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Author Topic: Rooneys look to restructure ownership  (Read 2515 times)
SteelFanFromWayBack
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« Reply #10 on: Jul 08, 2008 at 15:54 »

"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)"

I thought each brother's share was 16%? Working out to 80% Rooney's and the other 20% for other family members (cousins, i think it said). Nobody seems to be a clear majority owner. Looks like the cheap azz Ronnies' are looking to scew one another, and the Steeler Nation in the name of the all mighty dollar.
With that said, I think Art and Dan will be able to figure this thing out, but it sure is surprising, to me atleast; it came out of nowhere. I imagine that, despite what the league officials are saying, that there will be some behind the scenes "politics" going on to place and keep the majority of shares with Art and/or Dan.

Of course, I could be very wrong...
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PghSteel-43
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« Reply #11 on: Jul 09, 2008 at 03:02 »

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Dan Rooney faces a tough, inevitable decision
Can the eternal problem solver secure the Steelers' future?
Wednesday, July 09, 2008
By Bob Smizik, Pittsburgh Post-Gazette

Throughout this long and distinguished career in pro football, as an executive with the Steelers and a power broker within the NFL, Dan Rooney has been a problem-solver extraordinaire.

Need a consensus to select a commissioner? See Rooney. Need a cool head and an honorable man to forge a deal with the union? See Rooney. Need a diversity program that works? See Rooney. Need a coach that will bring the Steelers into the 20th century? See Rooney.

Ever since he came to power as the Steelers chief executive without title in the 1960s and signaled his astuteness by hiring Chuck Noll, Rooney has been the man people come to see when they have problems, be it resurrecting a franchise or heading off a strike. He quietly has worked behind the scenes to solve some of the most difficult problems that have faced the NFL in the past 40 years.

Now he faces a predicament of another kind that could be beyond even his abilities.

There is turmoil in the Steelers organization revolving around the five Rooney brothers, some of whom reportedly want out of their joint ownership. It is not the kind of turmoil that will affect the team in the short term. Nor should it in any way result in talk about relocating the team because that's not going to happen. But in the long term this is a problem that possibly could bring an end to the Rooney dynasty.

What The Chief, Art Rooney Sr., built, and what his oldest son has overseen so superbly for about four decades, could come tumbling down in the years ahead.

The Rooney family is in violation of at least two NFL rules:

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LambertsFrontTeeth
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« Reply #12 on: Jul 09, 2008 at 07:24 »

This is just musing on my part, but the Rooney's should sell a share of the team to the public.  The Packers are owned by the fans. I can't imagine that the whole stake would need to be sold, but perhaps enough that it would dilute another investor's "control" of the franchise?
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Puma170
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« Reply #13 on: Jul 09, 2008 at 07:36 »

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This is just musing on my part, but the Rooney's should sell a share of the team to the public.  The Packers are owned by the fans. I can't imagine that the whole stake would need to be sold, but perhaps enough that it would dilute another investor's "control" of the franchise?
Now, that is a fantastic idea!!!  THen the Rooneys would still be in control but the team is owned by the fans.

Just keep the government out of it please...

PUMA
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jrobnz
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« Reply #14 on: Jul 09, 2008 at 15:19 »

The thought of the Rooney's losing control makes me sick as hell, but this guy sounds alright..

http://www.post-gazette.com/pg/08191/895721-66.stm

Steelers suitor Druckenmiller 'loves Pittsburgh'
Wednesday, July 09, 2008

The man interested in buying a share of the Steelers is a 55-year-old hedge fund manager worth $3.5 billion, making him one of the 100 richest people in the United States. Stanley Druckenmiller is also a diehard Steelers fan who rarely misses a game at Heinz Field, typically hosts a tailgate party in the "A" lot and has been known to paint his face black and gold.

One Sunday last year, the tall, sandy-haired investor donned a Steelers hard hat and a Troy Polamalu jersey, noted his friend Joe Pohl, who suggested they sit in a private box.

"He said, 'Are you kidding? I'd much rather sit in the stands with the fans,' chanting 'here we go, Steelers, here we go.' "

Mr. Druckenmiller "is as crazy as anybody in that stadium," added Mr. Pohl, a senior vice president of investments with Morgan Stanley's Downtown Pittsburgh office.

"That's how much he loves the Steelers." There is "no chance he would move that team out of this city. That guy really loves Pittsburgh."

Friends and former associates offered assurances yesterday that the wealthy man now at the center of a Steelers ownership drama has an affinity for the city, its beloved football team and its people, citing his many friendships and ties here.

Mr. Druckenmiller declined comment.

The self-made billionaire's connections to the area date to the mid-1970s, after he graduated with degrees in English and economics from Maine's Bowdoin College and dropped out of graduate school in his second semester. He picked Pittsburgh as a landing spot because his first wife was from the area, friends said, and he had a job waiting for him at Pittsburgh National Bank, a predecessor to PNC Financial Services Group. He started as a management trainee and quickly rose to director of equity research by age 25, passing executives with more experience.

"He was very bright, very quick, very eager and very energetic," said his first Pittsburgh National boss, Speros Drelles, now 80 and living in Fox Chapel.

At age 28, Mr. Druckenmiller left the bank to start a hedge fund, Duquesne Capital Management, with $1 million in assets and two other employees. Twenty-seven years later, the firm still has an office in Upper St. Clair, along Washington Road.

