Druckenmiller Drops Out

[Flasteel]

Looks like the brothers are going to wind up keeping it in the family. They have to sell to a majority owner (30% at least) and if the NFL boys club wouldn't allow a guy like Druckenmiller in, I can't imagine them even considering anyone else. Too bad, this guy sounds like a class act and a die-hard fan (who would keep his hands off the operation).

I'm also a big fan of the Rooneys, so this is cool by me. On the other hand, I just hope this doesn't wind up strapping them to the point they start spending the minimum cap amount.


ROONEYS SAY NO TO DRUCKENMILLER
Posted by Mike Florio on September 18, 2008, 8:07 p.m.
So the four Rooney brothers not named Dan need to sell their interest in the team because of their gambling interests, and Pittsburgh native Stanley Druckenmiller is ready to cough up $800 million for 64 percent of the team.

And the four Rooney brothers not named Dan have declined the offer.

Druckenmiller told the Pittsburgh Post-Gazette that he is “disappointed.”

It’s unclear whether this means that Dan Rooney has come up with a way to buy out his brothers, whether the league has given them even more time to work it all out, or whether the four Rooney not named Dan have decided to drop their gambling interests that violate NFL rules and keep their stake in the team.

Here’s Druckenmiller’s statement:

“Seven months ago, I was approached by members of the Rooney family about purchasing their interest in the Pittsburgh Steelers. I engaged in discussions about a possible transaction because a number of family members told me that, after years of effort, they were unlikely to be able to resolve the estate planning and NFL ownership matters of great concern to them.

“If an external solution was necessary, I believed that I could provide the family with an appropriate transaction that also would be in the best long-term interests of the Steelers, the NFL and the city of Pittsburgh. The solution I proposed included a request that Dan Rooney continue to manage the Steelers organization.

“Throughout our discussions, I made clear that if the family could resolve these matters internally it should do so and I would gladly remain only a devoted Steelers fan. Based on recent developments, it has become clear that the Rooneys need substantial additional time to assess their options. I do not wish to complicate these efforts, and I also do not want the lingering uncertainty about my possible involvement to become a distraction to my business and my family.

“For these reasons, I have removed myself from the process. On a personal note, having spent time with all five Rooney brothers, I have come to hold them all in high regard, and it is easy to see why the organization has been so successful. Given my love for Pittsburgh and what I know the team means to the city, I wish them all the same success they have had in the past. Go Steelers!”

[NKySteeler]

Who hoo!......

[SteelerNation1]

I think their trying to maximize their $. I actually wouldn't have minded Druck buying the team. New money might not have been the worst thing.

[NKySteeler]

I think their trying to maximize their $. I actually wouldn't have minded Druck buying the team. New money might not have been the worst thing.

SN1, I realize the whole money thing, but I guess I'm just too set in my views of tradition, and in the minority on the issue... But I'm happy with the team remaining within the family.

[buckeyehoppy]

Some mixed emotions come out of Druckenmiller's decision to back away. He seems like a great guy and that he could have been a great owner for the Steelers. But, when the smoke clears, this will be the best thing for the brothers and, ultimately, the Steelers.

This is a monumental decision for the brothers, as it also goes to the settlement of their estates. I'm glad they are taking every precaution to ensure that their affairs get settled appropriately and with as little acrimony as possible. That seems to be the goal at this point.

Ultimately, I would hope that Dan and Art II can work this out so that they can retain majority ownership. The league is obviously on their side and they have done so much for the league that the league will do what it can to ensure their continued contribution.

[RussBII]

I hope this means that the Steelers are staying Rooney owned and Rooney run. I would hate if the team were sold to someone who wasn't Druckenmiller, given the classy way he has handled this. The above quotes just show what kind of guy he is.

Either that, or he has a helluva PR department.

[Eddie Spaghetti]

sounds like one hell of a conference call.

[stlrz d]

I think their trying to maximize their $. I actually wouldn't have minded Druck buying the team. New money might not have been the worst thing.

Agreed.

[RuthlessBurgher]

If he truly is the Steeler fan that he claims to be, he would agree to become a hands-off minority investor (like the McGinleys) that would help Dan finance the sale without absorbing a massive amount of debt. Up to this point, he said that he was only interested in purchasing a controlling share of the team. We would know he was truly impressed with the Rooney brothers if joined the ownership group to keep the team in Rooney hands instead of opposing the bid to keep the team in Rooney hands.

Perhaps if Dan could throw a quarter of a billion dollars at his brothers to obtain another 25% of the team (in addition to the 16% he already owns) which would give him 41%, then Druckenmiller could help out by buying 39% of the shares for $390,000,000, with the McGinleys holding the remaining 20%. Just a thought.

[NKySteeler]

If he truly is the Steeler fan that he claims to be, he would agree to become a hands-off minority investor (like the McGinleys) that would help Dan finance the sale without absorbing a massive amount of debt.

Yes, but he would be doing it out of pure "fandom"... The McGinleys were in it due to marriage, and family. While Barney NcGinley was a boxing promoter involved with Art Sr. (and future part-owner), his son, Jack, married Art Sr.s' sister Marie... SD has no other ties other than pure "fandom". Would it be enough?