myself...My parents were born close to Pittsburgh so the Burgh and surrounding area will always be special to me....

I'm willing to trust Drunkenmiller......But I hope if indeed he does buy the team he doesn't cry poor in 5-10 years since Pittsburgh is always a declining market.....

Declining in number, but getting richer anyway (http://www.bizjournals.com/specials/pages/92.html).

3. San Diego
4. Baltimore
6. Boston
7. San Francisco/Oakland*
8. Nashville
15. Houston
17. Philadelphia
18. Washington D.C.
19. Pittsburgh
21. Denver
22. Charlotte
29. Jacksonville
33. Minneapolis/St. Paul
40. Seattle
43. Indianapolis
48. New York*
52. Tampa/St. Petersburg
53. Cincinnati
62. Miami/Ft. Lauderdale
66. Kansas City
73. Buffalo
74. Phoenix
76. St. Louis
77. Dallas/Ft. Worth
78. Chicago
80. Detroit
89. Cleveland
90. Atlanta
100. New Orleans

* - Metropolitan area includes two NFL teams. Green Bay's income growth statistics are not available.

A graph of real per capita income growth in the 24 biggest U.S. metropolitan areas, plus the largest metro in Alaska and the largest metro in Hawaii:

http://www.clevelandfed.org/research/Trends/2008/0608/02regact-4.gif

The figures were tallied by the Fourth District office of the U.S. Federal Reserve, and illustrates gross PCI growth less the increase in regional consumer price index between 2000 and 2006. Among metros in the 48 contiguous United States, only Houston had higher growth in real per capita income than Pittsburgh.

"Rust Belt divergence": This graph illustrates the difference in unemployments rates between Pittsburgh, Cleveland and Detroit since 2000:

http://www.pbase.com/deadwing/image/99726681.jpg

Courtesy of Dr. Chris Briem, Economics professor at the University of Pittsburgh.

April-over-April housing appreciation in select major metros:

http://www.pbase.com/deadwing/image/99726913.jpg

Simply put, Pittsburgh is on the upswing economically, so anybody who's smart would think twice about trying to move the Steelers away. We're the anti-Atlanta: shrinking, but getting noticeably richer. (Atlanta is exploding, but getting poorer.)

BlitzburghRockCity
07-09-2008, 06:53 AM
http://www.post-gazette.com/pg/08191/895718-85.stm?cmpid=HBEHTML


Investor in talks to control Steelers
Billionaire seeks shares of 3 or 4 Rooney brothers
Wednesday, July 09, 2008
By Gerry Dulac, Pittsburgh Post-Gazette
Less than a year after they celebrated the 75th anniversary of one of the greatest family-owned franchises in sports history, the Steelers appear to be on the precipice of a major restructuring in ownership that could result in the franchise being controlled by a billionaire investor whose last name is not Rooney.

Stanley Druckenmiller, who owns Pittsburgh-based Duquesne Capital Management and whose lifelong dream is to own the Steelers, is engaged in negotiations with at least three, and possibly four, of the five Rooney brothers to purchase their shares of the franchise and become majority owner of the team -- a move that has pitted Steelers chairman Dan Rooney in an awkward and perhaps contentious financial battle against the rest of his brothers.

Mr. Druckenmiller, 55, an Oakmont Country Club member who lives in New York and is known as the "Tiger Woods of Wall Street," was approached by a member or representative of the Rooney family several months ago about purchasing the shares of at least three of the brothers, believed to be Tim, Pat and John Rooney.

According to a source who is a friend of Mr. Druckenmiller, he might also be in position to purchase the share owned by Art Rooney Jr., a move that would give Druckenmiller controlling interest of a franchise that has been owned by the Rooney family since the late Art Rooney Sr. purchased the team in 1933. Goldman Sachs & Co., a Wall Street investment bank, is negotiating the financial arrangement.

The five Rooney brothers combine to own 80 percent of the team, with each owning an equal share, or 16 percent. The family of Jack McGinley, who died in October 2006, owns the other 20 percent.

"This is the first time this has been this serious," said McGinley's son, Pittsburgh attorney John McGinley Jr.

Mr. Druckenmiller is the only investor who has been approached by the Rooney family, according to a source familiar with the situation. However, his involvement has forced Dan Rooney, the oldest of the five brothers, and his son, Art II, the team's vice president, to seek additional financing to purchase the brothers' shares and keep controlling interest of the franchise in the family.

Mr. Druckenmiller declined comment yesterday. However, his friend told the Post-Gazette that it has been Mr. Druckenmiller's "lifelong dream" to own the Steelers and that he has no intention of relocating the team or disrupting the management of the franchise. According to the friend, Mr. Druckenmiller said that Dan Rooney can run the team "as long as he wants."

Mr. Druckenmiller is such a die-hard Steelers fan that he flies from New York to every home game and even paints his face black-and-gold, his friend said.

"I don't think there is any doubt that anyone who looked at this operation would want to have Dan and Art involved," Mr. McGinley said. "I hope this works out. We live too close to each other. These guys are like my brothers."

The restructuring of the owners could be completed by next month, according to a person familiar with the situation.

The restructuring of the ownership has been going on quietly for two years, in part because Dan Rooney is trying to comply with National Football League policy that prohibits owners from having a financial investment in racetracks and gambling.

Three of the Rooney brothers who own an equal share of the team -- Tim, John and Pat -- are involved in the operation of Empire City at Yonkers Raceway, a harness racing track in Yonkers, N.Y.; and the Palm Beach Kennel Club in West Palm Beach, Fla. Each of those facilities also includes slots and/or gaming tables.

But that is not the sole reason for the restructuring. According to a family member, the brothers are concerned about their advancing age and want to pass their financial share of the franchise to their children -- an enticing prospect when they learned the franchise was valued between $800 million and $1.2 billion by Goldman Sachs.

Some of the Rooney brothers were upset when Dan Rooney, the oldest son of founder Art Rooney Sr., gave them a buyout proposal that they felt was significantly undervalued, a source said. That's when a member or representative of the family approached Mr. Druckenmiller about purchasing their shares.

More than a decade ago, the late Jack McGinley Sr., who was married to the sister of Art Rooney Sr., received a call from an intermediary who said he knew someone who would buy the McGinley shares if they became available. According to McGinley's son, John, his father responded, "Tell him we're quite happy the way things are."

That person interested in buying the McGinley shares was Mr. Druckenmiller.

It is not known if the McGinley family would still refuse to sell its shares to Mr. Druckenmiller, but he does not need them to gain controlling interest.

If Mr. Druckenmiller purchased the shares of three brothers, he would own 48 percent of the Steelers, more than either Dan Rooney or the McGinley family, but still not enough to have controlling interest. If he purchased the shares of four brothers -- a possibility according to at least two sources -- he would have 64 percent and become the principal owner.

That is what Dan Rooney and Art Rooney II are trying to prevent. They are seeking to buy the brothers' shares to gain controlling interest of the franchise, something they revealed in a statement released Monday afternoon. Former NFL Commissioner Paul Tagliabue, an attorney, is working with the Steelers to remedy the situation.

Greg Aiello, an NFL spokesman, said the league would not comment on the Rooney re-structuring, saying it supported the statement released by the Steelers. Mr. Aiello said the NFL is not pressuring the Rooneys into restructuring.

The NFL requires all new owners to have at least 30 percent controlling interest in the franchise. The Steelers, though, are among a handful of older franchises that do not have to abide by that policy because they were "grandfathered" under the old guidelines.

I really don't want Dan & Art II to lose controlling interest in this team. If it ain't broke don't fix it IMO and the fact that these 3 brothers are thinking of selling their controlling interest to an outside party makes me sick. The Rooney's are steeped in tradition, they love Pittsburgh, it's in their heritage, they know what it means to have integrity in todays professional sports world. You bring in an outside 3rd party who's nothing more than a business man with a lot of money, the legendary ownership we know and love will be gone....just like that.

Mr. Druckenmiller declined comment yesterday. However, his friend told the Post-Gazette that it has been Mr. Druckenmiller's "lifelong dream" to own the Steelers and that he has no intention of relocating the team or disrupting the management of the franchise. According to the friend, Mr. Druckenmiller said that Dan Rooney can run the team "as long as he wants."

I can appreciate this, the guy seems like a football fan and a true Steelers fan, and to me it wouldn't be that big of a deal if he would ending having part ownership of the team but I would most definitely prefer it if Dan and Art would gain majority control.

SteelerSal
07-09-2008, 08:14 AM
If Mr. Druckenmiller purchased the shares of three brothers, he would own 48 percent of the Steelers, more than either Dan Rooney or the McGinley family, but still not enough to have controlling interest. If he purchased the shares of four brothers -- a possibility according to at least two sources -- he would have 64 percent and become the principal owner.



The thought of this makes me sick to my stomach.

memphissteelergirl
07-09-2008, 11:18 AM
The thought of this makes me sick to my stomach.


You and me both!

SteelfordWexler
07-09-2008, 01:37 PM
It is ironic that the good fortune the NFL has experienced will likely cost Dan Rooney his team. I read that he offered his brothers $35 million over 10 years - and market value for each brother's share is somewhere around $160 million. No wonder they've been working on this for 2 years. I wouldn't do it either. Dan and Art 2 will not be able to raise that kind of capital and maintain an acceptable debt ratio for the team and the NFL. Even a with a significant family discount I can't see them getting this done around those numbers.

As for Drunkenmiller moving the team, can you see the NFL letting that happen with the recent committment to Heinze field and the massive fan support? Maybe way down the road if things change considerably, but I hope not.

I doubt that Drunkenmiller would do it anyway. My guess is he wants the team because he is one of us crazy fans pursuing his dream :cope:. It is obvious that this isn't a pure business decision for him. NFL franchises do not really make that much money relative to their market value. If the value of the Steelers today is about $1 billion and the team makes about $20 million a year in profits - my guess is he can do better investing elsewhere (or he'd better be able to). I'm not a finance wiz, but it doesn't seem close to a good investment to me.:coffee1:

SteelerSteve
07-09-2008, 03:06 PM
am I missing something? Is this not a big deal, am I worried for no reason? I heard about this while on post this morning and it made me sick.

AZ_Steeler
07-09-2008, 06:44 PM
Link to story... (http://sports.espn.go.com/nfl/news/story?id=3479062)

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.

Copyright 2008 by The Associated Press

Steelersfan
07-10-2008, 01:16 AM
Hopefully this will shed a little more light on this topic.......


News that the Rooney family must restructure its ownership of the Pittsburgh Steelers (http://sports.espn.go.com/nfl/clubhouse?team=pit) caught sports fans off guard. Dan Rooney and his son, Art, run what is considered the most stable and one of the most well-operated franchises in the NFL. A family-run business since the late Art Rooney Sr. purchased the team in 1933, the Steelers went public with the news after two years of stalled negotiations. Here are answers to five primary questions about the ownership reorganization.
Q: Why do the Rooneys have to restructure?
A: In many ways, this reorganization was inevitable. Art Rooney Sr.'s legacy was the Steelers and racing. In the early 1970s, Art purchased a dog track in West Palm Beach, Fla., a harness horse racing track in Yonkers, N.Y., and other racing investments. His five sons -- Dan, Art Jr., Timothy, Patrick and John -- own the majority of the Steelers' stock, divided in five equal shares. Dan ran the Steelers. Most of the other brothers handled the racing interests. In 2006, video slots were added to Yonkers Raceway, but NFL ownership rules prohibit gambling interests as investments for team owners. To comply with league rules, the Rooneys either had to divest their ownership shares in the Steelers or eliminate the slots. The decision of some of the brothers was to keep the slots and enter into buyout negotiations with Dan and Art II. Two years of talks have not produced a deal.
Q: Is there any fear the Steelers might leave Pittsburgh? A: None. Because of the loyalty of Steelers fans and the success of Heinz Field, the Steelers are a successful business. The team generates $200 million in revenue and profits are reportedly at $20 million a year. The franchise is worth between $800 million and $1.2 billion. To move a franchise, a team must post financial losses for a few years. That's not happening in Pittsburgh. The Steelers are a winner on and off the field. The Steelers brand is one of the best in sports. The plan is for Dan and Art II to buy out some of Dan's four brothers, which will have an impact on operating expenses in years to come because they will have to borrow money to buy out their family members. Q: Will the Steelers stay under the direction of Dan and Art II?
A: Most likely, but major changes in ownership must occur. According to one plan, Dan offered $35 million to each brother and the McGinley family, which owns 20 percent of the team, for a 5 percent stake in the Steelers. The brothers believe the price of the shares should be higher, so talks continue. To fund these transactions, Dan and Art II probably need to come up with a new partner, and the name being mentioned is Pittsburgh billionaire Stanley Druckenmiller, the chairman of Duquesne Capital Management. Druckenmiller, who's worth $3 billion, once lived in Pittsburgh, and was a loyal fan. He lives in New York now, but still has a company office in Pittsburgh. Q: How is the league office handling the situation? A: The league is sensitive to the Rooney ownership issues and isn't putting any pressure on the family. The league has imposed no deadline for resolution, and former commissioner Paul Tagliabue has offered his services as a consultant to mediate the situation. The league wants Dan and Art II to continue to run the Steelers, and it wants to make sure the team doesn't incur more debt than is manageable. That support has bought the organization two years to solve this problem. Even though the league has been working with the Steelers for those two years, it never leaked any of the details to the media. Years of being a model franchise earned the Steelers that perk.
Q: What will be the final resolution? A: Ultimately, Dan and Art II should end up continuing to run the Steelers. Once the brothers who want to sell settle on the value of those shares, deals will be worked out. It probably means that a noncontrolling new partner such as Druckenmiller will be brought in as an investor. Budgets might be a little tighter because of a new debt load, but the Steelers should still be the Steelers in the end. John Clayton, a member of the Pro Football Hall of Fame writers' wing, is a senior writer for ESPN.com.

http://sports.espn.go.com/nfl/columns/story?columnist=clayton_john&id=3478129

Koopa
07-10-2008, 01:38 AM
these guys are old, the **** do they want so much money for?? they gonna die soon anyway, just sale your shares for what they are offering and move on..............

BlitzburghRockCity
07-10-2008, 07:01 AM
http://www.post-gazette.com/pg/08192/896048-66.stm?cmpid=HBEHTML


Thursday, July 10, 2008
By Gerry Dulac and Dan Fitzpatrick, Pittsburgh Post-Gazette
On a day when the four Rooney brothers officially announced Wall Street investment bank Goldman Sachs & Co. as the financial adviser for the possible sale of their ownership stake in the Steelers, Dan Rooney and his son, Art II, began lining up "names you will recognize" to be part of a financial partnership that they hope will help them gain majority control of the National Football League franchise.

And here's a twist: One of the persons with whom they have had discussions is none other than billionaire investor Stanley Druckenmiller -- the same person who is seeking to buy the shares of the other four Rooney brothers and become majority owner of the Steelers.

According to a source who has intimate knowledge of the situation, the Steelers are working with two investment banks -- Morgan Stanley in New York and PNC Bank, Downtown -- and are compiling a team of investors to buy all, or even a portion, of the shares owned by the other four Rooney brothers -- Art Jr., Tim, Pat and John.

The investors, who were not identified, are people from the Pittsburgh area and other parts of the country, some of whom are "names you will recognize," according to the source.

They would help Dan Rooney, chairman of the Steelers, and Art Rooney II, the team's president, come up with a financial package that would allow them to purchase enough shares and assume majority control of the Steelers without violating the NFL's limit on debt assumption, the source said. The NFL has what is known as a "debt ceiling" of $150 million per franchise, though the league has been known to grant waivers to some teams.

It would also allow the Steelers to comply with an NFL policy that requires a team owner to have at least 30 percent controlling interest in the franchise. Right now, the Rooney family owns 80 percent of the team, with the five brothers each owning an equal share, or 16 percent.

However, the Steelers are one of several teams that have been "grandfathered" before the policy took effect because of the Rooney family's 75-year involvement with ownership.

The source also said that one of the four Rooney brothers is considering selling his entire share in the team, while the other three could sell just a portion of their share -- making it even more financially palatable for Dan Rooney to gain control of the franchise.

Speaking on a radio show that was taped Tuesday but aired last night on KQV Radio, Dan Rooney said, "What we're trying to do is get in compliance with NFL rules, that's the No. 1 thing. That includes the gambling [policy] and the 30 percent requirement. I'm doing everything I can to get us into compliance."

One of those things, ironically, is seeking the financial help of Mr. Druckenmiller, 55, chairman of Pittsburgh-based Duquesne Capital Management, which has an estimated worth of $3.5 billion. It is not known what level of involvement Mr. Druckenmiller would have with Dan Rooney, especially because he was the only investor contacted by the other four Rooney brothers in their evaluation of alternatives for their ownership shares.

But, according to the source, Dan Rooney and his son have talked to Mr. Druckenmiller, an Oakmont Country Club member, and "it's possible" he could be a part of their financing team.

.

It seems obvious that Dan and Art II have confidence in Drunkenmiller to be the partner they would like to deal with in this situation so the infrastructure of the team as it is today can remain intact.

NOVA STEELERS
07-10-2008, 07:21 AM
http://www.post-gazette.com/pg/08192/896048-66.stm?cmpid=HBEHTML



It seems obvious that Dan and Art II have confidence in Drunkenmiller to be the partner they would like to deal with in this situation so the infrastructure of the team as it is today can remain intact.