Its founder kept the fund going even as he gravitated to New York and higher-profile jobs with fund manager Dreyfus Co. and legendary investor George Soros. He now spends much of his time at homes in Manhattan, the Hamptons and Florida, Mr. Pohl said, but Mr. Druckenmiller still returns to Pittsburgh for Steelers games, business and golf.

And "he never moved his company," said Mr. Pohl, one of the early investors in Duquesne Capital.

A frequent stop for Mr. Druckenmiller is Oakmont Country Club, where he is a member. Oakmont renamed its season-long match-play championship "The Druckenmiller Cup" after Mr. Druckenmiller provided between $500,000 and $800,000 for a new pedestrian bridge over the Pennsylvania Turnpike.

He agreed to make the donation, which resolved a dispute between the country club and the United States Golf Association that could have blocked the staging of last summer's U.S. Open, as long as it remained anonymous.

"Just incredible," Oakmont pro Bob Ford said of Mr. Druckenmiller. "As solid a citizen as there ever was. He didn't go to New York and forget about his buddies in Pittsburgh. The guys he met here in Pittsburgh he's friends for life. He maintained those friendships and he didn't have to."

Oakmont member Bob Friend, a former PGA Tour player, called Mr. Druckenmiller "a fabulous guy. He's a true Pittsburgh guy. He's got tremendous financial horsepower, but he's one of the nicest guys you'll ever meet. I've known him since I was 14. ... He's all for Pittsburgh."

During last year's U.S. Open at Oakmont, Mr. Druckenmiller rented the Pro's Cottage for a week to house special clients. It sits along the 18th fairway. When golf's No. 1 player, Tiger Woods, played a practice round at Oakmont last April to prepare for the Open, he hit with the hedge fund manager.

Mr. Ford explained to Mr. Woods that "he is to Wall Street what you are to golf."

Mr. Druckenmiller's legendary status in the hedge fund world derives from his outsized returns and risky bets. Perhaps the best-known move orchestrated by Mr. Druckenmiller and Mr. Soros was a one-day gain of $1 billion in 1992 made by selling the British pound short -- betting it would decline. The two men parted in 2000.

In an interview with author Jack Schwager, who profiled Mr. Druckenmiller in a 1992 book titled "The New Market Wizards," Mr. Druckenmiller called Mr. Soros "my idol" and "the greatest investor who ever lived."

In the same book, Mr. Druckenmiller admits to making some investing mistakes, including a bet the market would rise just before the Black Monday crash of Oct. 19, 1987. He realized his mistake the Friday before.

"I was sick to my stomach when I went home that evening," he says in "The New Market Wizards." "I realized that I had blown it and that the market was about to crash," an error he tried to correct by liquidating his positions in the first hour of trading Oct. 19.

What "makes him great," said Mr. Pohl, "is he realizes when he is wrong real quick."

Mr. Druckenmiller now is among the country's wealthiest individuals. In last year's Forbes listing of the 400 richest Americans, Mr. Druckenmiller was No. 91, tied with Pittsburgh Penguins part-owner Ron Burkle. Both had a net worth of $3.5 billion. Worldwide, he is the 307th richest, according to Forbes.

Former classmates recall that Mr. Druckenmiller was never afraid to mix fun with his intellectual pursuits.

Peter D. Michelson, a onetime Pittsburgh pulmonologist who attended Bowdoin with Mr. Druckenmiller, remembers him as "kind of a pinball wizard" who spent lots of time in the student union and "played a lot of pool."

"He had more time than the rest of us because he was so smart that he didn't need to go to class."
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vinman3
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« Reply #15 on: Jul 09, 2008 at 18:56 »

After failing as a pro QB, he really has made a name for himself hasn't he. :D  
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BleedGreen710
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« Reply #16 on: Jul 10, 2008 at 08:33 »

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After failing as a pro QB, he really has made a name for himself hasn't he. :D
Thats funny....I was wondering whether he was related to him or not.  
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« Reply #17 on: Jul 10, 2008 at 10:19 »

Ugh, not liking the looks of this.

So the 5 brothers own 16% each, with the McGinley family collectively holding onto 20% (10% for mom, 2% each for 5 kids).  McGinleys may not want to sell, but there's 64% in play, with some question of net value of the other brothers' shares.  Family loyalty is one thing, but getting 75 cents on the dollar...  might mean Druckenmiller is in the driver's seat.

If he wanted to be an angel, he could offer to buy 29% at the best rate, and finance Dan/Art's purchase of the remaining 35%, to give them 51%, him 29%, the McGinleys 29%.  Rooneys keep team control, Druck gets secondary interest and the financing from Dan/Art.

But WTF are the odds of all that happening?

Druck will probably buy a controlling interest, and keep Art II as prez, etc.
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Big Virgil
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« Reply #18 on: Jul 10, 2008 at 11:51 »

THat is along the lines of what I was thinking.  Dan should borrow as much as he is comfortable with to buy out, ideally, two brothers.  If the value of the team is $1B, then buying out two of them would be $400M and probably not feasible.  If he could relatively easily buy out one brother, have Drunkenmiller buy the rest and sell them, over time, to Dan/Art Jr.

 
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vinman3
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« Reply #19 on: Jul 10, 2008 at 13:30 »

I am really worried about this. Too much history and tradition to just be cast aside by the other siblings. I imagine The Chief is rolling over in his grave. Change = Bad. Rooneys = Good.
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