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Thread: *** Latest in Steelers Ownership Restructure **

          
   
   
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  1. #1
    The Absolute Truth Koopa's Avatar
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    *** Latest in Steelers Ownership Restructure **

    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
    "SA, it's more than a FEVER it's an ADDICTION" -BlacknGold Bleeder

  2. #2
    K Train's Avatar
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    lol theres alot of teams that are up for sale, didnt think we would be one but how good would field turf be?!?!?! lol

  3. #3
    SA's #1 Pirates Fan Tetris Champion Black@Gold Forever32's Avatar
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    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/SB1215...=djemalertNEWS

  4. #4
    Prosdo's Avatar
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    No big deal. I'm sure Mr. Rooney will get the shares.


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    SA's #1 Pirates Fan Tetris Champion Black@Gold Forever32's Avatar
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    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...

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    BlitzburghRockCity's Avatar
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    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.

  7. #7
    SteelerDan43's Avatar
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    I really dont see this as a "sale" its just buying out non-controlling partners. Still the same people in charge though
    "Racing doesn't teach a lesson. Nor do most racers. Many of them can't even tell you why they're in the cockpit. They don't know. Racing isn't what they do. It's who they are."

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    BlitzburghRockCity's Avatar
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    http://kdka.com/sports/Steelers.shop....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.

  9. #9
    Chairman of the Board Iron City South's Avatar
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    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.
    "The most interesting man on SA ... stay thirsty my friends"


  10. #10
    Rookie Free Agent SteelfordWexler's Avatar
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    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.

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