:pray: :crossfingers:

JensK
07-10-2008, 07:48 AM
jeez.. get it done already imo!

ejsteeler
07-10-2008, 10:35 AM
jeez.. get it done already imo!

Yes, and I believe Dan will kick the bucket trying make sure it gets done right for the Rooney name, the city and the fans.

Stlrs4Life
07-10-2008, 11:02 AM
Mark Cuban Can Fix YouTube, Interested In Pittsburgh Steelers?
by Mike Baron
http://www.postchronicle.com/news/or...12157414.shtml (http://www.postchronicle.com/news/original/article_212157414.shtml)

When Mark Cuban gets an idea, he isn't the type to keep it to himself. Mark Cuban has presented a plan for making YouTube profitable on his blog.

There have also been rumors that the maverick might be interested in purchasing the Pittsburgh Steelers NFL franchise.

Cuban grew up near Pittsburgh and once wore a Ben Roethlisberger jersey on the Late Show with David Letterman. Does that mean we should expect to see him in the owners box for Steelers games?

We'll see.

As far as YouTube goes, a big audience doesn't automatically mean big profits

BlitzburghRockCity
07-10-2008, 12:51 PM
When you really think about how Art purchased the Steelers for 2500.00 and now it's worth around 1 billion! That's just mind blowing and all the credit goes to the Rooney family for keeping it together and moving forward year after year.

SteelerSteve
07-10-2008, 03:11 PM
Okay, thanks for clearing that up, besides it sounds like Druckenmiller is a Steeler fan himself, so I can rest a little easier lol

BBG7
07-10-2008, 03:59 PM
The Pittsburgh Steelers ownership situation isnít near as clear as the media seems to think it is. Over the past few days, weíve all been caught up in the ďwill theys and wonít theysĒ of the potential Pittsburgh Steelers sales. After hearing several interviews over the past 12 hours, I now realize something: the media really has no clue as to whatís going on.

After hearing from the sources mouths over the past day or so, this is what Iíve gathered about each of the parties involved:


Dan Rooney and his son, Art Rooney II: Dan is 75 years old, and the Steelers are 76 years old. Itís not hard to figure out that Dan Rooney, in a lot of ways, IS the Pittsburgh Steelers. Heís been involved with the team since birth, and is the only brother that has maintained his role with the Steelers since his father died. Black and Gold is what runs through Dan Rooneyís blood. Dan has essentially been running the team since the early 1970ís, officially took over in the late 70ís, and took over the ownership role when Art Sr. died 20 years ago, in 1988. No, his 16% ownership didnít trump any of the other brothers, but obviously, the other brothers saw fit to let him run the club.

Rooney is not only a respected owner, but unquestionably the most respected owner in the NFL. I donít know the guy personally, but as far as owners go, he doesnít seem to fit the mold of what an owner is. The players, coaches, media, agents and other owners all think highly of Rooney. Why? Heís probably a good guy. Like I said, I donít know him, but I can only go by reputation, and saying that itís just a good one would be an understatement.

Rooney and his son want to keep the team in the family, and you can tell from interviews, and from statements that Rooney will do anything to stay in control. No, itís not a guy thatís power hungry at all. He just doesnít want to give up whatís him. Iím sure Dan feels like the legacy of the family, and he has every right to. Art Sr. purchased that team, and in being the Ďlovable loserí for all those year, became one of the most popular figures in all of Pittsburgh. Dan sees that. Dan sees the legacy. It courses through his veins, and Iím sure, now courses through his sonís veins as well. Thatís why heís willing to risk his family fortune by taking on a sizable debt to purchase his team from his brothers.

Listen, itís not a smart business decision for the Steelers, the Rooneys, and for us fans. Still, Dan wants to maintain the Steelers legacy. I get it. I have a family too.

Art Jr., John, Patrick and Timothy Rooney: Danís plan has the team valued at $700 million dollars. The franchise is worth at least $200 million more than that. Iím sorry, but if I hear ďwhatís another $200 millionĒ from another person, Iím going to puke. Thatís a lot of coin, and when you take into account that the team could be valued at up to $1.2 billion, well, $700 million just doesnít cut it. Taking into account everything financially, selling to someone who can pay top dollar makes sense, and it may not be for just the four brothers, but for Dan as well. Attached to the team are estate taxes, which could be up to 45% of the value of the team. Jack Kent Cookeís foundation had to sell the team, just to cover those estate taxes. It appears as though the Steelers would fall into the same category.

Art Rooney Jr., who there had been reports abound that he was with brother Dan in his attempt to keep the Steelers, isnít. When asked about the sale recently, he hinted that he needed to make sure his future generations were taken care of, and that getting the most was important. I know, I know, itís a lot of money, but at the end of the day, if someone told me the government was going to tax my billion dollars by half, Iíd have large issues with that. There was also something mentioned in the Wall Street Journal today about the team being double taxed in a sale, on Capital Gains, and income tax. Folks, thatís a whole lot of beans. That double-taxing can be blamed squarely on decisions made by Dan Rooney.

It appears as though the Steelers could have been turned into an S corporation. An S corporation that is established doesnít have to pay corporate taxes (Capital Gains), just the taxation to the owners of the team, through income tax. As a C corporation, they are still liable to pay the double tax. Iím not sure the process for an organization like the Steelers to make the transition, but itís something thatís commonly done. Again, more coin gone to the man.

As much as you want to hammer the brothers for this, you just canít. Thereís just much more to it than that.

The McGinleys: They arenít in the equation at all. Theyíve not been approached to do anything with their 20%. They are close to some of the Rooneys, but it appears that Dan isnít one of them. Even so, they are going one way or another, just hoping itís resolved. That 20% is out of play.

The NFL: This is tricky. On one hand, they want Dan Rooney to get the team. Even Goodell knows how influential Dan is, and how respected he is. Dan does the right thing, and having him as an owner is extremely important to a relatively new commissioner. On the other hand, this is bad PR for Goodell and the NFL. Goodell, as we all know, is more a Ďrules czarí than anything else. He needs the Rooneys to get rid of the gambling. He needs a sale. I want to drop the hammer on Goodell, but canít. Heís given them two years. He stepped in a year ago to end the family squabble. Heís the one who suggested the family buyout. Unfortunately, it didnít work out. Iím sure there were other owners questioning why Rooney and the Steelers werenít being acted upon. Iím sure someoneís hand in the NFL family called the Rooneys out. Goodell had to act.

Stanley Druckenmiller: This guy is money. Thatís his deal. Heís also a Steelers fan, and supposedly a family friend, although I donít buy that anymore. I donít believe, now, that Dan contacted him, though I do believe the family contacted him, and that Dan has since talked to him about the ownership. In the interview Iíve seen, Rooney seemed to like Druckenmiller, but didnít really have any first-hand knowledge of him, as a friend would. He also was really cautious in his beliefs about what role he might play in a Druckenmiller owned Steelers.

Not much else is known about Druckenmiller, who really hasnít said anything. Heís doing what a good business man does, heís letting the media speak for him. Is he a family friend? Maybe not, but it doesnít hurt the sale if people think he is. Keep the Rooneys aboard? Maybe not, but it doesnít hurt the sale if people think he is. Weíll know more when he actually speaks. Until then, I see $3.5 billion dollars. Thatís some serious coin, and would keep the Steelers above board, as long as they didnít turn into the Redskins. This isnít Mark Cuban weíre talking about, although there have been Cuban rumors circulating.

So where does that leave us? Well, I can safely say that we wonít know for awhile. I canít see the Rooneys maintaining control of this franchise. If Dan has to accumulate sizable debt, it will hurt the franchise in the long term. Itís hard to buy players, when you are busying paying off hundreds of millions of dollars in debt. So look for Druckenmiller to eventually become the majority owner, and to appease the other owners long enough, look for him to place the Rooneys in control of the team, for awhile.

Unfortunately, itís my belief that the Rooneys are about to be fazed out of the team they built out of money won at the trackÖ

because ofÖwellÖ

money won at the track.

http://mvn.com/nfl-steelers/2008/07/10/the-steelers-potential-sale-isnt-so-clear-after-all/

I have heard so many conflicting stories with this, I don't know what to believe.

Koopa
07-10-2008, 04:07 PM
i'd disown the steelers if mark cuban bought the steelers, the dude doesn't know how to put a winning team together, he just tries to get all the big names and think that wins you championships.................... but then again, he might get us artificial turf lol

Black@Gold Forever32
07-10-2008, 04:54 PM
I have much respect for the Rooney's and would like to see them remain owners......But that article BBG7 posted mentioned how its Dan Rooney's fault why he is in this mess....lol He dropped the ball when he didn't make the Steelers an S cooperation......I think it just goes to show his old school ways does fit in todays NFL....So I want to see an owner like Drunkenmiller take over......I thank the Rooney family but its time for them to move on.....

BlitzburghRockCity
07-10-2008, 06:45 PM
So we're at square one and it's a total guessing game as to who's saying what to when and when about this and that.

SteelerDan43
07-10-2008, 06:52 PM
I have much respect for the Rooney's and would like to see them remain owners......But that article BBG7 posted mentioned how its Dan Rooney's fault why he is in this mess....lol He dropped the ball when he didn't make the Steelers an S cooperation......I think it just goes to show his old school ways does fit in todays NFL....So I want to see an owner like Drunkenmiller take over......I thank the Rooney family but its time for them to move on.....

Dan Rooney didn't get the team into "this mess" by not making the team an S cooperation, the NFL got them into this when they changed the rules about what industries the owners could be involved in outside of football...

AZ_Steeler
07-10-2008, 07:44 PM
Link to story... (http://sports.espn.go.com/nfl/news/story?id=3482116)

PITTSBURGH -- Pittsburgh Steelers chairman Dan Rooney faces an uphill climb in trying to acquire majority control of one of pro sports' best-known franchises now that his four brothers have hired an investment firm to field offers for their shares of the club.

In a curious twist, Art Rooney Jr., a Pro Football Hall of Fame nominee for his drafting skills who was fired by Dan Rooney 21 years ago, may decide if the team stays in the Rooney family's control.

Dan Rooney, widely viewed as the NFL's most influential owner, has spent two years in an unsuccessful attempt to buy out his four younger brothers' stakes in the five-time Super Bowl championship franchise. Each brother owns 16 percent, or a total of 80 percent.

The other 20 percent is owned by the family of the late Barney McGinley, who helped Steelers founder Art Rooney Sr. reacquire the Steelers in the 1940s after Rooney sold the team for a brief time. The McGinleys' share is not believed to be for sale.

To prevent an outside investor -- possibly investment billionaire Stanley Druckenmiller, a longtime Steelers fan -- from obtaining a majority stake, Dan Rooney needs to persuade at least one brother to sell to him.

That would give him 32 percent of the team, enough to satisfy the NFL's requirement that the primary owner have at least a 30 percent share. If the McGinleys don't sell, no other investor could own more than 48 percent.

Art Jr., who helps run the Rooneys' real estate holdings, is the only other Rooney brother who lives in Pittsburgh. He said his three out-of-town brothers are loyal Steelers supporters who dislike being part of any possible disruption of the Rooney family's ownership.

"We bleed black and gold," Art Rooney Jr. said at a signing for his new book about Steelers founder Art Rooney Sr. and the family. "What bothers me is I hear people say the out-of-towners [the Rooneys who don't live in Pittsburgh] don't love the Steelers. They love the Steelers."

Still, Art Jr. finds it ironic he may decide if the Rooney family keeps the Steelers, giving his falling out with Dan.

Art Jr., the only other Rooney brother who worked full time for the team, was so skilled as a scouting director that his drafts in the late 1960s and early 1970s were largely responsible for the Steelers winning four Super Bowls in six years.

How about that? I've become a big shot after being exiled 20 years ago.

-- Art Rooney Jr.

His 1974 draft alone produced Hall of Famers Lynn Swann, Jack Lambert, John Stallworth and Mike Webster and led to Art Jr. being nominated for the Hall of Fame.

After the Steelers drafted only two Pro Bowl players from 1978-86, Dan fired his bother in 1987 as the scouting and player personnel chief, and Art Jr. has not been involved in the Steelers' football operations since.

However, Art Jr. called the current ownership crisis "sad," although he said his father would understand the brothers' desires to be properly compensated for their shares.

A revamping of the ownership group is needed because the Rooney family runs race tracks in Florida and New York that now offer video slots and other forms of gambling not permitted of NFL owners.

A troubling sign for Dan Rooney is that his brothers -- Art Jr., Tim, Pat and John, all of whom will be at least 70 by next year -- retained Goldman, Sachs & Co. to weigh offers. Their shares are likely worth more than Dan Rooney and son Art II, the team president, could raise and still remain under the NFL's ceiling of $150 million in ownership debt.

The brothers likely would not have retained Goldman, Sachs if they felt they could soon work out a deal with Dan Rooney. The move also reflects their fears that selling to Dan Rooney, coupled with the ensuing taxes, could leave their children and grandchildren with far less money than their shares are worth.

If any of the brothers were to die in the near future without a change in ownership, their heirs would face estate taxes of up to 45 percent of the shares' value.

A year ago, Forbes Magazine valued the Steelers at slightly less than $1 billion -- quite a return on Art Rooney Sr.'s initial investment of $2,500. Each Rooney brother's stake is worth about $160 million, or less than Dan Rooney is believed to be offering.

Dan Rooney has been working with Morgan Stanley and PNC Financial Services to attempt to bring in additional investors who might prop up his buyout attempt. Rooney hopes that former NFL commissioner Paul Tagliabue, who is representing the league in the matter, may help work out a deal.

The NFL supports Dan Rooney's attempts to keep the team in the Rooney family, not surprising given how Art Sr. and Dan Rooney have been among the most influential figures in league history. Both are in the Pro Football Hall of Fame.

"The league will continue to support the Rooneys in their efforts to retain control of the Steelers," NFL spokesman Greg Aiello said Thursday.

Dan Rooney does not necessarily need to own 50 percent or more of the club to continue to operate it. Among his closest friends are the Mara family, which runs the Super Bowl champion New York Giants although it shares a 50-50 ownership split with Steve Tisch, the son of former co-owner Robert Tisch.

Druckenmiller, an avid golfer whose $500,000 gift helped Oakmont Country Club in suburban Pittsburgh land the 2007 U.S. Open, has long coveted the Steelers and first tried to buy into them 10 years ago. He is believed to want only financial control, not day-to-day control of the club's operations.

Copyright 2008 by The Associated Press

Ambridge
07-10-2008, 09:36 PM
the team will never leave pittsburgh...the nfl wouldnt have it and druckenmiller is a pittsburgh man anyway...and the rooneys wouldnt sell if they were planning on moving the team

The whole notion of the Steelers leaving Pittsburgh is 100% Hogwash"!!
The Steelers are one of the leagues Flagship organizations and even if new ownership could relocate the team where are they going to go that is a more viable/lucrative opportunity??

DBR96A
07-11-2008, 05:04 AM
The whole notion of the Steelers leaving Pittsburgh is 100% Hogwash"!!
The Steelers are one of the leagues Flagship organizations and even if new ownership could relocate the team where are they going to go that is a more viable/lucrative opportunity??

The following is my response to some fool on Pro Football Talk who claimed that new ownership would surely move the Steelers to a larger market...


http://www.tvjobs.com/cgi-bin/markets/market2.cgi

According to Nielsen Media Research, the Pittsburgh DMA (Designated Market Area) ranks 22nd in the United States. There are exactly three DMAs larger than Pittsburgh that do not have an NFL team. They are:

2. Los Angeles, CA
19. Orlando, FL
20. Sacramento, CA

NOTE: The Orlando DMA also includes Daytona Beach and Melbourne. The Sacramento DMA also includes Stockton and Modesto.

There are 11 DMAs smaller than Pittsburgh that have an NFL team. They are:

24. Baltimore, MD
25. Charlotte, NC
26. Indianapolis, IN
27. San Diego, CA
30. Nashville, TN
31. Kansas City, MO
33. Cincinnati, OH
49. Jacksonville, FL
50. Buffalo, NY
53. New Orleans, LA
70. Green Bay, WI

There are several other NFL-deprived DMAs that most people probably believe are bigger than the Pittsburgh DMA, even though they're not. They include, but are not limited to:

23. Portland, OR
37. San Antonio, TX
43. Las Vegas, NV
45. Oklahoma City, OK

In summary, if you want the Steelers to move to a larger TV market, you have only three options:

1. Move the team to Los Angeles (more on this in a moment).
2. **** off the Tampa Bay Buccaneers and Jacksonville Jaguars by moving to Orlando.
3. **** off the Oakland Raiders and San Francisco 49ers by trying to move to Sacramento.

In summary, if you're looking for a DMA larger than Pittsburgh that isn't already heavily-influenced by a nearby team, then Los Angeles is really your only bet.

Anyway, there are a few other things that are sure to interfere with your wet dream of the Steelers leaving Pittsburgh. First of all, in order for a team to be relocated, it must post several consecutive years of losses before the NFL will let a team owner even consider relocation. The chances of the Steelers going into the red anytime soon are virtually zero, especially since ultra-modern Heinz Field opened in 2001, and the Steelers no longer have to split stadium revenue with the Pirates. (Not that the Steelers were in the red even when they had to.)

