The shocking news yesterday that the Pittsburgh Steelers could be for sale got even more shocking today when multiple media outlets reported that the billionaire financier Stanley Druckenmiller has already been identified as the likely buyer, with a sale possibly being agreed upon as soon as this week. First, the bad news for Steelers fans: The beloved Steelers chairman Dan Rooney is frequently referred to as the team's owner, but in reality Rooney owns only 16% of the team. His four brothers each also own 16%, and relatives of the late Jack McGinley own 20%. That means that if some billionaire -- Druckenmiller or anyone else -- comes along and can persuade the McGinleys and two of the Rooneys to sell, that billionaire can become a majority owner.
But the good news for Steelers fans is that in reality, it just doesn't work that way. NFL teams can't be sold without the consent of a three-fourths majority of the other NFL owners, and Rooney is held in such high esteem by his fellow owners that there's no way that anyone can get approval for a sale unless Rooney is OK with it.
So the only way a sale of the majority of the franchise can happen is if Druckenmiller agrees to infuse a lot of cash into the franchise, while taking none of the authority from Rooney. Which is why Druckenmiller is already saying he's happy to have Rooney run the franchise "as long as he wants."
Of course, Rooney is more than 20 years older than Druckenmiller, and Druckenmiller must figure he'll get his time eventually. But for now, the only way Druckenmiller will become the majority owner is if he convinces at least 24 NFL owners that he means it when he says he wants Rooney to keep running the club.
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Reader Comments (Page 1 of 1)
7-08-2008 @ 11:31PM
Frank said...
Good luck Steeler fans. Take it from a 30+ year New England fan and season ticket holder: once these "new money" guys move in, everything changes. Here in New England, ticket prices have skyrocketed (> tripled since the '01 Superbowl), while the average fan is shoved aside for the VIP and corporate crowd. Pray that Dan Rooney prevails.
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7-09-2008 @ 1:54AM
George B Vieto said...
The NFL would make the biggest insult by having Stanley Druckenmiller buy the Steelers and give Dan Rooney the boot. A compromise is that Dan Rooney runs the team as long as wants and Stanley Druckenmiller be majority owner. The Steelers are the special franchise of the NFL.
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7-09-2008 @ 10:02AM
southcarolinasteeler said...
i have 100% faith and confidence in dan rooney when he said " i will do everything possible to work out a solution to ensure my fathers legacy of keeping the steelers in the rooney family and in pittsburgh for at least another 75 years".
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7-09-2008 @ 1:05PM
Dave said...
Hate the Steelers! But, they are football royalty. The league must do all they can to preserve the Rooney family in Pittsburg.
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7-10-2008 @ 8:13AM
don said...
I fear this move by the family may be somewhat driven by the possibility of major changes in capital gaines and inheritance taxes if the political winds favor obama and the democrats.
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7-11-2008 @ 12:08AM
Foncool said...
If Obama gets elected people are going to have a lot more to worry about than who owns the Steelers. It will be a nightmare that will make people miss GW Bush. That's how bad it will be.
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7-11-2008 @ 9:59PM
Harrison said...
If only a similar situation could have happened with the Cook family and the Washington Redskins. Unfortunately, good old robber-baron Jack Kent Cook wanted the ownership to be an open issue and enter Daniel Snyder and a decade of mediocrity.
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7-13-2008 @ 2:41PM
Dave said...
I have been a steeler fan al my life, and i can admit that sometimes a new look, fresh new start can help. But please, tell me why would someone want to take the family tradition from Dan if he truely wants to keep it in the family! So much for this guy being a "steelers fan"!
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7-17-2008 @ 12:31AM
CHARLIE said...
I WAS PISSED WHEN THEY NAMED THE STADIUM AFTER A FRIGGIN CATCHUP BOTTLE, BUT THIS WILL FOOTBALL SUICIDE
TRADTIONS MADE THIS TEAM NOT BILLION DOLLAR PLAYERS
ITS FAMILY! DAN ROONEY SENIOR WAS A TRUE PERSON,
WHO LOVED HIS TEAM ,THE FANS AND THE CITYOF PITTS BURG
IT WOULD BE ALL DESTROYED BY A JACKASS WHO OWNS MINI MALLS!
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9-03-2008 @ 6:43AM
aaron nestor said...
I have been a member of the Steelers orginization for over 10 years. I have done speeches at the Hilton in Downtown Pittsburgh for the Mel Blount Youth Home Celebrity Roasts. I have spoken to MR. Rooney my self several times. I love this team and the past/current players. The steelers are the lifeblood of the City and this could kill the Steel City Pride! "Mr. Rooney, whatever happens, your father is proud of how you held up your team and kept it strong all these years, Aaron"
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