Financier Makes Bid For Steelers

[.GR]

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.

http://sports.yahoo.com/nfl/news;_ylt=Aue6...p&type=lgns


I can't imagine anyone else owning the Steelers but the Rooneys, and I wouldn't want anyone else to either.

 

[MG.]

I really hope that the team stays at least with the the Rooney family owning the majority. It just wouldn't seem right for anyone else to own them.

 

[.GR]

I guess the rest of the family isnt interested in them so they rea;; have no choice....

 

[.GR]

ESPN's John Clayton reports that the Steelers could change majority ownership from the Rooney family to investor Stanley Druckenmiller by August.

An ownership change might not immediately impact on-field matters because the Rooneys intend to maintain a minority interest and presumably would stay in charge of personnel. But it could be odd for the family to be working under Druckenmiller. Eventually, the Rooneys could be weeded out.

rotoworld