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View Full Version : Druckenmiller Gives Deadline....gulp


stillers4me
09-15-2008, 08:41 PM
Sources: Druckenmiller Gives Deadline
Reporting
Bob Pompeani PITTSBURGH (KDKA) ― There's some new information coming to light in the ownership saga involving the Pittsburgh Steelers.

Sources say billionaire Stanley Druckenmiller, who has expressed interest in buying the team, has now issued an ultimatum which could lead to some action this week.

This ownership issue is certainly a complex one given the demands of the NFL and the amount of extended members of the Rooney family

KDKA-TV Sports has learned that, for the first time ever in the negotiations, Druckenmiller has issued a deadline to the family.

It is this coming Friday, September 19th.

His offer of $800 million for the four brothers of Dan Rooney remains on the table as Dan and his son, Art II, try to equal if not top it.

What is not known is if this is a hard deadline by Druckenmiller or a calculated bluff with the intent of getting the deal completed.

Just last week, Forbes Magazine pegged the value of the Steelers franchise at $1.01 billion, which is 18th highest in the NFL.

One year ago, the team's value was $928 million.

Ten years ago, it was just over $173 million, which displays what a good investment it is and how the franchise value has skyrocketed.

That is precisely why Druckenmiller is interested.

Dan Rooney's four brothers went to Goldman Sachs for a franchise appraisal just over one year ago.

They were told it falls somewhere between $800 million and $1.2 billion.

Each of the five Rooney brothers owns 16 percent.

Given the demands of NFL rules to have at least one 30 percent owner, the battle lines were drawn.

Druckenmiller, we are told, has offered $800 million in cash to the four brothers.

Dan Rooney has made three offers and is prepared to make a fourth.

Druckenmiller has not yet made a second offer and could be waiting for Dan's latest before he counters.

The other scenario that could be playing out is a complete withdrawal by the four brothers given the downturn in the stock market recently.

It is also conceivable that the NFL could accept no change in ownership as long as the family has a plan to remedy the situation.

http://kdka.com/steelers/Steelers.Druckenmiller.offer.2.818098.html

tony hipchest
09-15-2008, 09:18 PM
SOLD!

going by recent forbes estimates (1 bil) druk is offering well above market value for only 64%.

considering his lowball offer, dan may be considering throwing in his share too!

druk aint bluffing. this is the real deal. he definitely seems serious and not making such a high offer just for profit.

Galax Steeler
09-16-2008, 04:28 AM
I wish we would get this saga behind us and get on with some football we don't need to carry this way up into the season.

FordsnSteelers
09-16-2008, 04:49 AM
Honestly...Druk MAY give the Steelers the Money to BUY what they need.,,,I know, Rooney is a cheap ass sometimes, but hell weve won "1 for the Thumb" with em. But just think....what if the organization kept the old school way and still kept gettem...he may be a true Steelers fan as he says. If I had his money...Shoot...Id make sure Pittsburgh was as GREAT as it can be w/o the cheating*(cough cough Bellicheck) of course.

Dino 6 Rings
09-16-2008, 12:55 PM
It is also conceivable that the NFL could accept no change in ownership as long as the family has a plan to remedy the situation.

that is probably the most likely outcome.

rbryan
09-16-2008, 01:11 PM
If the brothers force the issue and hold out for top dollar, considering the franchise is worth 100 times its value when Art Sr left it to them, then the Rooney's deserve to lose it. Please spare me the sad story about how they can hardly survive on the 2 or 3 million they make every year to sit around and do nothing. The Rooney legacy in the end will be that they were so greedy that they lost control of one of the greatest franchises in sports.

I'm guessing Art Sr is turning over in his grave right now.

Vis
09-16-2008, 01:24 PM
If the brothers force the issue and hold out for top dollar, considering the franchise is worth 100 times its value when Art Sr left it to them, then the Rooney's deserve to lose it. Please spare me the sad story about how they can hardly survive on the 2 or 3 million they make every year to sit around and do nothing. The Rooney legacy in the end will be that they were so greedy that they lost control of one of the greatest franchises in sports.

I'm guessing Art Sr is turning over in his grave right now.


The Rooney legacy will be decided by those Rooneys running the team, not the silent owners who share the name.

I don't understand why people trust Druckenmiller to leave the Rooneys in charge.

fansince'76
09-16-2008, 01:33 PM
Honestly...Druk MAY give the Steelers the Money to BUY what they need.,,,I know, Rooney is a cheap ass sometimes, but hell weve won "1 for the Thumb" with em.

You mean like breaking the bank to the tune of $102 mil for the franchise QB? Oh yeah, it was those "cheap ass Rooneys" that did that. :rolleyes:

OX1947
09-16-2008, 01:40 PM
Its amazing that in just 10 years the team went from 173 million to 1.2 billion, is that really true?

stlrtruck
09-16-2008, 02:12 PM
The Rooney legacy in the end will be that they were so greedy that they lost control of one of the greatest franchises in sports.


They're losing control of the team because the commissioner is pointing his stick at them. Trying to force them into the league requirements of 30% ownership while another team in Green Bay is grandfathered in to "City Owership"

When the sale happens, I won't blame the Rooney brothers, I'll blame the Commissioner for once again being a BONE HEAD!!!

MACH1
09-16-2008, 02:23 PM
Which ever way it goes I just wish they'd get it settled. Although I would like for it to remain in the family.

El-Gonzo Jackson
09-16-2008, 02:35 PM
Its amazing that in just 10 years the team went from 173 million to 1.2 billion, is that really true?

Yup, and in 1933, they were $2500.

