Steelers for sale
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Soccer Dad | Tuesday, July 8, 2008 |
Not my usual beat but I noticed that Pittsburgh’s Rooneys Quietly Shop the Steelers
Steelers Chairman Dan Rooney, the eldest of the brothers, wants to consolidate his control through a 10-year plan to buy out most of their shares, but a well-funded prospective buyer has emerged after some of Mr. Rooney’s brothers and their children raised questions about his offer.
Stanley Druckenmiller, billionaire chairman of Pittsburgh’s Duquesne Capital Management, has expressed interest in acquiring the Steelers, people briefed on the negotiations said.
The family disagreement that could lead to the sale is described:
In a statement Monday, the Steelers said Mr. Rooney “wants to stay in the football business while some of his four brothers plan to get out of the [National Football League] and focus their business efforts on their racetracks and other interests.” The statement said that Mr. Rooney and his son, Steelers President Art Rooney II, are arranging a financing plan to buy the brothers’ shares in the team in order to continue substantial ownership of the franchise by the Rooneys.
“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,” Dan Rooney said in the statement.
Follow the link to a timeline of the Steelers franchise history as well as the valuations of recently sold sports franchises.
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