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Rooneys To Sell Steelers?; Family Wants To Focus on Gambling
Topic Started: Wednesday Jul 9 2008, 03:30 PM (209 Views)
WeatherManNX01
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The Yanks are coming!

From Football Stadium Digest:
Quote:
 
It's a family battle writ large, as area financier Stanley Druckenmiller is poised to gain majority control of the Pittsburgh Steelers (NFL) from the descendents of longtime owner Art Rooney, who bought the storied franchise in 1933 for $2,500.

But there are plenty of hurdles for Druckenmiller to overcome, including the opposition of Dan Rooney and, more importantly, perhaps NFL Commissioner Roger Goodell.

Here's the deal. Five Rooney brothers, including Art Rooney II, control 80 percent of the team, with an area family controlling 20 percent. Four of the five brothers want to sell and focus on their gambling interests, which includes racetracks. The NFL isn't too keen on having owners with extensive gambling interests and have tolerated the Rooney situation to this point. But with the Rooneys wanting to expand their gambling empire, the NFL is drawing a line in the sand.


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Cougar
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No clue what is more profitable, gambling or owning an NFL team. But I guess these gambling interests must be if they want to sell the Steelers.
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WeatherManNX01
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The Yanks are coming!

From ESPN:
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NFL owners approved a restructured ownership plan for the Pittsburgh Steelers on Wednesday that will keep the team under the control of chairman Dan Rooney and his son.

Under the plan approved by a 31-0 vote during a meeting of the owners, Rooney and his son, team president Art II, will own 30 percent of the team, meeting a league requirement on the equity on controlling ownership.

"I felt that our father started this team in 1933 and it's done well, it's been a big part of Pittsburgh," Dan Rooney said. "And that's the way it should stay, under our direction."

Rooney and his four brothers each acquired equal 16 percent shares in the team when Steelers founder Art Rooney Sr., their father, died in 1988. The Jack McGinley family owns the other 20 percent of the franchise.


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