Furthermore, there's a business concept known as "brand equity." That basically means that a product's name alone is worth something, and the more proven and reliable the product behind the name, the more the name is worth. The name "Pittsburgh Steelers" is worth a lot of money, thanks in no small part to their winning tradition over the last 35 years. Make no mistake: it's not just "Steelers" that holds value; it's "PITTSBURGH Steelers." A name like "Los Angeles Steelers," "Orlando Steelers" or "Sacramento Steelers" has zero brand equity. It's tantamount to Toyota Motor Company renaming its Toyota brand and expecting people to keep buying Camrys and Corollas at the same pace. People want a "TOYOTA Camry," not a "Kamikaze Camry" or a "Yamaguchi Camry." Face it; if the size of a team's DMA mattered more than its brand equity, then the Green Bay Packers would be worthless, and probably would've been relocated a long time ago. Instead, they're one of the three flagship NFL franchises, along with the Steelers and the Dallas Cowboys.

Another reason the Steelers have the brand equity they do is because of fan support. The Steelers' fan base is of a magnitude rivaled only by the Cowboys and Packers. We're talking teams with nationwide fan armies. They don't just show up at road games; they crowd the home crowd out too. All three of 'em. The NFL knows that there's lots of money to be made in those three fan bases, and anything that jeopardizes those revenue streams jeopardizes the health of the entire league. An NFL without the PITTSBURGH Steelers is severely weakened, just like it would be without the Dallas Cowboys or Green Bay Packers. If the Steelers were to relocate, almost all of their nationwide fan army would be gone in a flash, and so would their money. (POP QUIZ: According to Huellars, which NFL team leads all others in merchandise sales since 2000?) Hoping for the Steelers to move out of Pittsburgh is like hoping for the NFL to commit suicide.

Oh yeah, I forgot to mention that the Steelers are bound to their lease at Heinz Field until the end of the 2030 season, so that kinda gets in the way of any relocation plans, don't'cha think? Not to mention that the Pittsburgh metropolitan area has been adding "real" wealth (per capita income minus regional consumer price index) at a rate much higher than the national average since 2000, according to the Fourth District Office of the United States Federal Reserve (http://www.clevelandfed.org/research/Trends/2008/0608/02regact-4.gif).

Basically, what it all boils down to is this: There is far, FAR more to lose by relocating the Pittsburgh Steelers than there is to gain. It simply is not worth it, and it has to do with much more than Nielsen Designated Market Areas. Anybody who says that it makes no economic sense for the Steelers to stay in Pittsburgh, has no economic sense themselves.

So those who dislike the Steelers would willingly force an expensive legal battle to break their lease at Heinz Field, and then destroy the team's brand equity and alienate one of the NFL's largest fan bases, all for the sake of moving the team to a new market that might not necessarily even be bigger than Pittsburgh? Wow...they're dumb! :clueless:

BlitzburghRockCity
07-11-2008, 06:56 AM
Here is the latest, some definite good news if anyone was worried at all about the team leaving Pittsburgh. Like most of you though the notion of anybody taking the team away from Pittsburgh is nothing to worry about; the more concern is will the new owner, Drunkenmiller or not, want to be a Jerry Jones nosey do it all or will he be a smart, objective, and team first kind of guy who lets the guys that know how to do the job now, do it.

http://www.post-gazette.com/pg/08193/896345-85.stm?cmpid=HBEHTML




Investor confirms talks with 5 Rooneys
Friday, July 11, 2008
By Dan Fitzpatrick, Pittsburgh Post-Gazette
Billionaire hedge fund manager Stanley Druckenmiller acknowledged yesterday that he is interested in purchasing the Steelers and pledged that "any resolution involving me will guarantee the team remains in Pittsburgh."

"I am more than aware how uniquely important the Steelers are to the city," he said in a short statement.

The chairman of Duquesne Capital Management has talked to both sides of the Rooney family -- the four brothers who hired Wall Street investment bank Goldman, Sachs & Co. to evaluate offers for their shares, and the fifth brother, Dan, who wants to buy out his four brothers and become majority owner of the Steelers. At the same time, Dan and his son Art II are also trying to line up other investors to buy all, or even a portion, of the shares held by Art Jr., Tim, Pat and John.

"My primary objective," Mr. Druckenmiller said, "is to do what is in the best interests of the Pittsburgh Steeler franchise, the fans, the city of Pittsburgh, the Rooney and McGinley families and the National Football League." The Rooneys control 80 percent and the McGinleys control the other 20 percent.

The Rooney family, he said, "is working through a number of complicated issues regarding the ownership structure ... I have been involved in these discussions and am interested in participating in a transaction that builds on the legacy of this great franchise and one that makes economic sense to everyone involved."

The comments are the first from Mr. Druckenmiller since his name surfaced earlier this week as a potential buyer. In breaking his silence, he expressed an "intent to keep my public comments to a minimum as the process moves forward."

He added: "One can only be in awe of the way this franchise has been operated for many decades and we are all in debt to Dan Rooney and the rest of the family for what that has meant to the city. Based on all the discussions in which I have been involved, it is the desire of the entire family to attain a result which provides similar success in the decades ahead.

"I hope to be involved in achieving that objective."

Mr. Druckenmiller, worth an estimated $3.5 billion, is not the only well-heeled investor with an interest in the Steelers. A prominent out-of-town family has also contacted the Rooneys, said a source close to the Rooney family. This family is "huge" and "bigger than anybody in Pittsburgh," according to the source, and like Mr. Druckenmiller has the wherewithal to pull off a deal without participation from other investors.

Others who have contacted the family are people from Pittsburgh and around the country who can contribute tens of millions apiece, this source said.

Another source with knowledge of the negotiations said that the four brothers are dealing only with Mr. Druckenmiller. He said the brothers have been concerned for some time that the dividends paid to the shareholders -- the brothers and the McGinley family -- have been decreasing, though the brothers were led to believe that the proceeds would improve once the team moved to Heinz Field. That has not happened, however, in large part because of increasing player costs.

BBG7
07-11-2008, 11:43 AM
http://mvn.com/nfl-steelers/2008/07/11/druckenmiller-confirms-interest-in-steelers/

Here's a quote (I feel the need to post the whole article, but there's a link)


Druckenmiller did guarantee that ďany resolution involving me will guarantee the team remains in Pittsburgh,Ē but donít count on the billionaire to make many more comments about any potential deal, as he is ďintent to keep my public comments to a minimum as the process moves forward.Ē

This is atleast a good feeling. The more I think about anything...being owned by billionair that is also a HUGE Steeler Fan can't be a bad thing as long as they stay in Pittsburgh (and I don't see him moving them anywhere else)!

DBR96A
07-11-2008, 03:04 PM
D-R-U-C-K-E-N-M-I-L-L-E-R

Think "truck," except with a "D." (Am I the only one who's annoyed by people calling him "Drunkenmiller"?)

K Train
07-11-2008, 03:13 PM
they really couldnt move the team without changing the name....steelers wouldnt make sense anywhere else. and i think they wouldnt approve of moving pittsburgh....it would be about equal to moving dallas, were just one of the teams that doesnt get thrown around when you talk about uplifting a team from its city

stillers4me
07-11-2008, 03:58 PM
D-R-U-C-K-E-N-M-I-L-L-E-R

Think "truck," except with a "D." (Am I the only one who's annoyed by people calling him "Drunkenmiller"?)

I know what you mean. But I have to admit, the "Drunken"version has slipped out of my mouth a couple of times! :scratch:

Just call him Stan the Man. :cabbagepatch:

Ambridge
07-11-2008, 07:40 PM
According to Nielsen Media Research, the Pittsburgh DMA (Designated Market Area) ranks 22nd in the United States. There are exactly three DMAs larger than Pittsburgh that do not have an NFL team. They are:

2. Los Angeles, CA
19. Orlando, FL
20. Sacramento, CA

Los Angeles-C'mon!! Has anyone ever wondered why there has never been a viable team in LA since the Rams left many years ago??
An LA fanbase is very fickle with their fan support and never come out in consistant numbers to fill a stadium. Not to mention that the traffic jams an congestion in and around LA is some of the worst in the country and wont be any better on game day.

Orlando-Yeah!! Jacksonville has one of the weakest fan bases in the NFL and are literally talking about contracting and moving on a yearly basis......so Orlando isn't going to suck any of their handful of fans away and Tampa is on the other side of the state to give a rats ***.
Besides Orlando has Disneyworld....that's about all that area can support.

Sacramento Oh Sure!! If that were such stroke of genius I think someone would have already tried to move a team there.

catlabman
07-12-2008, 12:11 PM
I think it will stay with the Rooney's, they'll get the shares to keep our team. But wouldn't it be nice to have an owner that wasn't tight with the money and would go into the free agency more than they have in the past? If the Steelers could hit the free agency and build a team of veterans of 5-6 years experience, and build around Big Ben, we could be unstoppable!:tt02::cope::plus1:

DBR96A
07-12-2008, 01:53 PM
Orlando-Yeah!! Jacksonville has one of the weakest fan bases in the NFL and are literally talking about contracting and moving on a yearly basis......so Orlando isn't going to suck any of their handful of fans away and Tampa is on the other side of the state to give a rats ***.
Besides Orlando has Disneyworld....that's about all that area can support.

Tampa and Orlando are only 70 miles apart. Driving from Tampa to Orlando is like driving from Pittsburgh to Morgantown.

BlitzburghRockCity
07-12-2008, 11:44 PM
When it's all said and done; Art II & Dan will still be the main guys running the team. Druckenmiller is the leading candidate as far as we know at this point. Moving the team out of Pittsburgh isn't going to happen so we can feel pretty secure in that. The Steelers are one with the city and it's fans; there's no other situation quite like it in professional sports.

SteelCityMan786
07-13-2008, 12:32 AM
Tampa and Orlando are only 70 miles apart. Driving from Tampa to Orlando is like driving from Pittsburgh to Morgantown.

One more reason why the Arena Football League Rivalry is called the War on I-4. and not to mention the Orlando Predators have the longest active streak of consecutive Playoff appearances in the league.(16 straight)

BlitzburghRockCity
07-13-2008, 11:29 AM
http://www.post-gazette.com/pg/08195/896752-66.stm?cmpid=HBEHTML


Art Rooney's letter to his sons is proving to be as telling today as it was in the months before his death.

Sunday, July 13, 2008

By Bob Smizik, Pittsburgh Post-Gazette

The 'mom-and-pop' business is in danger.

Just as politics makes strange bedfellows, money, particularly lots of it, makes unusual adversaries.

The Rooney brothers, the five sons of The Chief, the great Arthur J. Rooney, are at odds over the ownership of the Steelers -- their business, our passion.

We can only imagine what The Chief would think of this, of his boys fighting over the football team he founded. After all, he had warned them. He had told them -- more than 21 years ago -- it might come to this if they didn't listen to him. But like so many sons, they didn't heed the advice of their father. They knew better.

And so it has come down to this:

On one side is Dan Rooney, the eldest son and team chairman, who has run the organization so well for about 40 years. At his side is his son, Art II, who succeeded his father as team president.

On the other side are the four other Rooney brothers, Art Jr., Tim, John and Pat. Only Art worked in the football end of the family business, and he's been out of it for more than 20 years. Considering their ages, late 60s and older, the four brothers are concerned about their heirs. By most accounts, they want out of the football business and want what they believe is the proper remuneration for their 16 percent shares. That is said to be about $140 million apiece.

It has been written the four brothers are prepared to sell most or all of their holdings in the team, with multibillionaire Stanley Druckenmiller said to be ready to buy. Druckenmiller could control the team if the four brothers sell everything to him.

To avert this, Dan Rooney is reaching out to other billionaires to help him buy out his brothers and keep himself in control of the team.

There will be winners and losers in this, and we're not just talking about the Rooney brothers. We're talking about Steelers fans and the entire region.

It's hard to see Dan Rooney coming out of this a winner, although he never should be underestimated. His brothers are going to sell to someone, probably Druckenmiller, or he's going to bring in a partner. Either way, it will be difficult for him to maintain the control of the team that he has held. Generally speaking, when billionaires plunk down hundreds of millions of dollars, they want to be part of the action.

The days of a Rooney making the major decisions on football operations with the Steelers could well be near an end.

That makes the fans losers.

No disrespect for Stanley Druckenmiller because by all accounts he is a brilliant and generous man who loves the Steelers. He loves them so much he has been known to show up at Heinz Field with his face painted, just like any other crazed fan.

That's the problem. For all his business brilliance, Druckenmiller is a fan. Fans don't make good owners. Fans can't make the necessary ruthless business decisions involving their team. They lead with their heart, not their head.

Case in point: If a fan were running the Steelers, Alan Faneca would still be with the team. A fan wouldn't have the heart to allow the team captain, classy guy and extraordinary leader -- to say nothing of a great player -- to walk away through free agency. And that would have been a bad business decision.

Who knows? With a fan in control, Plaxico Burress might still be with the Steelers.

A fan might have fired Chuck Noll after a 1-13 season in 1969.

Dan Rooney ran the team he loved with his head, not his heart. Maybe he learned from his dad, who allowed his heart to dictate too many decisions, which caused the Steelers to be lovable losers for most of their first 40 years. But that doesn't mean he has always made the right decisions, always been in step with the times.

In a story last week, the Wall Street Journal wrote: "... the Rooneys have been operating the team as a mom-and-pop business for years, and the financial underpinnings of the team are fragile."

The newspaper pointed out the Steelers are in a small market, which once wasn't so important but now is. The days of NFL teams being on a level economic field are over. The Rooneys are stuck in Pittsburgh, with a small population and nowhere near the corporate might other NFL cities provide their teams. The Houston Texans, for example, receive $10 million annually from Reliant Energy for stadium naming rights. The Steelers get $2.9 million annual from Heinz.

Wealth equals might in the NFL and the Steelers -- neither ownership nor the region -- have it like other teams do. The Steelers are at a economic disadvantage. It hasn't caught up to them on the field -- but it might. It has hurt them in other areas. According to the WSJ, the Steelers are in the bottom half of the NFL in terms of profit.

About that advice from the Chief, which he offered 18 months before his death.

In a letter to his five sons, dated March 18, 1987, and which appears on the last page of Art Rooney Jr.'s book, "Ruanaidh [Rooney in Gaelic]," The Chief, in part, wrote:

"Time is running out on me. ... I would like to reach some kind of understanding so there will be no questions or complications regarding my Estate.

" ... I believe if this does not happen, down the road there's going to be nothing but lawsuits. I do not want this to happen. I want you to start working on this immediately and try to come to a fair conclusion."

Art Rooney was a wise man who through grand experiences knew the ways of the world. His sons could profit from his experience now -- especially after they failed to heed it 21 years ago.

Art knew this could happen like any business man with any common sense knows too; if all 5 brothers including our beloved Dan would have done their homework so long ago we might not be having to deal with this right now.

Black@Gold Forever32
07-13-2008, 02:44 PM
Dan is just so old school that in the end its going to screw him out of his beloved team.....

JB 67
07-13-2008, 06:53 PM
Dan's brothers not having the same passion for the team as him is what's screwing them.

AZ_Steeler
07-13-2008, 06:57 PM
I just want this to be resolved!!!

Stlrs4Life
07-14-2008, 11:24 PM
Interesting article:




The Rooneys: A fight for future generations
The expanding clan is locked in a now public battle over owning the Steelers
Sunday, July 13, 2008
By Robert Dvorchak, Pittsburgh Post-Gazette
Post-GazetteArt Rooney Sr., owner of what was then the Pirates football team, with the twin sons, Pat and John, in 1939.When a tight-knit Catholic clan like the Rooneys generates headlines related to the family business, which happens to be the highest profile venture in town and one of the most storied franchises in sports, an Irish sense of humor helps to keep things in perspective.

"My brother ordered me not to say anything," said Art Rooney Jr. as news cycles churned out story after story last week about internal issues and brother Dan's role in restructuring the Steelers' ownership. "So what do you want to know?"

It was his way of saying that none of the five strong-willed sons of a street-savvy NFL pioneer had to be reminded of the line in "The Godfather" about never going against the family in public, but that anything less than a fair resolution would be unacceptable, for the sake of their children and their children's children.

Any family would be tested when the status quo is changing and money is at stake. The Rooneys -- a microcosm of Steeler Nation in sheer numbers and diversity -- are no different.

"Dan has been an excellent steward," said Art Jr, three years younger than his oldest brother. "Like any family, we have problems. We have arguments. I mean, 21 years ago, Dan fired me. We got over it. Through some very trying times, all of the brothers have kept the ability to communicate with one another."

The Rooneys are the First Family of Pittsburgh. They're what the Kennedys are to Boston, but without the tabloid scrutiny. But something leaked to the media last week put a public face on a private matter that has been talked about within the family over the past two years. And this story wasn't expected as part of Pittsburgh's 250th birthday celebration.

The families of the four brothers who have been discussing the sale of their share of the franchise -- Art Jr., Timothy, Patrick and John -- have an understandably different point of view from that of Dan and his son, Arthur II, the chairman and president of the Steelers. All of the brothers, who collectively own 80 percent of the team, are on the board of directors.

But, yoi, the tabloids would have a field day with the insider version. Nobody's keen about airing family laundry in public, but there are two sides to the story.

"The statement Dan issued wasn't the statement prepared by the board of directors. When the board met in the spring, the statement was simply that the league is looking into the ownership structure for future generations, in case anything leaked out," said one family member.

"The brothers never wanted to sell. Now they feel like they're being forced out by the league. Dan's always wanted control, but the word is that when he presented a proposal for a buyout, Tim tore it in half right then and there. He wanted to buy them out with their own money," another family member said.

