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Thread: Druckenmiller Drops Out

  1. #21
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    Re: Druckenmiller Drops Out

    This worries me. The Steelers need to get this resolved and resign Kemo. Yesterday.
    Even if Bill Belichick was getting an atomic wedgie, his face would look exactly the same.

  2. #22
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    Re: Druckenmiller Drops Out

    This deal was scuttled by the NFL at the behest of Dan Rooney. The good ol boy network didn't want an outsider owning and running the Steelers. There were enough NFL owners in Dan's corner to block the sale to Druckenmiller. It simply wasn't going to happen.

    If I were Druckenmiller, I'd hire some attorneys and private investigators and look for collusion. MLB was able to prove it, I'm sure this one can't be that difficult to prove either.

    Regardless, if the brothers allow Dan and Art to pay them off over time, it masy not be so bad; otherwise, this could put the Steelers in jeopardy from a cash flow position.

    The best thing that could happen to the Steelers at this point would be for the brothers to sell their gambling interests and fade into the sunset. Of course, this isn't going to happen, because the gambling is a cash cow and steady flow of millions of dollars every year. Why give up future paychecks just to keep the Steelers in the Rooney family?

    The brothers also have no interest (except, maybe Art) in having anythign to do with the NFL and would basically be giving up their livelihood for Dan. Not happening.

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  3. #23
    Pro Bowler Flasteel's Avatar
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    Re: Druckenmiller Drops Out

    Quote Originally Posted by papillon
    This deal was scuttled by the NFL at the behest of Dan Rooney. The good ol boy network didn't want an outsider owning and running the Steelers. There were enough NFL owners in Dan's corner to block the sale to Druckenmiller. It simply wasn't going to happen.

    If I were Druckenmiller, I'd hire some attorneys and private investigators and look for collusion. MLB was able to prove it, I'm sure this one can't be that difficult to prove either.

    Regardless, if the brothers allow Dan and Art to pay them off over time, it masy not be so bad; otherwise, this could put the Steelers in jeopardy from a cash flow position.

    The best thing that could happen to the Steelers at this point would be for the brothers to sell their gambling interests and fade into the sunset. Of course, this isn't going to happen, because the gambling is a cash cow and steady flow of millions of dollars every year. Why give up future paychecks just to keep the Steelers in the Rooney family?

    The brothers also have no interest (except, maybe Art) in having anythign to do with the NFL and would basically be giving up their livelihood for Dan. Not happening.

    Pappy
    This new development makes me believe that they very well divest themselves of the racing:

    ROONEY BROTHERS REJECT OFFER FROM DAN, ART II
    "Posted by Mike Florio on September 19, 2008, 4:25 p.m.
    A day after the Rooney brothers not named Dan rejected the bid for 64 percent of the franchise from billionaire Stanley Druckenmiller (who then withdrew the bid), the Rooney brothers not named Dan apparently have rejected the bid from team chariman Dan Rooney and his son, Art II.

    A statement from Dan and Art II, released by e-mail moments ago, states as follows:

    “While we would have preferred our bid to have been accepted, we will continue our efforts to maintain the ownership of the Steelers in our family. We have been told on many occasions the other family members prefer to keep the franchise in the family. We look forward to ongoing dialogue within the family toward that goal. “We are grateful for the support we have received from many family members as well as those who have offered to become our partners. We hope that further discussions can remain cordial and private, and not become a distraction during the football season.”Hey, we also think that the team should remain in the Rooney family. But not in a manner that continues to represent conscious and deliberate disregard of league rules that presumably apply to the other 31 franchises.

    The situation is pretty simple. The four Rooney brothers not named Dan have owned since 2006 gambling interests that violate league rules. If they want to keep control of the team in the family, they either must sell their gambling interests ASAFP, or they must come up with a mechanism for transferring their 64-percent piece of the team in a manner that gives Dan and Art II controlling interest.

    Though it’s arguably in the league’s best interests to allow the Rooneys to have as much time as they need to work this out, the result has been a major bending of the rules that other franchises wouldn’t be wise to count on if/when they’re ever in the same situation.
    "


    It seems to me that all the other Rooney brothers can simply "sell" their interests in the race tracks to their own children. I admittedly know nothing about the laws or rules governing such a sale or even transfer of ownership, but it seems to me that if you can avoid a conflict of interest by selling to your brothers on one end, that you could do the same by passing along the other to your children or other relatives (if you plan on passing the team shares to your children).

    Really, what other option is there?



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