Truth & Rumors > NFL

Steelers owners reject takeover bid

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The four Rooney brothers have told New York billionaire Stanley Druckenmiller they are turning down his offer to buy their shares in the Steelers, ending a seven-month courtship in which they approached him with an opportunity to gain controlling stock interest in a franchise he always dreamed of owning. After taking a vote in a late afternoon meeting, one of the Rooney brothers called Druckenmiller last night to tell him of their decision. Druckenmiller, chairman of Pittsburgh-based Duquesne Capital Management, immediately withdrew his offer to purchase each of their 16 percent shares. His offer was believed to be in the neighborhood of $550 million. The vote to reject Druckenmiller's offer does not mean, however, that the Rooney brothers -- Tim, Patrick, John and Art Jr. -- have decided to sell their shares to their oldest brother, Steelers chairman Dan Rooney, who has also made an offer to purchase their combined 64 percent shares. Instead, they may opt to entertain other outside bids in an attempt to gain more money for their shares, according to sources familiar with the situation.

Pittsburgh Post-Gazette

Dan Rooney, Jeff Haynes/Getty Images Dan Rooney, Jeff Haynes/Getty Images
September 19, 2008  06:55 AM ET

I'm not surprised considering the Steelers are valued at over a billion dollars and the worth of this franchise will continue to rise.

I still think they should just do the right thing and sell to Dan. Poor Art must be spinning in his grave.

September 19, 2008  07:52 AM ET

Some things should not change .....................Steelers and Rooneys must stay togehter .sell it to Dan ,or give it to me .I'll move to Pittsburgh

September 19, 2008  08:39 AM ET

The Steelers belong in the Rooney family.

September 19, 2008  08:40 AM ET

Please just sell to Dan and get this done with. We need to keep it in Dan's name and control -- while I don't live in PA but CT, I'd hate to see some owner buy the team and move it -- I wouldn't even want them to move to my home state because it just wouldn't be right.

September 19, 2008  08:51 AM ET

Take it from someone hoping that the evil Ralph Wilson lives to be 362 years old... Keep it in the family, with the traditions and the ties to make the Steelers stay in Pittsburgh forever. Because even a well-meaning billionaire will some day be tempted to sell the team to a well-meaning multi-billionaire from LA or Toronto. ahem...

September 19, 2008  09:16 AM ET
QUOTE(#5):

Take it from someone hoping that the evil Ralph Wilson lives to be 362 years old... Keep it in the family, with the traditions and the ties to make the Steelers stay in Pittsburgh forever. Because even a well-meaning billionaire will some day be tempted to sell the team to a well-meaning multi-billionaire from LA or Toronto. ahem...

Eloquently put my friend.

September 19, 2008  12:41 PM ET

Hopefully, tradition means something in Steeler country, and the Rooney clan takes a decent amount of $ with the difference between Stanley's offer and Dan's paying to keep that tradition. Go Steelers!........

September 19, 2008  01:01 PM ET
QUOTE(#7):

Hopefully, tradition means something in Steeler country, and the Rooney clan takes a decent amount of $ with the difference between Stanley's offer and Dan's paying to keep that tradition. Go Steelers!........

Tradition does mean something in Steeler country and this will be resolved eventually with Dan as "the man". What is really telling about the organization is that all of us want to see this proud lineage continue even though we're from all over the country..............and yes.......GO STEELERS!

September 19, 2008  01:10 PM ET
QUOTE(#8):

Tradition does mean something in Steeler country and this will be resolved eventually with Dan as "the man". What is really telling about the organization is that all of us want to see this proud lineage continue even though we're from all over the country..............and yes.......GO STEELERS!

CU--We'll be bitter rivals when the hockey season is here, but that was very well stated and I hold a bit more respect to those originally from Philly. Thanks for that.

September 19, 2008  01:21 PM ET

Best news I heard all week. Now if Westbrook would just take Sunday off.

September 19, 2008  02:39 PM ET

Maybe Stanley is interested in this old Viking?

September 19, 2008  02:40 PM ET

I'm glad the Steelers will remain the Steelers.

September 19, 2008  02:42 PM ET

Grew up in Pittsburgh. College in Atlanta. Working in DC.

Forever a Steeler fan.

Sell to Dan and keep it in the family. I never want to see a cheerleader on the sideline. It's just not Steelers football.

September 19, 2008  03:05 PM ET

Sad day for the NFL when the Rooneys are embroiled in a story like this. I'm with you, pantherfan.; it's JUST NOT Steelers football, and besides that, it's NOT JUST Steelers football.

Comment #15 has been removed
September 20, 2008  02:52 AM ET
QUOTE(#12):

I'm glad the Steelers will remain the Steelers.

My late good friend, former Steeler Steve Furness, spoke to me in a dream last night and said the Rooney's were backing out of the deal !!!

September 20, 2008  04:28 PM ET

"Ticking away the moments that make up a dull day"
Looks like the Rooneys want more TIME. Just go with Dan and make everyone happy.

September 21, 2008  12:20 PM ET

More $$$ please, who cares about the team!

September 22, 2008  04:19 PM ET

I believe the Steelers are bound by a 30 year contract with the city that has no escape clause.

 
September 25, 2008  07:30 AM ET

rooneys made a smart choice.
if a new owner came in, it would ruin the steelers franshise

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