"It's a life-changing situation for us. Dan wanted complete control, and he's using the NFL to get it. It's a shame. He's turned our family upside down. We weren't born yesterday. You have to make it fair," added still another.

"The NFL wants one person to own at least 30 percent of the team, which is fine, but the same family owns 80 percent of it. The gambling issue was dropped at one time and then it came back up. Some in the third generation believe they could fight the NFL in court and win. We were a founding franchise and should be grandfathered in," said another voice.

From a background of coal miners, steel workers and saloon keepers, the extended family has a quite a mix of professions. To cite a few, there's a dentist, a nurse, corporate leaders, lawyers, a TV and film producer, an actress whose filmography includes "Brokeback Mountain," authors, college professors, school teachers, housewives, a Marine Corps officer who fought in the second battle of Fallujah, an Army captain who taught at West Point, a member of the Mt. Lebanon Fire Department, and the owner of three Irish-themed Rooney's Public Houses, taprooms purchased in Ireland and reassembled in Palm Beach County, Fla. Daily Mass is still on the agenda for more than one.

The sheer size of the family is a factor in divvying up shares of a franchise that officially became part of the NFL 75 years ago last week, when the founder ran the original operation with cash kept in a cigar box.

Beginning with the humble beginnings on Pittsburgh's North Side, Rooney DNA can be found from Hollywood to the hills of Vermont, from the leafy neighborhoods of Greenwich, Conn., and the New York City megalopolis to the Philadelphia area and both coasts of Florida.

The family tree of the late Arthur J. and Kathleen McNulty Rooney -- who spent their honeymoon at a race track -- includes their five sons who share in the ownership of the Steelers, their spouses, 32 grandchildren, a brood of great grandchildren who approach in number the 75 years of the franchise's existence, and the blossoming of a fifth generation.

Warning from The Chief

The Chief, as the founder is known, touched all the bases in a colorful life of street politics, horse-playing and sports-pioneering. He stressed the importance of education to his kids and their kids with this philosophy: "They can take everything away from you except your religion and your education." And he lived by the credo of Family, Faith and Football.

"The Chief would be very understanding of everyone's point of view in this. But he would also be very sad," a family member said.

In a sense, he saw this coming. Before he died in 1988, he dictated a letter to his five boys. It is reprinted on the final page of Art Jr.'s book "Ruanaidh," which is the Gaelic spelling of the family name and is the story of Art Rooney and his clan.

"Time is starting to run out on me. I am concerned, just as you are, about my will, particularly my stock in the football club. I would like to reach some kind of understanding so that there will be no questions or complications regarding my estate," he wrote.

"You are all fine men. I love all of you and I am proud of you just as your Mother was. I love and respect your wives and children. I believe that you should make every effort to buy the football stock that is in their names. I want them all to be treated fairly. I believe if this does not happen, down the road, there's going to be nothing but lawsuits. I do not want this to happen. I want you to start working on this immediately and try and come to a fair conclusion."

He signed it: "With all my love, Dad."

The Chief was also very clear that he wanted Dan to run the team while the younger sons tended to other parts of the family business and everyone shared the rewards.

It was once a rite of passage in the Rooney family to work at Steelers training camp, the 7 a.m. to 7 p.m. work regimen providing the template of hard work as the path to success. But with so many generations strung out across the land, not everyone in the family can still participate.

It has also been pointed out by family members that when some of the brothers return to Pittsburgh to see a game, they've been told that there's no room in the owners' box. "Like they're not real Rooneys," is the way one family member put it.

And there's no shortage of family discussion about the political diversity in which Tom Rooney is running as a Republican congressional candidate in Florida and his uncle Dan Rooney, also a Republican, openly supports Democratic presidential candidate Sen. Barack Obama.

Doing what's best

Whatever their differences, the Rooneys would rather be talking about football and training than outside investors, hedge fund managers and estate counseling.

"We all bleed black and gold," Art Jr. said with a chuckle. "They're Steeler nuts. Just like every other guy in Pittsburgh, they think they can run the Steelers, too. They're scattered all over, but if you talk to them for 10 minutes, you hear the same dialect that you find on the corner of Federal and Ohio Streets. They're Pittsburghers at heart. But they know the facts of life, too."

But he and three brothers just recently hired the Wall Street investment bank Goldman, Sachs & Co. to evaluate offers for their shares. According to one insider, it was the brothers who began preliminary discussion with billionaire hedge fund manager Stanley Druckenmiller, who has also had discussions with Dan.

"I'm looking to do the best thing for my family," Art. Jr. said. "We all are."

The Rooneys began a tradition of a family reunion in 1991 at Idlewild Park in Ligonier, near the site of training camp at St. Vincent College. The turnout grew exponentially by the time of the second one in 2001, and organizer Sandy Rooney -- wife of Patrick -- expects the next one three years from now to grow even more.

In her view, as disruptive as change can be, it's also inevitable because of estate planning, inheritance taxes and the realities of passing the torch to a new generation.

"Dan and his brothers are either in or near their 70s," she said. "You have to start thinking about the families. It's a personal situation, but it's also a business decision. We're a family business, but everything now [in the NFL] is a conglomerate. It's no longer a one-horse show. It's such an unbelievably big business, you have to start thinking in different terms."

A native of Hazelwood, she has eight children and 22 grandchildren and shares time between a home in Eastern Pennsylvania and an estate in the Palm Beach area of Florida.

"All we want is a peaceful family, and a solution everyone can live with," Mrs. Rooney said.

"The brothers all care about each other. They all care about family. Their father was a good leader. The grandchildren are all close, but the great grandchildren can be a little amazed at how many there are. I have no reason to believe it won't all work out. We'll see what happens."

http://www.post-gazette.com/pg/08195/896745-66.stm

BlitzburghRockCity
07-15-2008, 01:39 AM
And now the brothers are trying to drag Dan through the mud and turn it on him; even if the methods he is using to try and keep control of the team aren't what everybody agrees with they have no business trying to start placing blame on person or circumstances brought about by 1 or 2 of the brothers. All 5 brothers are to blame in this situation and it's up to them to work it out. This isn't just a bunch of cash they are playing around with here; it's the heart and soul of an entire city and legion of fans all over the world.

here's another article in the Trib..

http://www.pittsburghlive.com/x/pittsburghtrib/sports/steelers/s_577621.html


Art Rooney Jr. got a touching reminder Monday of just how synonymous his family is with the Steelers.

It came in the form of a letter from a former Steeler who played in the 1950s. The player, Rooney said, is gravely ill and wants nothing more than to see the Rooney family retain ownership of the storied franchise.

"He was very, very well-loved, and he was so sad and things like that," said Rooney, who declined to name the player because of his poor health. "He's dying, but he said he would fly to Pittsburgh to do what he could do. He said, 'Without the Rooneys, (the Steelers) aren't the same.' "

It has become apparent over the past week that Rooney might not run the Steelers in the near future. That the Steelers reached this point was "inevitable," if regrettable, Rooney said.

story continues below



The five sons of team founder Art Rooney Sr. own 16 percent of the Steelers apiece (the family of a former minority owner owns 20 percent of the team), and four of them, including Art Rooney Jr., have hired an investment firm to field offers for their shares.

Meanwhile, the oldest brother, Dan, is scrambling to come up with the kind of cash that would allow the current team chairman to buy enough shares so a Rooney could remain as the majority owner of the Steelers.

The resulting drama has been cast as everything from a family feud to the demise of yet another family-owned franchise in professional sports. But Art Rooney Jr. said uncertainty regarding a franchise that has been championed as a model of stability has been a long time coming.

Reasons for that range from the advancing age of the five Rooney brothers -- all are in their late 60s or 70s -- to tax concerns and NFL policy, Rooney said.

"All of these things are coming together at the same time," said Rooney, a former head of the Steelers' scouting department. "It's the perfect storm."

Rooney said the four brothers interested in selling are doing so in part because of the prohibitive estate tax that their children would have to pay if their shares were passed down. In addition, there could be a significant increase in the capital gains tax if Barack Obama was elected president .

Rooney said his family must also comply with NFL policy that prohibits its owners from also having stakes in establishments that have gambling.

Add everything up, Rooney said, and the division among the brothers "was all going to happen anyway. It's been going on for a few years, and I am just shocked it hadn't gotten public before it did."

He said his brothers Tim, Pat and John shouldn't be seen as "money grubbers" just because they are apparently willing to sell their shares in the team. The three brothers, none of whom live in Pittsburgh, are merely looking out for the best interests of their families, Art Rooney Jr. said.

While the future of one of the NFL's flagship franchises is uncertain, Rooney said he does feel sure about one thing.

"I don't think there's any chance at all that the Pittsburgh Steelers will leave Pittsburgh," he said.

BlitzburghRockCity
07-16-2008, 07:00 AM
http://www.post-gazette.com/pg/08198/897235-85.stm?cmpid=HBEHTML


Druckenmiller not interested in anything less than a majority stake in team
Wednesday, July 16, 2008

By Gerry Dulac, Pittsburgh Post-Gazette

Billionaire investor Stanley Druckenmiller is not interested in any type of minority partnership with Steelers chairman Dan Rooney and is involved in negotiations to purchase the ownership shares of the four Rooney brothers with one purpose: To become majority owner of the Steelers and keep the National Football League franchise in Pittsburgh, ideally with Dan Rooney and his son, Art II, at the helm.

According to a source who has intimate knowledge of the New York hedge fund manager's dealings with the Rooney brothers, Mr. Druckenmiller will not get caught up in a high-stakes bidding war to purchase the shares necessary to become majority owner if Goldman Sachs & Co., the Wall Street investment bank that is serving as financial adviser for the Rooney brothers, opens the process to public bid.

If that happens, Mr. Druckenmiller will immediately withdraw his offer to the Rooney brothers to purchase each of the 16 percent shares they own in the Steelers franchise, the source said.

Mr. Druckenmiller, chairman of Pittsburgh-based Duquesne Capital Management who has an estimated net worth of $3.5 billion, is involved solely in financial discussion with the four Rooney brothers -- Art Jr., Tim, Patrick and John -- and is not part of any financial team being constructed by Dan Rooney and his son, Art II, the team's president, the source said.

However, Mr. Druckenmiller has had a number of conversations with Dan Rooney about him remaining in control of the franchise if Mr. Druckenmiller becomes majority owner -- a prospect Dan Rooney and his son are trying to avoid. They have retained Morgan Stanley in New York and PNC Bank, Downtown, to acquire additional funding in an attempt to keep controlling interest of the franchise where it has been for the past 75 years -- in the Rooney name.

Neither Dan Rooney nor his son could be reached for comment last night.

According to the source, though, Mr. Druckenmiller is "not getting any sense" that the deal will not work out in his favor, adding that it makes more financial sense for the four Rooney brothers to sell their entire shares rather than sell a portion and retain some small minority investment in the team.

But, if that's what they want to do, Mr. Druckenmiller would be "happy to accommodate them," the source added, so long as he would still be able to gain controlling interest of the franchise.

Mr. Druckenmiller "has all the respect in the world for Dan Rooney," the source said, adding that he considers the Steelers chairman to be "nothing but a first-class individual."

Mr. Druckenmiller, 55, an Oakmont Country Club member, is an ardent Steelers fan whose lifelong dream is to own the franchise. However, the source said he does not want to be portrayed as a Mark Cuban-type owner merely because he painted his face black and gold at a Steelers game. Mr. Druckenmiller did that once or twice for his daughters, the source said, because he wanted them to take an interest in the Steelers, not the hometown New York Giants where the Druckenmillers live.

He said Mr. Druckenmiller knows his responsibilities would change if he became the Steelers owner.

Ya know, I want the team to remain in the Rooney family as much as any Steeler fan does. It's tradition, it's history, it's the right thing to do IMO. The legacy that the Chief started is one that should continue on forever. Having said that though if all 4 brothers want out and with Dan getting up there in age; what is going to happen with he passes on if he remains in control of the team even with Druckenmiller as the majority holder. That has to factor in to the equation if you ask me. Is this guy willing to start running the team sometime in the future when the other 4 brothers are out of the equation; does Art II then take over as the primary guy running it?

Those are big questions to ask and right now if Dan can't keep control then Druckenmiller seems like the next best option.

BlitzburghRockCity
07-18-2008, 07:05 AM
http://www.post-gazette.com/pg/08199/897562-66.stm

A little bit of good news there highlighted in the article :)


Flaherty still insists public has a role
Thursday, July 17, 2008
By Timothy McNulty, Pittsburgh Post-Gazette
Though Allegheny County Controller Mark Flaherty says the Steelers' lease for Heinz Field gives the city and county oversight of team ownership changes -- and could require a buyer outside the Rooney family to pay back more than $200 million in public stadium subsidies -- that does not seem to be what the lease agreement says in full.

In a letter to the Steelers' ownership and during a news conference yesterday, Flaherty pointed to a part of the 2000 lease agreement saying changes and transfers in team ownership are acceptable within the Rooney and McGinley families without getting consent by the Sports & Exhibition Authority.

Another part of the lease, which the controller did not address, speaks directly to outside ownership changes -- and says they are acceptable, with no input from the city-county agency either, as long as the sale conforms to NFL rules, and the SEA is notified once a sale is completed.

A section of the agreement titled "Ownership and Control" says "any change in the ownership of the capital stock of the Lessee [the Steelers] or any change in the ownership of the franchise will be made in accordance with the financial and ownership criteria and standards of the NFL ... The Lessee agrees that upon entering into any commitment to sell or transfer the franchise, the Lessee shall provide written notification to the Commonwealth and the Authority."


The agreement also says repeatedly the team cannot be moved from Heinz Field for the duration of the 291/2 year lease, and if the team is sold, new owners also are barred from relocating.
Flaherty issued his warning to Steelers shareholders -- Rooney brothers Art Jr., Dan, John, Pat and Tim, who share 80 percent of the team, and the McGinley family, which has 20 percent -- after learning of ongoing talks among the Rooneys about selling their team shares, perhaps to Steelers chairman Dan Rooney or to outside investors.

Since the value of the Steelers franchise has tripled in some estimates since the publicly financed Heinz Field was built, Flaherty argued that taxpayers should be involved in sales talks and local government is due some portion of sale proceeds.

"That's the argument I'm making to the shareholders. While they're working through their discussions and negotiations, don't forget about the partnership that existed originally when you came to us and asked for us to be a partner with you in your stadium -- and through that partnership, the value of your franchise, your investment, has significantly increased.

"And I just think that the public deserves a seat at the table in any type of negotiation discussions in what's going to happen to the franchise," he told reporters.

Flaherty is close friends with Steelers business director Mark Hart and attended high school with Arthur Rooney III, Art Jr.'s son, among other family connections. Asked if he was trying to pressure the family away from selling to an outsider -- by demanding a repayment of public subsidies and saying he might sue the team -- he said he was only acting as the county's fiscal watchdog.

"That's the really hard part of the situation ... you have to put the emotions and friendships aside and do what's best for the taxpayers, and that's what I feel I'm doing," he said.

Flaherty said he knew of no precedents of a government body sharing in the sales proceeds of a privately owned sports franchise.

AZ_Steeler
07-24-2008, 03:32 AM
Link to story... (http://kdka.com/steelers/Steelers.Rooneys.ownership.2.776095.html)

PITTSBURGH (KDKA) ― There's new information about the ownership changes ahead for the Pittsburgh Steelers.

It appears the next generation of Rooneys may be heading for the board room.

KDKA's John Shumway reports the Rooney brothers continue to work with investment experts on the best way to make this change and protect their children from 45 percent inheritance taxes and it appears they are making progress.

With the NFL breathing down the family's neck to separate its gambling interest from the teams ownership and establish one owner with at least 30 percent share, the brothers appear working towards a plan and it doesn't necessarily involve selling out to billionaire Stanley Druckenmiller.

"You have to be in compliance with the NFL rules and we're not in compliance with the gambling part of it and we've really been doing everything we can to get into compliance," said Art Rooney Jr. "I know that I have moved 90 percent of my gambling stock into my kids' names and resigned from all the boards and I know that two of my brothers have resigned from the Steelers' boards and appointed their kids into those positions."

Rooney said Tim and Pat Rooney have resigned from the Steelers' board.

rest of story... (http://kdka.com/steelers/Steelers.Rooneys.ownership.2.776095.html)

BlitzburghRockCity
07-24-2008, 06:59 AM
So this may end up working it self out after all to the point where the team stays fully within the Rooney family. I bet Druckenmiller isn't real happy if this comes to fuition and he's left on the outside looking in again but atleast we know if he does end up getting the team that he'll keep it where it belongs in Pittsburgh.

memphissteelergirl
07-24-2008, 11:34 AM
So this may end up working it self out after all to the point where the team stays fully within the Rooney family. I bet Druckenmiller isn't real happy if this comes to fuition and he's left on the outside looking in again but atleast we know if he does end up getting the team that he'll keep it where it belongs in Pittsburgh.


Man, I hope so! I don't want this drama to drag out the entire season.

ejsteeler
07-24-2008, 01:27 PM
I'm still praying...........until it is finalized. Please stay with the Ronneys.......of course, those kids may be CRAZY!!!!!!:lol:

BlitzburghRockCity
08-03-2008, 01:54 AM
http://www.post-gazette.com/pg/08216/901549-66.stm


Steelers change is inevitable
Sunday, August 03, 2008
By Ron Cook, Pittsburgh Post-Gazette

It's normal to be apprehensive about a potential sale of the Steelers taking control of the team out of Rooney hands for the first time in more than 75 years. No one likes change. We fear change. The Rooneys haven't always been regarded as terrific owners; if they had a nickel for every time someone called them cheap over the years -- unjustly, by the way -- they'd be new millionaires many times over. But they are our team's owners, right? Who wants to see someone come in from the outside? The new man might be a lot worse.

