Steelers Suitor to Buy Team Bails; Ball Back in the Court of the Rooney’s

The Steelers being owned by the Rooney family took a large step forward on Thursday, as billionaire suitor Stanley Druckenmiller withdrew his offer to buy a majority stake of the franchise. “Based on recent developments, it has become clear that the Rooneys need substantial additional time to assess their options,” Druckenmiller said in a statement. “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.”

The Rooney family had went to Druckenmiller a few months back and asked about buying their shares of the team to help resolve estate planning and NFL ownership matters. Dan Rooney, who also wanted to buy his brothers out, owns 16 percent of the team, and now it appears that the ball is back in his court to try and get the money to buy the other brothers out and keep the franchise in the Rooney name.

The NFL wants one owner to control at least 30 percent of the team, and there is no doubt they would like that owner to have a last name of Rooney. For now, it appears that Dan and son Art II will keep looking for financing to buy the brothers out.

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One Response to “Steelers Suitor to Buy Team Bails; Ball Back in the Court of the Rooney’s”

  1. g mack says:

    It’s obvious that to keep peace in the family the “Bros” needed a stalking horse suitor to be their surrogate and keep the pressure on Bro Dan without making their own demands. Equally obvious is that Big Stan saw through this ploy and pulled out realizing that they had no intention of seriously considering an outside offer. This was all a little Rooney family drama and SD was only to be given a walk-on part. Can’t say that I blame all concerned. Now the serious negotiations between the brothers can be concluded and the sale consummated. The upshot is that the Steelers will now be burdened with an enormous debt load. Let’s hope that the absence of adequate capital does not compromise the product.