New Generation Of Rooneys Could Lead Steelers
PITTSBURGH (KDKA) ? There's new information about the ownership changes ahead for the Pittsburgh Steelers.
It appears the next generation of Rooneys may be heading for the board room.
KDKA's John Shumway reports the Rooney brothers continue to work with investment experts on the best way to make this change and protect their children from 45 percent inheritance taxes and it appears they are making progress.
With the NFL breathing down the family's neck to separate its gambling interest from the teams ownership and establish one owner with at least 30 percent share, the brothers appear working towards a plan and it doesn't necessarily involve selling out to billionaire Stanley Druckenmiller.
"You have to be in compliance with the NFL rules and we're not in compliance with the gambling part of it and we've really been doing everything we can to get into compliance," said Art Rooney Jr. "I know that I have moved 90 percent of my gambling stock into my kids' names and resigned from all the boards and I know that two of my brothers have resigned from the Steelers' boards and appointed their kids into those positions."
Rooney said Tim and Pat Rooney have resigned from the Steelers' board.
Pat runs the Palm Beach Kennel Club and Tim run the Yonkers Raceway.
Five Rooney brothers once held equal interest in Rooney Enterprises LLC.
Now Dan, Art Jr. and the multiple children of Tim, Pat and John will own the family's interest in the Steelers while Tim, Pat and John take full ownership of the gambling side of the family businesses.
By passing on the team while they are still living, the brothers help the next generation avoid some inheritance taxes.
What isn't clear right now is where all this leaves Stanley Druckenmiller's offer to buy a controlling interest in the team and what this does to Dan Rooney's share of the Steelers in his effort to get 30 percent so he can meet the NFL requirement for being principal owner.
Team spokesman Dave Lockett said Dan Rooney would have nothing to say today which is in keeping with their policy not to talk until the issue is resolved.
Everyone involved would like to see that happen by Sunday when training camp opens.
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