Perfectly logical thinking.

Logical, but not necessarily rational.

Change doesn't have to be bad.

Sometimes, change even can be better.

It's still nice to think the best solution to the Steelers' ownership dilemma is for Dan Rooney to put together enough investors to buy out his four brothers, who are looking at selling their shares because of the NFL's insistence that they divest their gambling interests at the family racetracks and fears of the inheritance tax laws. That would bring new money and fresh voices into the organization while leaving Dan Rooney in charge. He has been maybe the best owner in sports for more than 20 years, has incredible clout in the NFL and is in the Hall of Fame for good reason. There always will be a sense that all is right with the franchise and, therefore, our world as long as he has control.

Unfortunately, Rooney won't be around forever -- with or without the Steelers. He turned 76 on July 20. He wants to keep the team for his oldest son, Art II, whom he made team president in 2002 and gave considerable power. But it's too soon to judge how Rooney II will be as an owner. He might turn out to be great. Or, without his father's guidance, maybe not.

There's just as much of an unknown there as there would be if the four Rooney brothers sold to an outside party, most likely New York hedge fund billionaire Stanley Druckenmiller -- chairman of Pittsburgh's Duquesne Capital Management -- at this point.

There is at least one good reason to think a Druckenmiller ownership could be a positive.

The man's enormous wealth.

Let's face it, the owners of pro sports teams are becoming a billionaires' club, not a millionaires' club. That's why single-family owners such as the Rooneys are becoming largely extinct. Certainly, the Rooneys figure to have a more difficult time competing in a small, declining market in the years ahead. It was just last month that the Wall Street Journal referred to them as a "Mom and Pop operation."

The going will get especially rough if the NFL goes the way of Major League Baseball. There has been some speculation that the NFL will lose its salary cap and start having to pay guaranteed contracts. If it happens, it's not hard to imagine a scenario where the Steelers become the Pirates.

Heaven forbid.

Druckenmiller could prevent that from happening.

We've seen the impact a billionaire can have on one of our sports teams. It's fair to say Mario Lemieux wouldn't have been able to bring the Penguins out of bankruptcy in 1999 without California billionaire Ron Burkle's financial strength behind him as his co-owner. It was Burkle who gave the franchise stability and credibility and carried it through some very dark days as the NHL sorted out its financial chaos a few years ago. And it is Burkle who enabled the Penguins to feel comfortable taking on some new debt this summer before their new arena is done in 2010 in order to keep the bulk of their Stanley Cup-contending team together by signing Evgeni Malkin, Marc-Andre Fleury and Brooks Orpik to long-term deals.

Give me a billionaire as the owner of my team any day.

I'll take my chances with a savvy businessman who is wise to the tricky economic ways of the modern world.

I know what you are going to say: Jerry Jones and Daniel Snyder are billionaires and they don't win in the NFL.

Jones is a bad example because his Dallas Cowboys have won three Super Bowls even if they haven't won a playoff game in 12 years. Surely, the Cowboys will win more Super Bowls, especially after their new $1 billion-plus palatial stadium opens next season and makes Heinz Field look like a low-revenue-producing shack.

Snyder, on the other hand, has been a disaster as the owner of the Washington Redskins. But you know what? He'll keep pouring money into his team until he gets it right. It will be a lot easier for him if the NFL, like baseball, divides itself into the haves and have-nots.

So go ahead and root for Dan Rooney to come away with the Steelers when all this sale business is done. I'm rooting for him and his kid, too, as long as they get the right investors. All I'm telling you is that you shouldn't fear change if it happens. That's the only healthy attitude to have, if you really think about it.

You know the harsh truth of life as well as I do.

Nothing lasts forever.

ItAintEasyBeingPeazy
08-04-2008, 09:04 PM
He makes some good points in that article...but it still will be a sad day when the Rooney family isn't at the helm of the Steeler Machine.This has been a class act organization and i don't want it to end up as a tinker toy for some billionaire's club.:nono:

Black@Gold Forever32
08-04-2008, 09:18 PM
At first when I was shocked I didn't want the Rooney's to give up ownership...But as I said before if the NFL does get rid of the cap then the Steelers will need a owner with deep pockets and Drunkenmiller has deep pockets...So really I wouldn't mind seeing Stanley Drunkenmiller buying the team.....Think it serves the Steelers best interest in the long run....

BlitzburghRockCity
08-05-2008, 01:58 AM
http://www.pittsburghlive.com/x/pittsburghtrib/sports/steelers/s_581142.html


n his battle to keep control of the fabled franchise his father founded 75 years ago, Steelers chief Dan Rooney might have the ultimate trump card up his sleeve -- the ability to persuade at least eight NFL team owners to scuttle a sale.

Five sons of the late Art Rooney Sr. combine to control 80 percent of Pittsburgh Steelers Sports Inc. stock, and their McGinley relatives hold the rest. New York billionaire and rabid Black & Gold fan Stanley Druckenmiller has been sniffing out a McGinley sale since 2006 and recently announced that he's talking to the Rooney brothers about finalizing a deal for their stake.

Steelers President and Chief Executive Officer Dan Rooney has acknowledged that he's retained PNC bank and Wall Street finance house Morgan Stanley to try to keep control of a team he manages alongside his son, Art Rooney II. Druckenmiller is talking to Dan Rooney and to his brothers, who hired the analysts at Goldman Sachs to help them navigate a potential sale worth an estimated $700 million to $1.2 billion.

Even if he boxes out Dan Rooney, Druckenmiller would have to jump more hurdles to buy the team, including a vetting of his financial bonafides and character by the National Football League front office, the scrutiny of the NFL Finance Committee and garnering at least 24 votes from 32 franchise owners.

story continues below



"Has a prospective owner been rejected? Yes. Several times," said NFL spokesman Greg Aiello, pointing to the failed 1998 bid for the Vikings led by novelist Tom Clancy and the 1999 pursuit of the Redskins by New York developer Howard Milstein.

"Often the rejection is somewhat informal. In other words, it becomes clear that there will not be sufficient support or that there are insurmountable hurdles to approval, and the prospective owner withdraws prior to a formal vote being taken."

According to Article III of the NFL Constitution and Bylaws, if the Rooneys have proposed "to retain an investment bank, broker or similar agent" in connection with a sale, a meeting must occur among the family, their agent, Commissioner Roger Goodell and New Orleans Saints owner Tom Benson, chairman of the NFL's Finance Committee.

NFL's Aiello said this hasn't happened -- yet. But he said that Goodell has agreed "to meet with the Rooney brothers within the next few weeks" to discuss an apparently ongoing dispute over a looming sale.

Dan Rooney declined to comment for this article.

Dan Rooney is uniquely respected throughout the NFL. Inducted into the Pro Football Hall of Fame in 2000, Rooney's biography at Canton boasts of his five Super Bowl wins, his patient and moderating role in negotiating collective bargaining agreements with the players' union, and his leadership on crucial committees that led to making the NFL into a multibillion-dollar business.

Rooney helped sculpt blockbuster television contracts and pressed for greater minority participation in the coaching ranks. That's the sort of pedigree that gives Rooney a bit more leeway when it comes to delaying or destroying a rival offer for the team -- as long as it can be justified economically and legally.

"The Packers, this organization and as myself, we would support him. Just knowing what he's brought the league is enough. But we don't know the whole picture yet. A new owner would need to show a strong case for us to vote against Dan Rooney," said Green Bay Packers President and Chief Executive Officer Mark H. Murphy.

Because about 112,000 cheeseheads actually own the team -- but get no royalties from revenues -- Murphy represents the only publicly traded nonprofit club at NFL owners' meetings. During those confabs, Dan Rooney sits with two chums -- John Mara of the New York Giants and Jerry Richardson of the Carolina Panthers.

How tight are they? Mara insists his loyalty to Rooney "extends to just about anything." When Rooney, Richardson and Mara gather for league meetings, the first to arrive saves seats together for the trio. Not that it's all that necessary. During the past 15 years, other owners have learned to leave three seats in a row for you-know-who.

Through a spokesman, Richardson declined comment. Mara said NFL owners wanted Dan Rooney to retain control but refused to telegraph how he would vote if his pal asked.

"There isn't one person in the league who wants this to happen. Everyone wants it to work out. Dan Rooney is the most respected owner in the league," said Mara, the grandson of Hall of Fame Giants founder Timothy Mara and eldest son of Hall of Fame Giants boss Wellington Mara.

Other owners also are taking a wait-and-see approach.

"There's no man in that room who has more respect and pull than Dan Rooney. That's period," said Indianapolis Colts owner Jim Irsay.

"At the same time, the game's bigger than all of us, and no one is going to do something that isn't consistent with what is in the best interests of the National Football League and the sort of rules and different things that are set up.

"There's always a way to tailor-make something if it's reasonable. You're going to try to make it work, but you have to understand that no one is going to do anything that blocks something that would be out of sheer friendship that would go against business practices and the good of the game and the league."

Vowing to do everything he can to help the Hall of Fame Steeler keep a team his family has held since 1933, Irsay said he spoke to Dan Rooney in the middle of July about the potential sale. Irsay said he found the eldest of The Chief's sons "optimistic," but also "pragmatic enough to know that he's got his hands full."

"You do the best you can. It's like anything else if you're facing 4th and 19, you try to come up with a play and you try to execute it. It's a tough deal, but I think he's looking at every avenue, and I'm sure that there's a lot of moving pieces and things to make it work," Irsay said.

The Trib canvassed investment bankers, deal makers, and tax and probate attorneys across the continent to gauge the likelihood of Dan Rooney blocking a Druckenmiller bid for majority control of the team, if his brothers sold. Consensus: Slim chance.

"I don't think legally you can force other members of the family to hold onto ownership. I don't think that would pass legal muster," said New Jersey MZ Sports CEO and President Mitch Ziets, an investment banker focusing on the sports industry.

"Here's the way it would work in the real world: They would find another buyer, and another buyer, and another buyer and another buyer. You can't keep shooting people down. The league would get sued at some point. You can't just thwart a sale."

The NFL has been sued before over allegedly tinkering with bids. In a 1999 federal lawsuit, Milstein charged Redskins and NFL officials with colluding to fix the bidding process, calling it a "charade" after learning he didn't have enough owners on board to support his $800 million offer. He reportedly withdrew the charges in exchange for $30 million from the NFL.

The Redskins and their stadium eventually transferred to marketing services billionaire Daniel Snyder, an estate sale triggered by the death of legendary owner Jack Kent Cooke in 1997.

The same issues that drove the Cooke family to eventually sell to Snyder are bedeviling the Rooney brothers and other scions of professional football families who want to pass teams to the third and fourth generations. Seventeen of the 32 franchises were purchased before 1990 and some, like the Bears and Cardinals, have been in the hands of relatives since early in the 20th century.

Top worry: State and federal estate taxes will gobble up half the team's value in the event of a death. Rocketing franchise values mean that it's hard for minority owners like Dan Rooney to raise the capital necessary to buy out the other partners to pass the franchise to his heirs.

Each of the Rooney brothers holds a 16 percent stake in the franchise. Their investments in increasingly lucrative casino gambling operations in New York and Florida are at odds with NFL rules against wagering, but that's not their only problem.

NFL bylaws mandate that a controlling owner hold at least 20 percent of a team's stock. Some clubs owned by longtime football families, like the Steelers, are grandfathered in -- a "controlling owner" must hold at least 20 percent of the franchise stock, with another 10 percent kept by his or her immediate family.

Just to comply with the NFL's rules, Dan Rooney must convince his brothers or their McGinley relatives to let him increase his stakehold, while praying they don't sell more to a rival offering more cash. Then, he must convince a brother to retain that crucial 10 percent cut.

Depending on the market value of the team, that means Dan Rooney first must find between $28 million and $48 million.

"The problem is that if you're a minority shareholder, you believe you deserve a minority discount," said Schneider Downs managing partner Donald A. Linzer. "But the others might not agree."

If Rooney can't find that kind of scratch or fails to persuade his relatives to help him keep the club, he reaches what Linzer calls a "strategy by default" -- one or more white knight investors must arrive to buy shares at high prices and let him or his heirs keep running things.

"Find someone you can live with," said Linzer.

Al Davis finagled that in November when he sold 20 percent of the Oakland Raiders to three East Coast investors for a reported $150 million. Druckenmiller declined to comment on whether he wants a little of the Steelers or a whole lot.

He apparently can live with Dan Rooney. The hedge fund billionaire publicly has praised the Steelers' exec and vowed if he buys the Black & Gold to keep Rooney in the front office.

When it comes to living well with investors, NFL owners and franchise execs pointed the Trib to two franchises they admire for doing just that -- the Packers and the Giants.

Green Bay Packers, Inc. isn't held to the same rules. While there are nearly 112,000 shareholders in the franchise, they don't earn a dividend because the team is really a public nonprofit corporation. Four times in its history, fans have been asked to invest to save the team. They always came through and today hold 4.2 million shares.

With about $240 million in annual revenues and very little debt, the Pack "would be up there" as one of the most expensive transactions if it ever sold, Green Bay CEO Murphy said, but the team can't be traded without all the proceeds going to charity.

"Our shareholders never benefit financially from it," Murphy said.

The Packers took $21 million from a 1998 stock offering to help revamp Lambeau Field. Since the $295 million facelift finished in 2003, new revenue streams from expanded club seating, luxury boxes, pro shops and retail outlets flooded Packer coffers. That kept the team competitive enough vying for players that the Packers won three NFC Division North titles since the renovation.

A former star safety for the Redskins and member of the players' union, Murphy said the Packers are churning profits into a special "preservation fund" in case of labor strife after the collective bargaining agreement with players ends in 2010.

If the NFL families could raise cash by selling shares of non-voting stock to diehard fans like the Packers and three Canadian Football League teams do, small-market franchises could stick around for a long time. Or at least that sort of "hybrid community ownership" is what U.S. Rep. Brian Higgins, D-NY, has asked the NFL to allow Buffalo to pursue to keep the Bills in town, instead of bolting to Toronto in case 89-year-old owner Ralph C. Wilson dies.

NFL rules forbid the practice, except for Green Bay. So that leaves the Giants' model. In 1991, Bob Tisch was a billionaire whose conglomerate included holdings in finance, hotels, resorts, real estate, oil, luxury brands, tobacco manufacturing and insurance.

The Maras were one of the founding families of professional football and ran the reigning Super Bowl champs "like a mom and pop operation," recalled CEO John Mara. Tisch bought half the team and the end result was "a good marriage" that strengthened the franchise by mixing institutional football know-how with modern business practices, according to Mara.

Tisch revamped the team's budgeting and purchasing procedures, brought his expertise in travel and insurance to bear on the Giants' bills and instilled financial discipline. Three Tisch relatives remain on the Giants' board.

"It worked out very, very well. It's been a great relationship with the Tisch family and one of the reasons I think it has been so successful is because it's based on a mutual friendship and a great deal of mutual respect," Mara said.

Those are some very powerful words from a lot of influential people in the NFL who would back Rooney come hell or high water if this thing goes down in a way that doesn't suit him. At this point we still have no real idea how much longer this could go on and how much Rooney is to go against his brothers if they all decide to sell to Druckenmiller or anyone else. I'm torn honestly, I don't want anyone but the Rooney's owning this team but Dan isn't getting any younger and we all know the other 3 don't care about the team so that leaves Art II as the guy would have to carry on the team at some point and is he that dedicated? One would hope so but at this point keeping the team in Pittsburgh is the ultimate goal and that atleast seems secure but the rest at this point, who knows.

BlitzburghRockCity
08-07-2008, 07:01 AM
Read that article and then think about what it would mean for the Steelers to be have the money they need to be able to spend on FA and get draft picks signed sooner if they want. Imagine a Steeler team that was as debt free as you can get. If the Rooney's stay in charge of running the team they'd still be able to operate the way they always have but wouldn't have the financial worries that plague so many teams right now.

I want the Rooneys to run the Steelers just like always, I hope that never changes but if you can have a financial backer like Druckenmiller who has virtually and open checkbook for whatever they need then why not?!


http://www.post-gazette.com/pg/08220/902475-66.stm?cmpid=HBEHTML


Billionaire hedge fund manager Stanley Druckenmiller still has an offer on the table to buy the shares of four of the Rooney brothers and remains optimistic a deal will be worked out where he will gain majority stock control of the Steelers' franchise, a source with intimate knowledge of Druckenmiller's situation told the Post-Gazette.

While the four brothers who each hold 16 percent ownership stake in the team have considered at least two offers, and possibly three, to sell their shares to Steelers chairman Dan Rooney, Druckenmiller is eager and ready to proceed with a purchase plan that is "simple and uncomplicated" and would greatly benefit the long-term financial health of the franchise, the source said.

The plan is uncomplicated, the source said, because Druckenmiller, chairman of Pittsburgh-based Duquesne Capital Management who has an estimated worth of $3.5 billion, would buy out the four Rooney brothers in a straight cash deal that would be paid immediately and not over any period of time.

The deal would allow the Steelers -- if Druckenmiller became majority stock owner -- to operate without any debt or interest payments and enable the team to spend the necessary money to remain competitive in the NFL, the source said.