Team(s) Franchise Fee First Season

Houston Texans $700 million 2002
Carolina Panthers and Jacksonville Jaguars $140 million 1995
Seattle Seahawks and Tampa Bay Buccaneers $16 million 1976
Cincinnati Bengals (AFL) $7.5-$8 million 1968
New Orleans Saints $8.5 million 1967
Atlanta Falcons $8.5 million 1966
Miami Dolphins (AFL) $7.5 million 1966
Minnesota Vikings $1 million 1961
Dallas Cowboys $1 million 1960
Original members of the AFL $25,000 1960
Philadelphia Eagles and Pittsburgh Pirates* $2,500 1933
New York Giants $500 1925
Original members of the NFL** $100^ 1920

* Changed nickname to Steelers in 1940.
** NFL was known as the American Professional Football Association for its first two seasons.
^ According to accounts, this membership fee was never paid by the teams.

http://www.profootballhof.com/history/release.jsp?release_id=1286

RoethlisBURGHer
09-16-2008, 03:49 PM
The one thing really complicating the possible sale to Drukenmiller is that the other owners would have to aprove the sale, and Goodell seems to be doing his best to see that it doesn't go to anyone else than Dan and Art Rooney.

I bet if the Steelers were to take the NFL to court, they could get their ownership status grandfathered in since the team was left to them in percentages of 16 before the NFL 30% rule came about. I mean hell, they let the Packers fan ownership system be grandfathered in...why not the Rooney's?

steelreserve
09-16-2008, 04:00 PM
Honestly...Druk MAY give the Steelers the Money to BUY what they need.,,,I know, Rooney is a cheap ass sometimes, but hell weve won "1 for the Thumb" with em. But just think....what if the organization kept the old school way and still kept gettem...he may be a true Steelers fan as he says. If I had his money...Shoot...Id make sure Pittsburgh was as GREAT as it can be w/o the cheating*(cough cough Bellicheck) of course.

Salary cap, salary cap, salary cap.

Remember how the NFL has a salary cap? There is no "cheap" -- everyone has the same amount of money to work with, and we're right up against the cap every year. It doesn't help if your owner is a billionaire. In fact, it probably just makes him more likely to blow huge amounts of money on bonehead contracts. They you end up with 4 or 5 flashy receivers and defensive backs, there isn't enough cap room to get quality players at the rest of the positions, and your team turns out to suck. Yeah, that's what we need.

fansince'76
09-16-2008, 04:02 PM
Salary cap, salary cap, salary cap.

Remember how the NFL has a salary cap? There is no "cheap" -- everyone has the same amount of money to work with, and we're right up against the cap every year. It doesn't help if your owner is a billionaire. In fact, it probably just makes him more likely to blow huge amounts of money on bonehead contracts. They you end up with 4 or 5 flashy receivers and defensive backs, there isn't enough cap room to get quality players at the rest of the positions, and your team turns out to suck. Yeah, that's what we need.

Yep, I know I'd have much preferred it if we would have overpaid in FA for a fat-assed, overrated NT by trading our best CB and sacrificing half our frigging draft like the Browns did to ensure the all-important offseason-on-paper-AFCN-crown only to be sharing the division cellar at 0-2 now.

El-Gonzo Jackson
09-16-2008, 04:19 PM
Just wait until 2010 I think. When the CBA runs out the union has said there is no way they are going back to a cap.

Then it will help to have an owner with deep pockets, or the Steelers will be as competitive as the Pirates.

lilyoder6
09-16-2008, 04:30 PM
b/c u know a jerry jones and a synder will buy evryone.. it will turn into baseball

xfl2001fan
09-16-2008, 04:41 PM
Keep in mind that while the uncapped years will allow Jones/Snyder to snap up some high-priced FAs...it's unlikely that there will be an unlimited time period of uncapped years. The Players won't likely stand for it anymore than the owners will.

So even if a CBA isn't in place by 2010, it will likely take effect soon thereafter, meaning a new Salary Cap will be in place...

Small time frame of "possible" excellence.

MACH1
09-16-2008, 04:44 PM
Depends on if the players strike. :noidea: But those two could buy up some good scab players.

xfl2001fan
09-16-2008, 04:48 PM
I don't know, the league doesn't have a monopoly in regards to football talent anymore. Arena players aren't likely to jump out of the Arena league...and it's unlikely that the NFL owners will pay more than Arena profits.

There are still good players out there, but who is going to really watch a "scab superbowl" without seeing the * already in the books?

El-Gonzo Jackson
09-16-2008, 04:48 PM
b/c u know a jerry jones and a synder will buy evryone.. it will turn into baseball

Exactly. I used to watch a lot of Baseball, but now only in October. Why go thru 162 games to tell me that whoever buys the most talent will make the playoffs.

Basketball and Hockey were a mess before they got a cap. It just makes sense to have one.

MACH1
09-16-2008, 04:50 PM
I don't know, the league doesn't have a monopoly in regards to football talent anymore. Arena players aren't likely to jump out of the Arena league...and it's unlikely that the NFL owners will pay more than Arena profits.

There are still good players out there, but who is going to really watch a "scab superbowl" without seeing the * already in the books?


You mean the pats* ? :sofunny:

xfl2001fan
09-16-2008, 04:52 PM
Yeah, sorry, should have spelled out Asterik, instead of the universally accepted symbol for Boston's tarnished team.

steelreserve
09-18-2008, 06:26 PM
b/c u know a jerry jones and a synder will buy evryone.. it will turn into baseball

Dude, baseball teams with medium budgets make the playoffs and even win the World Series all the time. When's the last time the Yankees won it all?

Having smart ownership is still the most important thing even in an uncapped sport. Smart teams do well regardless of their market, and dumb teams do poorly. End of story.

Preacher
09-18-2008, 06:40 PM
Yeah, sorry, should have spelled out Asterik, instead of the universally accepted symbol for Boston's tarnished team.


What symbol would that be?

:chuckle: