Steelers ownership in turmoil
Posted: Tuesday July 08, 2008 05:04AM ET
The Rooney family is working to restructure the ownership of the Steelers to comply with National Football League guidelines that prohibit association with racetrack and gambling interests, a process that is forcing several brothers of team chairman Dan Rooney to seek to sell their shares in the franchise, according to a source familiar with the situation. The move in all likelihood will not affect the current management structure of the Steelers. But, according to the source, it is possible that two or three of the five Rooney brothers, could sell their equal share in the team to Dan Rooney and his son, Art II, the team's president, or to outside investors -- a possibility that has created discord in the family ownership structure. Amid suggestions that there are intergenerational tensions among the family members, another source close to the team said that the family remains close but that future issues such as inheritance taxes caused concern for some. The Wall Street Journal reported on its Web site early today that Stanley Druckenmiller, a billionaire and chairman of Pittsburgh's Duquesne Capital Management, has emerged as a potential buyer. That interest came after Dan Rooney presented a buyout proposal that some family members thought undervalued the team; they sought another analysis from Wall Street investment bank Goldman Sachs & Co. that valued the team at $800 million to $1.2 billion, the Journal reported, citing documents reviewed by the paper for what it called a secret project code-named "Project Newcastle."
Dan Rooney, JEFF HAYNES/Getty Images
Comments (134)
This is the new age in the NFL
Hank Hill is back! | 07/08/08, 05:07 AM
Report Offensive CommentI hate the Steelers, but you have to respect the Roony Family. The NFL should have some "grandfather law" for them.
Hank Hill is back! | 07/08/08, 05:08 AM
Report Offensive CommentAvoid gambling interests?
This is just window dressing. There is more money bet on a single NFL season(individual games, fantasy leagues, office pools, superbowl coin flips, etc.) than most entire countries generate in a decade.
YODA | 07/08/08, 05:12 AM
Report Offensive Commentworried about gambeling intersts but not cheating. placing attention on the wrong matters i think.
vaughn9 | 07/08/08, 05:16 AM
Report Offensive Commentno steelers fan either but much respect for the rooney's.
vaughn9 | 07/08/08, 05:17 AM
Report Offensive Commentworried about gambeling intersts but not cheating. placing attention on the wrong matters i think.
vaughn9 | 07/08/08, 05:16 A
that sounds just like Yoda
Hank Hill is back! | 07/08/08, 05:17 AM
Report Offensive Commentshake and bake. if you smell a deliciuos tasty treat that would be the giants toasting the pats in the big dance. with out their secret weapon the video camera. LOL
vaughn9 | 07/08/08, 05:29 AM
Report Offensive Commentwe've been SPAMMED!!!!!
vaughn9 | 07/08/08, 05:37 AM
Report Offensive CommentShake and bake, I love it!
Hank Hill is back! | 07/08/08, 05:37 AM
Report Offensive CommentAs much as I don't like the Steelers, I hope the Rooney family finds a way to keep the team.
jj730 | 07/08/08, 05:51 AM
Report Offensive CommentThe days of owning an NFL team as the family business are almost over. The owners will increasingly be successful businessmen who want to won teams like in Washington and Dallas. The dinosaurs like former Colts/Ravens Art Modell are almost gone. It's better because they can put more of the proceeds into a better team and stadium. Now if the McCaskeys would just sell the Bears. I'm tired of those penny pinching SOBs!
Pawnzilla | 07/08/08, 06:42 AM
Report Offensive CommentHey its still better than having the Brown family, Al Davis, Bud Adams, Georgia Fronteairie (sp), the Irsays, etc. Ohhhhh....I forgot....Kevin McClatchy and the Nuttings....cannot rip owners in other cities without calling out the Burgh's own deadbeats
SteelersinMD's cats are fat | 07/08/08, 06:58 AM
Report Offensive CommentThe story says that Dan Rooney made an offer that some of his relatives thought came in on the short side. Yap to the ones forced to sell out that it needs to be kept in the family then low ball them on your offer! Nice way to act.....
Mark it down, this is the beginning of the end for the Rooney Era.
ghostofthebabe | 07/08/08, 07:06 AM
Report Offensive CommentGod forbid there's association with racetracks or gambling interests. Racing was "the Chief's" bread and butter back in the day. More politically correct bullsh*t. The Steelers are the Rooneys and the Roonys are a class act. I have faith Dan will work things out.
LetsGoPens | 07/08/08, 07:08 AM
Report Offensive CommentYODA genius is. LETSGOPENS, You are NOT supposed to know that about the Chief. Even if it is true. I have no problem with the Steelers. My question is if the Rooneys are such a "class act" why can't they invest in the same stuff as the rest of us? Or do their political connections in Western Pennsylvania help them get gambling licenses or other help from the government? My blog talks about over $60 Billion bet illegally on sports annually. That is TOO much and needs to be used elsewhere and controlled.
Insane Hussein | 07/08/08, 07:35 AM
Report Offensive CommentInsane Hussein......LetsGo Pens was talking about what the Rooneys have done for the NFL and Pittsburgh. Just a shame the rest of the family don't have Dan's scruples.....
Therrien Rocks | 07/08/08, 07:40 AM
Report Offensive CommentThe Rooney's do not have a gambling license in Pa. That and if you think that there are no ther corrupt investments or investors out there, I have a very nice bridge to sell you. Of course, they could just invest in those companies that have moved all of their jobs overseas or to Mexico for cheap labor I guess.
Dan is the epitome of class.
LetsGoPens | 07/08/08, 07:47 AM
Report Offensive CommentI hope the Rooneys are able to retain full control of the team. Them not owning the Steelers is just WRONG. They've always been a class act, IMHO.
realcrusader | 07/08/08, 07:55 AM
Report Offensive Commentworried about gambeling intersts but not cheating. placing attention on the wrong matters i think.
vaughn9 | 07/08/08, 05:16 AM
I couldn't agree more.
Lakerfan24 | 07/08/08, 07:57 AM
Report Offensive CommentOK PENS, LOL you are right. Big Pittsburgh money investing in (slots?) gaming in other states like West Virginia Dog tracks is a good idea and shows class. And the excuse is that other billionaires are corrupt, too. Makes sense.
The only alternative (when you already have about a billion or two) for investment in one of the worst job creation and business centers in the industrialized world is to go to gambling? And what do these dog tracks or slots halls make in the way of jobs? I'm sure the local Chamber of Commerce or the various venture capital groups could not find better stuff for the Rooneys to invest the hundreds of millions.
Where is the bridge?
Insane Hussein | 07/08/08, 08:01 AM
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