The source said the same situation would not exist if Dan Rooney and his son, Art II, the team's vice president, buy the shares. Dan and Art II are trying to attract investors to obtain financing to buy the shares of the other four Rooney brothers -- Tim, Art Jr., Patrick and John.

They would have to assume enough debt on the financing that it could jeopardize their ability to spend money freely on other matters such as free-agent players and contract extensions, especially in a small-market city where ancillary revenue streams are not always available.

The NFL has a debt ceiling of $150 million that is not allowed to be exceeded by a controlling owner.

Nonetheless, Druckenmiller understands he is "not the first option" for the Rooney brothers and "clearly, if everything is in order, they will sell [their shares] to Dan," the source said.

If Druckenmiller gains controlling interest of the franchise, he maintains he wants Dan Rooney and his son to continue to run the team as they do now. Even though he has the same 16 percent interest in the franchise as his brothers, Dan Rooney was appointed by the family to run the team -- an arrangement similar to what Druckenmiller would seek.

"The Steelers have become what they are now because of one person -- Dan Rooney," the source quoted Druckenmiller as saying, and he believes "he is the finest owner in professional sports."

It is not known what amount Druckenmiller has offered to purchase the shares of the four Rooney brothers.

But, despite what appears to be a lengthy delay in the sales process, Druckenmiller thinks everything will go "very, very quickly" when, or if, the Rooney brothers reject their brother's proposal and come back to him, the source said.

Druckenmiller has not commented publicly about his involvement, except for an e-mail he sent to the Post-Gazette July 10 in which he confirmed his interest in purchasing the Steelers' franchise.

BlitzburghRockCity
08-15-2008, 06:58 AM
http://www.post-gazette.com/pg/08228/904531-66.stm?cmpid=HBEHTML


Rooney brothers to huddle with NFL
Friday, August 15, 2008
By Ed Bouchette, Pittsburgh Post-Gazette
TORONTO -- The five Rooney brothers will meet with NFL commissioner Roger Goodell at his office next Thursday in the ongoing attempt to iron out their ownership of the Steelers.

Steelers chairman Dan Rooney and his four brothers -- Art Jr., a Steelers vice president, Tim, John and Pat -- will join Goodell and NFL attorney Jeffrey Pash in New York City.

Over the past two years, the brothers have been trying to find a way to abide by NFL rules regarding ownership of their racetrack-casinos, as well as the Steelers. NFL rules forbid team owners to be involved in any kind of casino gambling. The Rooneys own a dog track in Florida and a horse track in New York, and each facility has added some type of casino gambling over the past several years.

Dan Rooney, who has divested his stock in the tracks, and his son, team president Art Rooney II have been talking to other possible investors so those two Rooneys can become principle owners. Each of the five brothers owns 16 percent of the club's stock, with the McGinley family owning the other 20 percent.

Some brothers want to sell and have lined up a buyer, billionaire Stanley Druckenmiller, who is willing to acquire a controlling interest in the club but has no interest in minority ownership.

Dan Rooney's brothers are considering an offer from him as well as one from Druckenmiller, and those are being discussed by their investment bankers.

Dan's brother Art also has divested himself of 90 percent of his racetrack stock and plans to do so with the remainder. Tim and Pat have resigned from the Steelers' board of directors.

Former NFL commissioner Paul Tagliabue has been working with the brothers as a consultant, at the urging of Goodell.

The saga continues.........just figure it out already!!!

livingthrudying
08-26-2008, 04:42 PM
Goodell and the Rooneys and several owners had a meeting recently and it sounds like it went well and they are not rushing them into anything. Judging from some of the undertones in what Goodell said it sounds like they are interested in keeping the steelers in the Rooneys Hands. I sure hope so, i cant imagine our team owned by someone else. The morals of the rooneys and how they run this team is a huge factor of why i bleed Black and Gold and stand up for my team anywhere and everywhere to anyone.

No one can boast having the same moral fiver as the Rooneys and the steelers. They are everything other frachiese should be and clearly show that owners that dont include morals in their business plan are not the way to go, not just in Football but in life in general.

SteelersfaninPhilly
09-11-2008, 05:06 PM
KDKA to follow up with more.

DBR96A
09-11-2008, 05:22 PM
Ooooo! :helmet:

ToothAche
09-11-2008, 07:00 PM
It does sound like they want more money. Kind of disrespectful trying to catch in on their father's legacy and dreams. Where's Mark Cuban at when we need him? (wait, his teams dont win championships)

SteelersfaninPhilly
09-11-2008, 08:52 PM
Sep 11, 2008 7:13 pm US/Eastern
Sources: Dan Rooney To Make 3rd Offer To Brothers
Reporting
Andy Sheehan
PITTSBURGH (KDKA) ― A new offer may be on the table in the Steelers ownership struggle and there are indications Dan Rooney may have the money he needs to keep his family in control of the team.

Sources say that Rooney has assembled a team of investors and is now in the process of making a third offer to his brothers to buy out their shares of the team.

The same sources say this higher offer and other recent events make Dan the favorite to keep control of the team.

Sources close to the Rooneys say Dan has assembled a complete team of investors and is prepared to match or come close to an offer made by billionaire Stanley Druckenmiller.

The same sources believe that what may tip the scales in Dan Rooney's favor is that meeting two weeks ago in New York with NFL Commissioner Roger Goodell.

Goodell made it clear the league likes Dan in control. At the meeting ere were also three other NFL owners in attendance. The message some say is that the NFL is a club and the other owners decide who gets in.

Rather than risk rejection of a new ownership group, sources say that Rooney is hoping that two of his brothers, Art Rooney, Jr., and John Rooney, stay owners of the Steelers.

That way, Dan Rooney and his new investors would buy out brothers Tim and Pat Rooney who operate racetracks in New York and Florida and must divest themselves of the team, according to league rules.

Under that plan, Dan and Art II would stay in command.

And it's clear that Dan Rooney will need to pay top dollar. According to its rankings released this week, Forbes estimates the team's worth at $929 million Ė the 16th most valuable in the NFL.

Considering that Art Rooney, Sr., bought the team in 1933 for $2,500, the Steelers have been a pretty good investment for the Rooney family.

ItAintEasyBeingPeazy
09-11-2008, 09:24 PM
I think if this 3rd offer comes up short,Everyone of us in Steeler Nation should all kick in 10 bucks and Get Dan Rooney's back.That would be the ultimate ending to this battle with Steeler Nation stepping up and keep this team in the Rooney Family.:2cents:

Stlrs4Life
09-15-2008, 09:45 PM
Bob Pompeani PITTSBURGH (KDKA) ― There's some new information coming to light in the ownership saga involving the Pittsburgh Steelers.

Sources say billionaire Stanley Druckenmiller, who has expressed interest in buying the team, has now issued an ultimatum which could lead to some action this week.

This ownership issue is certainly a complex one given the demands of the NFL and the amount of extended members of the Rooney family

KDKA-TV Sports has learned that, for the first time ever in the negotiations, Druckenmiller has issued a deadline to the family.

It is this coming Friday, September 19th.

His offer of $800 million for the four brothers of Dan Rooney remains on the table as Dan and his son, Art II, try to equal if not top it.

What is not known is if this is a hard deadline by Druckenmiller or a calculated bluff with the intent of getting the deal completed.

Just last week, Forbes Magazine pegged the value of the Steelers franchise at $1.01 billion, which is 18th highest in the NFL.

One year ago, the team's value was $928 million.

Ten years ago, it was just over $173 million, which displays what a good investment it is and how the franchise value has skyrocketed.

That is precisely why Druckenmiller is interested.

Dan Rooney's four brothers went to Goldman Sachs for a franchise appraisal just over one year ago.

They were told it falls somewhere between $800 million and $1.2 billion.

Each of the five Rooney brothers owns 16 percent.

Given the demands of NFL rules to have at least one 30 percent owner, the battle lines were drawn.

Druckenmiller, we are told, has offered $800 million in cash to the four brothers.

Dan Rooney has made three offers and is prepared to make a fourth.

Druckenmiller has not yet made a second offer and could be waiting for Dan's latest before he counters.

The other scenario that could be playing out is a complete withdrawal by the four brothers given the downturn in the stock market recently.

It is also conceivable that the NFL could accept no change in ownership as long as the family has a plan to remedy the situation.

http://kdka.com/steelers/Steelers.Dr....2.818098.html (http://kdka.com/steelers/Steelers.Druckenmiller.offer.2.818098.html)

SteelersfaninPhilly
09-15-2008, 10:20 PM
Drunkenmillier can take his toys and go home. NFL desires that the franchise stays in the hands of Dan Rooney.

AZ_Steeler
09-15-2008, 11:17 PM
I say let the deadline pass which then Drukenmiller will take his offer off the table and then Dan can low ball his brothers :D

Black@Gold Forever32
09-15-2008, 11:24 PM
Anybody care to think that if the salary cap goes what that can do the Steelers.....If there is a work stoppage in the NFL which is likely in 2010....The cap could disappear and the Rooney's might not have the coin to field an competitive team...Or if Dan Rooney does keep the Steelers he might take on so much debt that he can't field an competitive team.....Having a deep pocket owner like Stanley Drunkenmiller isn't such a bad thing.....

But I know I have to be like every body else...The Rooneys rock and the Steelers are the best.....insert 100 smileys.....:tt02::tt02::tt02::tt02::tt02::tt02::t t02::tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt0 2::tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt02: :tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt02::t t02::tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt0 2::tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt02: :tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt02::t t02::tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt0 2:

PsychoWard
09-15-2008, 11:30 PM
800 million in cash!:eek1::eek1::eek1::eek1:

OC Steel Curtain
09-16-2008, 12:38 AM
Just Stay inside the family.. I dont like the sound of a new owner outside the fam bam

BlitzburghRockCity
09-16-2008, 01:09 AM
Ya know, when this whole thing started I was all about Art deuce and Dan keeping this team in the family with no outside help. As time has gone on though I'm not so sure this whole scenario is of going into massive debt and getting so many backers from God knows where just to save the team is the best thing for them. We know the Rooney's have the best interest of the team at heart, I will never question that. However, imagine what having deep pockets and no debt can mean to a team. If Druckenmiller is the business man we all think he is then he'll be doing whatever it takes to field a competitive team every year the same as the Rooney's do. Only this way we can do it in a fashion that allows us any player we want and we can stay competitive in a salary cap free era..just in case.

Koopa
09-16-2008, 01:48 AM
Anybody care to think that if the salary cap goes what that can do the Steelers.....If there is a work stoppage in the NFL which is likely in 2010....The cap could disappear and the Rooney's might not have the coin to field an competitive team...Or if Dan Rooney does keep the Steelers he might take on so much debt that he can't field an competitive team.....Having a deep pocket owner like Stanley Drunkenmiller isn't such a bad thing.....

But I know I have to be like every body else...The Rooneys rock and the Steelers are the best.....insert 100 smileys.....:tt02::tt02::tt02::tt02::tt02::tt02::t t02::tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt0 2::tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt02: :tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt02::t t02::tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt0 2::tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt02: :tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt02::t t02::tt02::tt02::tt02::tt02::tt02::tt02::tt02::tt0 2:

lol......... i would not mind seeing a rich *** dude come in....... he's said he'd still let dan rooney run the team didn't he??

Moondog
09-16-2008, 11:35 AM
Ya know, when this whole thing started I was all about Art deuce and Dan keeping this team in the family with no outside help. As time has gone on though I'm not so sure this whole scenario is of going into massive debt and getting so many backers from God knows where just to save the team is the best thing for them. We know the Rooney's have the best interest of the team at heart, I will never question that. However, imagine what having deep pockets and no debt can mean to a team. If Druckenmiller is the business man we all think he is then he'll be doing whatever it takes to field a competitive team every year the same as the Rooney's do. Only this way we can do it in a fashion that allows us any player we want and we can stay competitive in a salary cap free era..just in case.

I couldn't have put it any better myself, that is exactly how I processed the ownership issue. Heck, Druckenmiller said Dan could still run the day to day operations, that sounds like the best of both worlds to me. If they remove the salary cap and Rooney is still the majority owner, the Steelers will become the Pirates of the NFL.

BlitzburghRockCity
09-17-2008, 07:01 AM
http://www.post-gazette.com/pg/08261/912643-85.stm?cmpid=HBEHTML



Wednesday, September 17, 2008
By Ed Bouchette and Gerry Dulac, Pittsburgh Post-Gazette
The Steelers could take a first major step in solving their ownership issue by the end of this week as four Rooney brothers try to choose between two "final" offers for their shares in the franchise.
While they've had both offers for months, one from their brother Dan Rooney and his son Art Rooney II, and the other from billionaire Stanley Druckenmiller, details of both took some time to be worked out with the brothers' investment bankers, Goldman Sachs.
"Now we have all the information,'' one family member told the Post-Gazette. "I'm not saying anything's consummated. Nothing's been consummated."
A decision is expected soon, however, by Dan Rooney's four younger brothers: Art Jr., Tim, Pat and John. Combined, they own 64 percent of the team. Dan Rooney owns 16 percent and the other 20 percent is divided among Pittsburgh's McGinley family, which has not been involved in negotiations for their shares.
"It's a big week,'' one Rooney family member said.
Mr. Druckenmiller gave the four brothers a Friday deadline to receive a decision from them. Another family member said he felt the deadline helped the process along when it was issued about six weeks ago. It has been difficult to determine, however, whether it's a hard deadline or if Mr. Druckenmiller would be willing to give the Rooneys more time.
Even when a deal is accepted by the brothers, the NFL must approve any ownership change and commissioner Roger Goodell has said league owners prefer the Rooneys remain in control of the Steelers.
Art Rooney Jr. has said he thought the process of picking an offer would have ended before the Steelers began playing football in the regular season.
"Now, three games could come and go before it happens," a family member said.
Mr. Druckenmiller's offer is an immediate cash payment for the shares of the four brothers, and he has made it clear to them he wants majority control of the team and has no interest in a minority stake. Dan Rooney's offer to his brothers involves payments spread out over a number of years.
Neither offer has changed. Dan Rooney and his son have made two offers and plan no more. They showed a draft of their first offer to the brothers, then made the offer formally, so at one point some mistakenly thought they were two separate offers. When the brothers balked at that offer, Dan and Art II came up with another and have stuck with that for months.
Mr. Druckenmiller, the chairman of Pittsburgh-based Duquesne Capital Management, made his offer to the four brothers nine months ago and nothing has changed in it. Sources have told the Post-Gazette that if Mr. Druckenmiller does get control, he wants Dan Rooney to run the team with a great deal of authority.
Possibly adding to the haste in closing any deal on either side were the shockwaves coming from the nation's banking industry and stock market. On Monday, investment bank Lehman Brothers filed for bankruptcy and brokerage firm Merrill Lynch was taken over by Bank of America for $50 billion. On Monday, the stock market plunged more than 500 points.
Under those financial circumstances, it's impractical that either offer would be raised.
The Steelers' worth has been estimated at between $800 million and $1.2 billion. While neither side has publicly disclosed its offer, a median price of $1 billion would mean that a buyout of the four brothers could be around $640 million for their 64 percent ownership.

NCSteeler
09-17-2008, 12:33 PM
The last thing I would want to see is the worlds next Dan Snyder running this team. All these millionaires say they want some smart football guy to run the team, but in the end it's their money and their say and billionaires like control.

BlitzburghRockCity
09-18-2008, 06:44 AM
Ya know this whole thing is just disgusting!!!!!! All 4 brothers are so damn greedy it's ridiculous. How much more F'n money do you need. You're already richer than God, you all have your own ventures besides the Steelers. Now somebody offers you hundreds of millions of dollars and it's still not enough.

It makes me sick and the Chief has to be just shaking his head in total digust of his family!!!!!!!!!!!


http://www.post-gazette.com/pg/08262/913090-85.stm?cmpid=HBEHTML


[URL="http://www.post-gazette.com/pg/08262/913090-85.stm?cmpid=HBEHTML"]

Thursday, September 18, 2008
By Gerry Dulac and Ed Bouchette, Pittsburgh Post-Gazette
Even if four of the Rooney brothers decide not to sell each of their 16 percent shares in the Steelers franchise to New York billionaire Stanley Druckenmiller, it does not necessarily mean they are prepared or even willing to accept an offer made by their brother, Steelers chairman Dan Rooney, the Pittsburgh Post-Gazette has learned.
Sources who are intimately familiar with both sides of the ownership situation have indicated that the four Rooney brothers -- Tim, Patrick, John and Art Jr. -- might seek another outside bid in an attempt to gain even more money for their shares, a move that would cause Mr. Druckenmiller to withdraw his offer and further prolong a process that has been going on for two years.
Yesterday, a representative of the four Rooney brothers informed Mr. Druckenmiller, chairman of Pittsburgh-based Duquesne Capital Management, that the brothers are undecided if they want to accept his offer. However, the representative told him the brothers would likely give him an answer by tomorrow, keeping with an unofficial deadline issued by Mr. Druckenmiller six weeks ago.
The brothers are scheduled to vote today if they want to accept Mr. Druckenmiller's offer. Even if they decline his offer, the Rooney brothers might decide to seek another investor once a calamitous economy settles rather than accept the offer made by Dan Rooney and his son, Art II, the team president, according to the sources.
Such a move could also create a bigger problem for NFL commissioner Roger Goodell, whose strict guidelines prohibiting association with racetracks were the impetus for the restructuring of the Steelers ownership.
Mr. Goodell told the Steelers that anyone who has interest in racetracks and legalized gambling casinos cannot be involved in the ownership group.
That would involve at least three of the brothers: Tim, who operates Empire City at Yonkers (N.Y.) Raceway; and Patrick and John, who run the Palm Beach Kennel Club in West Palm Beach, Fla. Dan Rooney has divested his interest in the racetracks.
Mr. Goodell also wants at least one owner of a franchise to have at least 30 percent of their team's stock.
No timetable has been set by the league to resolve those issues. However, those guidelines are among the reasons Dan Rooney, who also owns a 16 percent share in the franchise, is seeking to gain at least 30 percent of the stock. The remaining 20 percent of the stock is owned by the family of the late Jack McGinley Sr.
Mr. Druckenmiller has offered an immediate cash payment to purchase the 64 percent shares owned by the four brothers and gain controlling stock interest in the franchise.
The offer was made nine months ago. He is not interested in being a minority partner, and sources have told the Post-Gazette he would immediately withdraw his offer if the Rooney brothers sought a bid other than the one being made by Dan Rooney.
While Mr. Druckenmiller's offer is not known, the Steelers franchise was recently valued at slightly more than $1 billion by Forbes Magazine -- a figure comparable to the $800 million to $1.2 billion estimated value placed on the franchise by Goldman Sachs, the Wall Street investment bank that is brokering the deal for the four Rooney brothers. Using a median price of $1 billion, that would place Mr. Druckenmiller's offer in the neighborhood of $640 million.
Dan Rooney has made two offers to his brothers, and his plan would require payments being spread over a number of years.

