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Author Topic: Rooneys look to restructure ownership  (Read 2512 times)
PghSteel-43
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« on: Jul 07, 2008 at 18:34 »

Rooneys look to restructure Steelers ownership
Monday, July 07, 2008
Pittsburgh Post-Gazette

The Rooney family has been working to restructure the ownership of the Steelers to separate ownership of the team from racetrack and gambling interests also owned by the family, according to a statement from the team today.

Ownership of a team and of gambling interests by the same parties is inconsistent with NFL policy, the statement said.

Pittsburgh Steelers Chairman Dan Rooney, the oldest son of team founder the late Art Rooney, said he 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."

Rooney said he wants to stay in the football business while some of his four brothers plan to focus on the racetracks in New York and Florida and other interests. Dan and his son, Steelers President Art Rooney II, are arranging financing to buy Dan's brothers' shares in the team in order to continue substantial ownership of the franchise by the Rooneys, the statement said.

"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," Art Rooney II said.

The other Rooney brothers, Art Jr., Timothy, Patrick and John, each has an ownership interest in the Steelers. Another related family, the McGinleys, also owns a minority interest in the team.

NFL Commissioner Roger Goodell asked former NFL Commissioner Paul Tagliabue to represent the league in discussions with the family in order to reach an agreement on the separation of the gambling interests and on a restructuring of ownership if part of the team is sold, the statement said.

http://www.post-gazette.com/pg/08189/895371-66.stm

 
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Finnegans Wake
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« Reply #1 on: Jul 08, 2008 at 07:56 »

Probably a good idea to keep it centralized in the Dan & Art 2 line; better chance that no one can take over a majority share from them down the line.
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Puma170
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« Reply #2 on: Jul 08, 2008 at 10:08 »

Here in Baltimore (I know, consider the source) this story is being spun that this could end up with the team having another majority owner.  Is there any possibility of this?  

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Finnegans Wake
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« Reply #3 on: Jul 08, 2008 at 10:20 »

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Here in Baltimore (I know, consider the source) this story is being spun that this could end up with the team having another majority owner.  Is there any possibility of this?  

PUMA
Doubt it.
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jasonic
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« Reply #4 on: Jul 08, 2008 at 10:57 »

looks like it could be a possibility....

http://online.wsj.com/article/SB1215463977...nonsub_page_one


the thing here is, even if this guy does buy the team he says he wants dan rooney to run it but what kind of influence would the new owner have over him?  especially when dealing with draft picks and personnel?  

 
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vinman3
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« Reply #5 on: Jul 08, 2008 at 11:55 »

This is very bad. I would hate to see the Rooney family lose their share in the Steelers. Start down that road, it s a short jaunt to Oklahoma City or some other high bidder. Bad things man. Bad things.
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PghSteel-43
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« Reply #6 on: Jul 08, 2008 at 13:49 »

Investor would leave Steelers in Rooney's control, source says
Tuesday, July 08, 2008
By Gerry Dulac, Pittsburgh Post-Gazette

Stanley Druckenmiller, the billionaire chairman of Pittsburgh's Duquesne Capital Management and a member of Oakmont Country Club, was contacted by a member or representative of the Rooney family about buying shares in the team, the Pittsburgh Post-Gazette has confirmed.

It is unclear just how much interest Druckenmiller would own in the franchise, but, according to a source who is a friend of Druckenmiller, he has been approached about possibly purchasing the shares of at least two or three of the Rooney brothers.

The source said Druckenmiller is only interested in providing investment capital to the Rooney family and would let Dan Rooney run the team "as long as he wants." He also said it has been Druckenmiller's "lifelong dream" to be one of the Steelers' owners.

Several years ago, Druckenmiller came to Oakmont's rescue when the club was involved in a power struggle with the United States Golf Association over the construction of a new pedestrian bridge.

When the USGA told Oakmont it would not bring a U.S. Open back to the club until a new bridge was built over the Pennsylvania Turnpike, Druckenmiller agreed to pay for the bridge as long as his donation remained anonymous. Druckenmiller paid between $500,000 and $800,000 for the bridge.

 
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otismalibu
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« Reply #7 on: Jul 08, 2008 at 13:54 »

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Start down that road, it s a short jaunt to Oklahoma City or some other high bidder.


I assume that anyone who would even entertain the idea of moving the Steelers, would be dropped like Bhutto within the hour.

And rightly so.
« Last Edit: Jul 08, 2008 at 13:55 by otismalibu » Logged
Puma170
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« Reply #8 on: Jul 08, 2008 at 14:21 »

The name that was mentioned on the Sports Report here this morning was Cuban.  Now, they didn't sight a source so I am not certain whether it was news or conjecture.  

I am torn.  My gut is that would be really bad news but he is so damn entertaining.  Again, probably nothing to it...

PUMA
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OhioU_Stlrs_Fan
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« Reply #9 on: Jul 08, 2008 at 15:16 »

art and dan are the majority owners if im not mistaken... that would entail them to actually sell some of their own shares in order to lose the majority owner status... so i think its safe to say the steelers are not going to be changing hands... in the end i do believe that the rooneys will be in control forever.... mwahahaha (in brain from pinky and the brain type laugh)
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