SteelersfaninPhilly
09-18-2008, 09:30 PM
Thursday, September 18, 2008
By Gerry Dulac, Pittsburgh Post-Gazette
Doug Jones/Portland Press Herald

Stanley Druckenmiller drops bid for Steelers: "Given my love for Pittsburgh and what I know the team means to the city, I wish them [the Rooney family] all the same success they have had in the past. Go Steelers!"

The four Rooney brothers have told New York billionaire Stanley Druckenmiller they are turning down his offer to buy each of their 16 percent shares in the Steelers, ending a seven-month courtship in which Druckenmiller was seeking to gain controlling stock interest in the franchise.

Druckenmiller told the Pittsburgh Post-Gazette he is "disappointed" and is withdrawing his name from the sale process.

However, the decision to not accept Druckenmiller's offer does not mean the Rooney brothers will sell their shares to their oldest brother, Steelers chairman Dan Rooney, who has also made an offer to purchase their combined 64 percent shares. Instead, they may opt to entertain other outside bids in an attempt to gain more money for their shares, according to sources familiar with the situation.

The four Rooney brothers held a vote this afternoon and called Druckenmiller, chairman of Pittsburgh-based Duquesne Capital Management, with their decision.

In a prepared statement sent to the Post-Gazette, Druckenmiller said, "Seven months ago, I was approached by members of the Rooney family about purchasing their interest in the Pittsburgh Steelers. I engaged in discussions about a possible transaction because a number of family members told me that, after years of effort, they were unlikely to be able to resolve the estate planning and NFL ownership matters of great concern to them.

"If an external solution was necessary, I believed that I could provide the family with an appropriate transaction that also would be in the best long-term interests of the Steelers, the NFL and the city of Pittsburgh. The solution I proposed included a request that Dan Rooney continue to manage the Steelers organization.

"Throughout our discussions, I made clear that if the family could resolve these matters internally it should do so and I would gladly remain only a devoted Steelers fan. Based on recent developments, it has become clear that the Rooneys need substantial additional time to assess their options. I do not wish to complicate these efforts, and I also do not want the lingering uncertainty about my possible involvement to become a distraction to my business and my family.

"For these reasons, I have removed myself from the process. On a personal note, having spent time with all five Rooney brothers, I have come to hold them all in high regard, and it is easy to see why the organization has been so successful. Given my love for Pittsburgh and what I know the team means to the city, I wish them all the same success they have had in the past. Go Steelers!"

Black@Gold Forever32
09-18-2008, 09:32 PM
Stanley Drunkenmiller would have been ok with me....**** the other Rooney brothers for being *******s.....Like those rich ****s need anymore money....

BlitzburghRockCity
09-18-2008, 09:51 PM
This is such a bunch of crap; the damn greedy *** brothers are so hell bent on getting a few more million that they don't even care about the team anymore. It's disgusting and makes me ashamed of what they are doing, including Art II who's supposed to be on Dan Rooney's side with all of this :evilshake:

I would have been ok with Druckenmiller too, atleast he was willing to bail out the team, put them on the road to financial success, and still let Dan & II run the team.

BlitzburghRockCity
09-19-2008, 07:10 AM
http://www.post-gazette.com/pg/08263/913403-66.stm



A family source told the Post-Gazette that John Rooney argued for his brothers to take Dan Rooney's offer at their meeting, but no decision was made on that matter.
"Neither proposal had sufficient support in its current form," said Art Rooney Jr., one of the brothers.
Mr. Druckenmiller, 55, an ardent Steelers fan who has season tickets to Heinz Field, viewed himself as a solution, not a problem, to the Steelers ownership issue. His offer to purchase the shares of the four brothers included an immediate cash payment -- a move he thought would greatly benefit the long-term health of the franchise and allow the Steelers to have financial freedom to remain competitive on the field because there was no interest or debt service
In addition, he wanted to retain Dan Rooney and his son, Art II, the team president, in their current roles. Mr. Druckenmiller even planned to designate Dan Rooney as the team's "principal owner," a role that would give him much of the same decision-making power he has now


Now doesn't that just **** you off; Druckenmiller was perfectly content to let things go as is and keep the team moving forward like they are now but NNNOOOOOOO the damn greedy Rooney's have to go and screw up a perfectly good offer just because they need an extra million!! :rant2:

BlitzburghRockCity
09-20-2008, 09:20 AM
So basically now we are right back where we started. The brothers can't make up their mind, Dan & Art are trying to keep the team, we'll go further into debt as they try to buy out the shares of their brothers..didn't we just start talking about all this like 7 months ago and now here we are again with no end in sight.

Atleast it seems that Dan & Art Duece have atleast been able to win over 1 of the brothers but it's not enough yet. According the PG each brother would have gotten 134 million a piece for their shares if they sold to Druckenmiller!! I mean seriously how much more do you need when you already have more money than God!

roosterray
09-20-2008, 10:47 AM
I'm content that the team will be in Pitt and Rooney ownership for a long time. I do understand the other brothers are looking to get market rate today. Its their right as an owner, but my god - its family and tradition. Be fair yet don't be greedy.

SteelersfaninPhilly
11-11-2008, 08:58 PM
http://www.post-gazette.com/pg/08316/926969-66.stm


As if Ben Roethlisberger were running the hurry-up offense near the end of a game, the five Rooney brothers who own the bulk of the Steelers franchise are trying to beat the clock to settle their ownership issues over the next few weeks.

Four Rooney brothers are working on details of an agreement to sell their shares to brother Dan Rooney and his son, Art II, and to get NFL approval by the end of the year.

In order to do so, they need to present an agreement to the NFL in time for its finance committee to consider and then send it along to the league owners meeting scheduled Dec. 17 in Dallas.

The Rooneys thought they were close to a deal among themselves over the past two weeks, but it stalled recently as lawyers and family members haggle over specifics.

"Two Wednesdays ago, I thought we were starting to get this thing bundled up," said Art Rooney Jr., one of five brothers who each owns 16 percent of the ballclub. "But the devil's in the details; you look at things, go over them again and again and get advice."

The brothers want to have a sales agreement and get NFL approval for it by the end of 2008 because of the extra tax consequences they believe will be introduced retroactively to the beginning of 2009 by the new Obama presidential administration and Congress.

"There's a deadline because of this big tax situation," Art Rooney Jr. said. "It has to be settled in good time. I think everybody knows the clock is ticking; it's almost like a football game."

Said his brother Tim Rooney in an e-mail: "There are more than a few loose ends to be solved but are or should be doable. It is very important to solve the problem before the end of the year because of taxes."

The agreement the sides have been working on includes, according to Art. Jr., a gradual transfer of each brother's shares over a set number of years to Dan Rooney and his son, who have assembled a team of investors for the purchase. The specifics of those transfers are among the details still being worked on.

"It's working out certain details, nuances," Art Rooney Jr. said. "And you're working with five people, and you have your kids talking to you and your wives talking to you.

"I think it really gets down to the solid details to get straight."

The offer from team chairman Dan Rooney and his son Art, the club president, is the only one the other four Rooney brothers have considered over nearly two months.

"I think Dan is the last man standing," his brother, Art Jr., said, citing the economic downturn as a contributor to the lack of bidders for the franchise.

Four brothers -- Art Jr., Tim, Pat and John -- opened the bidding for their combined 64 percent of the franchise after they rejected an offer from billionaire Stanley Druckenmiller on Sept. 19.

Druckenmiller offered to purchase all four brothers' shares for $537 million and become majority owner and proposed having Dan Rooney and his son run the team.

Goldman Sachs, the four Rooney brothers' investment banker, did not produce another credible bidder, and the four brothers have negotiated exclusively with Dan and Art Rooney since, said Art Rooney Jr.

Discussions of a change in ownership have been ongoing for more than two years. The NFL pressed the issue when they urged the Rooneys to become compliant with league policies on two fronts: 1) To have an owner with at least a 30 percent stake in the franchise, which they have not had for at least 20 years, and 2) To either divest themselves of ownership in their two racetrack/casinos or in their ownership of the Steelers.

Dan Rooney has parted with his interest in the racetracks, and his brother Art Jr. nearly has done so as well. An NFL spokesman yesterday said that if a sale involved transferring shares of the team over a number of years, "that type of an arrangement would be given consideration" to complying with NFL rules during that period.

It's unclear how long a transfer of shares would take under the current discussions or if one or more brothers might maintain some shares and remain a part-owner of the team -- provided they also were no longer involved in the racetracks.

Art Rooney Jr., for example, has been a vice president of the team and was its former player personnel head. He would like to keep a hand in it somehow, but "what you want to do emotionally and love to do very well might change by the economics."

Art Rooney Jr. said the ongoing process has worn on his emotions and that of his brothers. Indeed, when the deadline arrived for them to consider Druckenmiller's bid, John Rooney spoke in favor of Dan's bid, Art said he could not bring himself to sell to Druckenmiller, and one of the other brothers wanted to keep the status quo.

"None of this has been easy," Art Jr. said. "But the one thing we have not had is a knockdown, drag-out screaming match."

Dan Rooney said yesterday that "I hope things will work out soon."
Ed Bouchette can be reached at ebouchette@post-gazette.com.

DBR96A
11-11-2008, 11:37 PM
Sweet! So the team stays with the Rooneys! :greengrin:

BlitzburghRockCity
11-12-2008, 12:37 AM
This is a good sign for the Steeler Nation to see the team stay with the Rooney's and ensure it's existance in Pittsburgh for generations to come.

Im still not completely convinced having Druck for an owner would have been that bad though especially in these economic times having a team basically debt free would have been nice.

jpele
11-14-2008, 10:59 PM
PITTSBURGH -- Ownership of the Pittsburgh Steelers is remaining within the Rooney family.

According to WTAE's news exchange partners at the Pittsburgh Tribune-Review, four sons of Steelers founder Art Rooney Sr. have agreed to sell their stake in the team to brother and current chairman Dan Rooney, and his son, Art Rooney II.

The deal could pay the four Rooney brothers who are selling their shares as much as $750 million.They hope to complete the deal before a meeting in December.Each of the five Rooney brothers holds a 16 percent interest in the team.Their relatives, the McGinleys, control the remaining 20 percent.

The team has an estimated worth of $800 million to $1.2 million.The Steelers have not released an official statement.


Source (http://www.thepittsburghchannel.com/news/17984116/detail.html)

Stlrs4Life
11-14-2008, 11:01 PM
Good news, now let's move on!

BlitzburghRockCity
11-14-2008, 11:45 PM
Indeed, this is great news and something that was probably destined to happen right from the get go once the other brothers realized what was best for the team and the Rooney Family along with all us fans. One thing about Dan, he is a Pittsburger through and through and has always put the Steelers first.

NOVA STEELERS
11-15-2008, 08:36 AM
Report: Agreement reached on Steelers sale

PITTSBURGH (AP)—Pittsburgh Steelers (http://sports.yahoo.com/nfl/teams/pit/;_ylt=ArdhgLg1f_ytSzT_M7TZ89QdsLYF) chairman Dan Rooney’s four brothers have agreed to sell a controlling stake of the team to him and his son, the Pittsburgh Tribune-Review reported.
Patrick and Art Rooney Jr. confirmed the deal in a story posted on the paper’s Web site Friday night. They and their other two brothers—Timothy and John—could get a total of $750 million after debt is taken out, according to the report.
Art Rooney Jr. said the brothers hope to get the deal wrapped up before a board meeting in December. Both sides want to get a deal done by then because they are worried about possible higher taxes once the Obama administration is in office.
“It’s a good deal. I’m happy for Dan. I’m happy for the rest of the family. I think young Art, Dan’s son, will do a fine job,” Patrick Rooney told the paper. “I think we’re doing the right thing.”

Art Rooney II, Dan’s son, is the team president.
Each brother owns 16 percent of the team, adding up to 80 percent, with another Pittsburgh family, the McGinleys, owning 20 percent. Those shares are not being sold. The Rooneys’ father, Hall of Famer Art Rooney Sr., bought the franchise in 1933 for $2,500.
Several brothers wanted to focus their business efforts on racetracks and other non-football interests. The family owns racetracks in New York and Florida and has added forms of gaming that are inconsistent with NFL gambling policy, but Dan Rooney has no interests in the racing industry.
The Rooney family has owned the team since its inception, except for a brief period in 1941 when Art Rooney Sr. sold the team to Alexis Thompson and bought into the Philadelphia Eagles (http://sports.yahoo.com/nfl/teams/phi/;_ylt=AhE95gOEkDHcd8rU2EOPwl4dsLYF). Rooney regained control of his hometown Steelers in less than a year.


GREAT NEWS :cope: :cope: :cope: :cope:

SteelerNC
11-15-2008, 08:48 AM
GREAT NEWS, now we need to beat the chargers!

seth_westover
11-15-2008, 01:48 PM
http://sports.espn.go.com/nfl/news/story?id=3703841

I just read this on espn! THANK GOD THE STEELERS STAY IN THE HANDS OF THE GREAT ROONEY FAMILY!!!!! :tt02::tt02::tt02::cope::cope::cope::banana: :banana::banana::bunny::bunny::bunny::greenbounce2 : :greenbounce2::greenbounce2: :yellowthumb::yellowthumb: :yellowthumb::greengrin: :greengrin::greengrin::helmet: :helmet::helmet::clap: :clap::clap: :plus1::plus1::plus1:

Black@Gold Forever32
11-15-2008, 02:03 PM
How is this great news?....The Rooney's probably have taken on so much debt now that the team might struggle to stay competitive......lol Plus the salary cap could be gone by 2010....The Steelers would have been better suited with an owner like Stanley Drunkenmiller who has deep pockets to keep the team competitive and especially if the salary cap goes away.....I didn't want the Rooney's to give up the Steelers either but I also want a competitive football team and I really don't know if this team will ream competitive if the Rooney's are so debt ridden now....

AZ_Steeler
11-15-2008, 02:05 PM
How is this great news?....The Rooney's probably have taken on so much debt now that the team might struggle to stay competitive......lol Plus the salary cap could be gone by 2010....The Steelers would have been better suited with an owner like Stanley Drunkenmiller who has deep pockets to keep the team competitive and especially if the salary cap goes away.....I didn't want the Rooney's to give up the Steelers either but I also want a competitive football team and I really don't know if this team will ream competitive if the Rooney's are so debt ridden now....

That's actually a good point... never thought about it? :scratch: I guess we all have to do our part and go out and by some merchandise and support the Black N Gold! ;)

Black@Gold Forever32
11-15-2008, 02:07 PM
That's actually a good point... never thought about it? :scratch: I guess we all have to do our part and go out and by some merchandise and support the Black N Gold! ;)

I think it sucks that the old guard of the NFL is dying out......But as a fan I want the best interest of the Pittsburgh Steelers.....I don't know if the Rooney's keeping the Steelers serves the teams best interest in the future....We will find out.....

Captcoolhand
11-16-2008, 07:51 AM
PITTSBURGH (AP)óSteelers chairman Dan Rooney and his son will likely buy a controlling interest in the team from Rooneyís four brothers.

ďItís not really (that) a deal has been reached, but weíre coming along very well,Ē Art Rooney Jr., one of the brothers, said Saturday.

ďYouíre dealing with five people who are very private. There are a lot of ideas and nuances. Weíre moving in the right direction after all,Ē he said. ďThereís still things that have to be worked out, but itís headed that way.Ē

Dan Rooney was the only person interested in buying the team, which the brothers want to see remain in the family, according to Art Rooney Jr.
ďThat was a pretty big factor in this whole thing,Ē he said.

Dan Rooney declined to comment on Saturday. A message left with his son, team president Art Rooney II, was not immediately returned.

Art Rooney Jr. would not confirm that he and brothers Patrick, Timothy and John Rooney would get about $750 million after business debt is subtracted.

That was the figure the Pittsburgh Tribune-Review reported on its Web site Friday night in a story about the probable deal. The Pittsburgh Post-Gazette reported a price of $800 million.

Art Rooney Jr. was reluctant to name a price, saying it could change. The team has been estimated to be worth as much as $1.2 billion.

Each brother owns 16 percent of the team, adding up to 80 percent, with another Pittsburgh family, the McGinleys, owning 20 percent. Those shares are not being sold.

The Rooneysí father, Hall of Famer Art Rooney Sr., bought the franchise in 1933 for $2,500.

At least three of the five Rooney brothers want to sell their equal shares in the team partly to avoid costly future inheritance taxes for their children and grandchildren.

ďWeíre all hanging our hats that we get it done before the change in the administration,Ē which could lead to higher taxes, Art Rooney Jr. said.

Another factor is the NFL rules that restrict ownersí involvement in gambling enterprises, and requires that one person own at least 30 percent of a team. Some of the brothers own shares of racetracks that offer casino gaming.

The team was sold in 1940 to Boston investor Alexis Thompson, but Art Rooney Sr. back regained control of the team in less than a year.

Well even if the younger generation is playing duck and dodge'm with the whole thing, how much longer is Dan going to be around to help control the team.... :scratch:
Well, I guess the best thing to know is that the steelers will remain with the Rooneys. :clap: :clap:

$2500 was a hell of alot of money back in 1933. I'm sure Art is still hearing about that move in his grave, but it sure payed off over the years. I'm sure that even he couldn't fully perceive the enourmous realistic figures that this franchise would return in just 75 years.

jpele
11-16-2008, 11:18 AM
I think it sucks that the old guard of the NFL is dying out......But as a fan I want the best interest of the Pittsburgh Steelers.....I don't know if the Rooney's keeping the Steelers serves the teams best interest in the future....We will find out.....

Agreed, as much as I love seeing the Rooney's keep the Steelers, Dan and ArtII are going to take on a tremendous amount of debt that may hurt the team in the long run. All we can do is hope for the best. :tt02:

SteelerBee43
12-03-2008, 03:31 AM
PITTSBURGH (KDKA) ― You could call it the last hurrah.

All five Rooney brothers will come to Pittsburgh this weekend to watch the Steelers face their longtime rivals, the Dallas Cowboys.

It will be the last time they will all be together as owners of the Pittsburgh Steelers.

The last time the Steelers played Dallas, it was in 2004 in Irving, Texas. It was Ben Roethlisberger's rookie year and the Steelers won 24-20.

This Sunday the Steelers will be playing on their home turf and it seems a fitting occasion for the five Rooney brothers to come together to finally consummate the deal Ė the transfer of majority ownership to their brother Dan.

When we last spoke with Dan Rooney two weeks ago, the deal was still unsigned and sources say even tonight, there are still some loose ends.

But the same sources say those details should be settled by this weekend and the brothers plan to stay in town after the game for a board meeting on Monday and they plan to ratify the deal at that time.

According to sources, the deal affixes a value to the team of between $750 million and $800 million.

And according to NFL rules against owners having gaming interests, two of the brothers will completely divest themselves of the team.

Tim and Pat Rooney both operate race tracks and will each sell their 16 percent stake in the team to Dan. The two other brothers, Art, Jr., and John, will also sell shares to Dan but retain a smaller stake.

To purchase these shares, PNC is loaning Dan Rooney an undisclosed sum.

After the Steelers board approves the sale, there will be one more final hurdle Ė approval by the NFL ownership committee.

But given Dan Rooney's reputation in the NFL, it should not be a problem.

JensK
12-04-2008, 04:56 AM
Deal for Steelers all but done
Thursday, December 04, 2008
By Ed Bouchette, Pittsburgh Post-Gazette

The five Rooney brothers have virtually come to terms on a restructured ownership of the Steelers and will present their proposal to the NFL's finance committee in time for its meeting next Wednesday, the Post-Gazette has learned.

If approved by the finance committee, it would then go on to a vote of the entire NFL ownership, where it would need 24 of the 32 NFL owners votes for approval to pass.

"I think the deal is as done as it can be," John Rooney said last night. "But until you see the money, I guess no deal is done."

The next NFL meeting is Dec. 17 in Dallas, but if the finance committee cannot recommend the restructured Steelers ownership in time for the owners to consider it, a vote could be taken by phone at a later date.

John Rooney said there's an outside chance the entire deal could be completed by the end of the year but he expects it to last until sometime in January.

The four Rooney brothers who are selling all or part of their shares would prefer to have the sale finished by the end of the year to avoid possible capital gains tax increases that might be passed retroactive to the start of 2009. But that no longer has become a driving force for them.

"I'm not really worried about it because I heard the incoming president won't do anything for six months," John Rooney said.

John Rooney and one of his brothers, Art Rooney Jr., will maintain some ownership in the team, both have said. Each of the four brothers owns 16 percent and the league requires an ownership for controlling interest in a franchise of at least 30 percent by one owner.

The McGinley family of Pittsburgh owns a collective 20 percent and some in that family also plans to sell a small portion to the Rooneys, according to Jack McGinley Jr.

The league will allow Dan Rooney and his son Art II to count as one for the 30 percent requirement and they have been cobbling together a group of investors to buy out their four brothers.

"I think we will have a lot of the approvals done, but a lot of loose ends to be made up as far as Dan's team of investors," John Rooney said.

Two of his brothers, Tim and Pat, will sell all of their shares. John and Art Jr. will sell a little more than half.

The brothers will receive the money for their shares over a number of years.

"I think my deal goes out to 10 years," John Rooney said. "I would entertain leaving before that if they wanted me to. I'm more or less staying because Dan has asked me to."

In September, four brothers turned down an offer from Stanley Druckenmiller of $537 million for their combined 64 percent of the franchise, paid immediately. In that deal, the enterprise value of the franchise was placed at $840 million.

Under the Dan Rooney ownership, the value of the franchise was placed at $800 million with delayed payouts.

"My brothers sacrificed themselves doing this," John Rooney said. "They could have gotten more money from another offer.

"My brothers stood up, you know. It's the best way to keep it going [in the Rooney family]. I hope Dan lives 20 more years to enjoy them."

DIESELMAN
12-07-2008, 03:05 AM
Who says Drunkenmiller would've made a good owner? because he's got lots of money would make him a good owner? So that would mean Snyder is a good owner right? I'm glad the Rooney name is still the ownership of the Steelers. This is big business, it would have been easy to sell out but they didn't. As far as the big debt.....partners will be brought in with of course a buy in, which will alleviate a lot of the debt. IMHO.....

BlitzburghRockCity
12-07-2008, 03:21 AM
I'll just be glad when this whole ordeal is done. The Chief must be turning over in his grave at this whole scenario taking place but in the end as long as the team stays in Pittsburgh and can field a competitive group of players every week that's the bottom line.

ejsteeler
12-07-2008, 01:10 PM
:ditto:
If the past shows anything, I believe Dan has a plan and would not put themselves in a position where they could not be competitive. :2cents:

Black@Gold Forever32
12-07-2008, 01:19 PM
Who says Drunkenmiller would've made a good owner? because he's got lots of money would make him a good owner? So that would mean Snyder is a good owner right? I'm glad the Rooney name is still the ownership of the Steelers. This is big business, it would have been easy to sell out but they didn't. As far as the big debt.....partners will be brought in with of course a buy in, which will alleviate a lot of the debt. IMHO.....

Nobody is saying Drunkenmiller would have been a good owner...I'm just worried about the team being competitive.....I don't care who owns the damn as long as the team can compete for the play-offs almost very year......What if the salary cap goes away for good which could happen then there is noway the Rooney's could compete for even mid level free agents......There is even talk if the cap does go away this could lead to the NFL draft process being eliminated and as we all know the Steelers rely on the draft mostly......I don't think either of those things will happen but who knows.....The old guard of NFL owners is being wiped due to the NFL changing with the times...Its sad but its the reality of the NFL......That was my point of having an owner like Stanley Drunkenmiller....

DIESELMAN
12-09-2008, 12:57 AM
No way the cap goes away for good. The majority of the owners won't let that happen, only a handful of owners would want that, but its not going to happen. Whether a new owner has money or not, they better be good and make sound decisions. Good ownership and being competitive go hand in hand. The Steelers staying in the family is a good thing, it will all work out for the Steelers in a good way.

ejsteeler
12-16-2008, 01:23 PM
Link to story (http://www.post-gazette.com/pg/08351/935439-66.stm)


NFL advises owners to OK Rooney deal
Tuesday, December 16, 2008
By Ed Bouchette, Pittsburgh Post-Gazette

The NFL's finance committee yesterday recommended the league's owners consider the Steelers restructured ownership as presented to it at the winter meeting, which takes place tomorrow in Dallas.

The finance committee "thoroughly reviewed the proposed transaction [yesterday] and it is on the league meeting agenda for consideration by the clubs on Wednesday," according to a league statement.

For the restructuring to pass, owners must approve by a three-fourths vote, or 24 of the 32 clubs.

Dan Rooney and his son Art II have obtained financing from PNC Bank and compiled a group of investors to purchase some or all of the shares of Dan's four brothers. Brothers Tim and Pat Rooney will sell their 16 percent shares each to the new investment group while brothers Art and John Rooney will sell a little more than half of their 16 percent shares each, remaining part owners of the club.

Dan Rooney, who also owns 16 percent of the team, needs to own at least 30 percent with his son Art II in order to be in compliance with NFL rules regarding controlling interest of a franchise. A small portion of the 20 percent that Pittsburgh's McGinley family owns also was to be sold to the new group of investors, none of whose names have yet become public.

The nine-member finance committee is chaired by New Orleans Saints owner Tom Benson.

Good sign it will be a done deal before the end of the year. Nothing should hold it up now.

BlitzburghRockCity
12-16-2008, 04:59 PM
Finally we can put this whole thing behind us.

ejsteeler
12-17-2008, 10:21 PM
link to story (http://www.nfl.com/news/story?id=09000d5d80d680cd&template=without-video-with-comments&confirm=true)


NFL owners approve restructured plan for Steelers ownership
Associated Press


IRVING, Texas -- NFL owners approved a restructured ownership plan for the Pittsburgh Steelers on Wednesday that will keep the team under the control of chairman Dan Rooney and his son.

Under the plan approved by a 31-0 vote during a meeting of the owners, Rooney and his son, team president Art II, will own 30 percent of the team, meeting a league requirement on the equity on controlling ownership.

"I felt that our father started this team in 1933 and it's done well, it's been a big part of Pittsburgh," Dan Rooney said. "And that's the way it should stay, under our direction."
Rooney and his four brothers each acquired equal 16 percent shares in the team when Steelers founder Art Rooney Sr., their father, died in 1988. The Jack McGinley family owns the other 20 percent of the franchise.

The restructuring was mandated by the NFL to bring the Steelers into compliance of the 30 percent benchmark. Another league rule bars team owners from being involved in gambling, so two of the Rooney brothers who operate race tracks that feature slot-machine and casino gambling, Pat and Tim, are selling their 16 percent shares as part of the plan.

"It's a very complex issue dealing with significant financial issues and complexities in estate planning," commissioner Roger Goodell said. "I'm pleased for all of the Rooney family that it's resolved in a positive way for them."

Two other brothers, Art Jr. and John, are selling a portion of their shares, and the McKinley family is also expected to sell some of its stake in the team.

Goodell said discussions about the restructuring of the Steelers' ownership to get into league compliance had been ongoing for about three years.

"The initiative frankly was that they had changed their business operations, and the gambling operations had gone more into gambling," Goodell said. "It was of greater concern to us than the original horse racing and dog racing. That initiated some discussions, and it really just had to get resolved for the club."

Dan Rooney and his son will not be buying all those shares being sold, and do not need them all to own 30 percent interest in the team. What wasn't immediately clear was how the sale would break down between Dan Rooney, his son and other investors.

The NFL approved three new partners for the Steelers during the meeting: James Haslman III of Knoxville, Tenn., Thomas Tull of Los Angeles, and the Paul family based in Pittsburgh and Los Angeles.

The agreement among the Rooney family calls for the deal to be closed by March 31.

"We have a few more investors in the pipeline but we're happy that the transaction was approved by the owners. Now we have to go into finalizing some of the details," Art Rooney II said. "This was a big step and I'm glad we got this far to get to a closing and finalizing everything."

The NFL finance committee reviewed the Steelers' restructuring plan Monday before putting it on the agenda for the owners to consider.

While Dan Rooney and his son are expected to take on about $250 million in debt, Art Rooney II said there are no plans to make dramatic changes in the way the team is operated despite the difficult economic climate.

"We wouldn't have done it if we didn't think that we were going to be able to handle it," Art Rooney II said. "We plan to operate along the same operating guidelines that we have historically."

Stanley Druckenmiller, chairman of a Pittsburgh-based investment firm, earlier this year made an offer to buy a majority stake of the team. But the billionaire withdrew his offer in September.

"I have no ill will for Stanley Druckenmiller. He's a great Steelers fan and I hope he remains one," Dan Rooney said. "It was a lot of work and everybody put forth the effort. ... It wasn't a slam dunk strictly for the Rooneys. This was something the league felt was good for them."

Dan Rooney said his brothers saw the benefits of the restructuring plan that is now in place, and that the relationships between them are good.

"We all still talk to each other, and only fight as we always did," Dan Rooney said. "Everything is fine."


:cope: :cope: :cope: :cope:
Yeah baby. :yellowthumb:

DIESELMAN
12-18-2008, 05:10 AM
Under the proposed transaction, Dan and Art II will own a 30 percent interest to meet the league requirement on the equity interest of controlling ownership. The plan approved today provided for transfer of the shares of Dan Rooney's brothers, including the divestiture of gaming interests by all owners of the Steelers consistent with league policy.

Three new partners were also approved at today’s meeting: James Haslam III of Knoxville, Tenn., Thomas Tull of Los Angeles, and the Paul family, based in Pittsburgh and Los Angeles (bios of each partner attached).

The agreement among the Rooney family calls for a closing to take place before March 31, 2009.

Steelers Chairman Dan Rooney stated, “We are obviously very pleased to be keeping the Steelers’ ownership within the Rooney family and are appreciative of our fellow NFL owners’ support. Today’s vote ensures that the Rooney family will be associated with the Pittsburgh Steelers and the NFL for a very long time.”

Steelers President Art Rooney II stated, “We are looking forward to completing the remaining details of this transaction in early 2009. We are grateful that we will be able to make the ownership transition stay within the family with the help of three new partners – Thomas Tull, James Haslam III and the Paul family.”

Thomas Tull

38 years old; based in Los Angeles

Chairman/CEO of film production company, Legendary Pictures; joined with Warner Bros. to co-produce and co-finance films such as “The Dark Knight”, “300”, “Batman Begins”, “We Are Marshall (http://marshall.scout.com/)”, “Superman Returns” and the upcoming “Watchmen”.

Member of Board of Trustees of the American Film Institute (AFI).

Board member of the San Diego Zoo and serves on the Foundation Board of the Zoological Society of San Diego.

James Haslam III

54 years old; based in Knoxville, Tennessee

President of Pilot Travel Centers, the nation’s largest retail operator of travel centers and truckstops.
Pilot is headquartered in Knoxville, Tennessee, and has 13,000 employees across the country.

Pilot operates more than 300 retail facilities in 41 states featuring nationally recognized fast food restaurants such as Subway, Wendy’s, Arby’s, Taco Bell, Denny’s and McDonald’s.

Pilot also owns and operates 40 convenience stores in the Knoxville, Tennessee area.

Paul Family

Family members include Donna and Robert Paul, and their children, Larry Paul (44), Stephen Paul (41) and Karen Zimmer (39).

Operations based in Pittsburgh and Los Angeles.

Family has had substantial involvement in many businesses including Ampco-Pittsburgh (NYSE-listed metal fabricator located in Pittsburgh), TV and radio stations, cable and cellular phone operations, banking, snow and ice removal equipment (Meyer Products and Swensen Spreaders), restaurants (Morton’s Restaurant Group), fitness facilities (Urban Active Fitness) and real estate development.

Family members sit on numerous not-for-profit boards, including Cornell University, University of Pittsburgh, UPMC (western PA medical system), Harvard Medical School, the American Red Cross and The Loomis Chaffee School.

Member on Board of Pittsburgh Branch of Federal Reserve Bank of Cleveland.


These 3 partners sound like they have their shiat together.

Just happy the Steelers are staying in the Rooney family.
:pennant::pennant: :pennant:

ejsteeler
12-18-2008, 01:11 PM
Hey Blitzburgh, you oughta email Haslam to see if trucks with Steelers emblems on them can get a decent discount at Pilot stations.....:lol:

steelers4life66
12-19-2008, 03:02 AM
http://msn.foxsports.com/nfl/story/8963224/Rooneys-earn-NFL-owners%27-blessing,-31-0-

DIESELMAN
03-23-2009, 08:48 PM
PITTSBURGH -- Steelers Hall of Fame wide receiver John Stallworth is among three new partners added to Pittsburgh chairman Dan Rooney's ownership group, one that may expand further before it is finalized in several months. Rooney and son Art Rooney II, the Steelers' president, have added six partners to help them acquire all or part the shares held by Dan Rooney's four brothers. The three new partners were approved Monday by NFL owners.
The restructuring agreement was finalized several months before the Steelers won their record sixth Super Bowl last month and was required to meet NFL rules that a primary owner have at least a 30 percent stake in a team.