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Atlanta Dan
09-18-2008, 09:16 PM
Stanley Druckenmiller, the billionaire financier and lifelong Pittsburgh Steelers fan, has withdrawn his bid to acquire his hometown team.

Mr. Druckenmiller has spent several months negotiating with the Rooney family, the longtime owners, who are trying to decide the team's future. But a source involved with the negotiations said talks stalled during the summer due to squabbling within the family, leading Mr. Druckenmiller to pull out.

"It has become clear that the Rooneys need substantial additional time to assess their options," Mr. Druckenmiller said in a prepared statement released Thursday night. "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."

Mr. Druckenmiller was working with four of the five brothers of the Rooney family who together control 80 percent of the team. His plan was to buy out those four brothers, acquiring 64 percent of the team, and to allow the team's managing partner, Dan Rooney, to continue to operate the Steelers for the next few years.

However, Dan Rooney would like to maintain control indefinitely and has been trying to work out his own deal with his brothers with the help of National Football League Commissioner Roger Goodell. The Steelers are in violation of an NFL policy that requires a single owner to hold 30 percent equity in the team.

Goldman Sachs, the investment bank, valued the Steelers between $800 million -$1.2 billion. Mr. Druckenmiller was said to be offering a figure close to the low end of that valuation. Dan Rooney has offered his brothers a buyout plan that would take place in stages during the next 10 years.


http://online.wsj.com/article/SB122178428376754823.html

jjpro11
09-18-2008, 09:25 PM
i really dont know what to make of all this.. if the nfl werent heading toward an uncapped system, it wouldnt as big of a deal.. but with uncapped years on the horizon, that significantly complicates matters. i just hope this works out for the best and the steelers are able to remain successful if the league goes uncapped.

CanadianSteel
09-18-2008, 09:26 PM
I think this is really too bad as IMO he would have been a good owner with a much needed capital boost and likely would have left Dan Rooney in charge to run the football operations.

rbryan
09-18-2008, 09:36 PM
I didn't think the league would let it happen to begin with let alone the brothers. As long as Dan is still kicking and wanted to hold on, Goodell wouldn't disapoint him. Say what you want about the commish but Dan the man still has a lot of influence with him too. We're stuck with the Rooney's, good or bad. I can live with that.

El-Gonzo Jackson
09-18-2008, 09:56 PM
Cheap Rooneys. They want to own one of only 32 franchises in the greatest sports league in the world...........who would have thunk it? (insert sarcasm smiley here)

lilyoder6
09-18-2008, 10:09 PM
even in his statement drunkenmiller said he would let rooney run the team for the next FEW yrs... i wouldn't mind him getting into the picture but i would want the rooneys to own most of it and still make the decision

rbryan
09-18-2008, 10:14 PM
Problem with that notion is that it was never going to happen. Drunk made it clear he wasn't interested in any deal where he wasn't in total control.

It shows me he was sincere, it would have been easy for him to say whatever he needed to get control and throw Dan out after the deal closed.

WWIIOwheelz
09-18-2008, 11:00 PM
I suppose it's natural for me to be apprehensive about any ownership other than the Rooneys, but I always had a bad feeling about Druckenmiller's interest in the team, and I'm not totally sure why.

From a business perspective, the Steelers franchise is worth an unbelievable amount of money, and the growth has been exponential over the last decade, as we all know, so why wouldn't a savvy businessman be interested? The negotiating tactics have been fairly hostile, IMO. The lowball cash offer was enough to cause great unrest among the brothers, and the subsequent deadline and withdrawl are probably causing a lot more angst right now than anyone likes to think about. I don't envy Dan or his son in their pursuit of ultimately making all parties happy.

Thank you Mr Goodell.

fansince'76
09-18-2008, 11:03 PM
I suppose it's natural for me to be apprehensive about any ownership other than the Rooneys, but I always had a bad feeling about Druckenmiller's interest in the team, and I'm not totally sure why.

Agreed. I have no reason to dislike or distrust Druckenmiller, but I have seen nothing to make me believe he would be a good owner either. You can't fire an owner if you get stuck with a bad one.

nojobny
09-18-2008, 11:31 PM
Phew... I think we dodged a bullet. However, this may just be a ploy to get the media to back off while they continue to negotiate in peace.

augustashark
09-18-2008, 11:41 PM
Even if they were trying, the nfl front office could'nt fck this up much more then what they already have. So Sick!

Horray Goodell!

tony hipchest
09-18-2008, 11:49 PM
i still dont get the druk skepticiszm. he woulda been a fine owner. especially with dan in charge.

http://www.post-gazette.com/pg/08262/913323-13.stm

In a prepared statement sent to the Post-Gazette, Druckenmiller said, "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!"

Preacher
09-19-2008, 02:01 AM
even in his statement drunkenmiller said he would let rooney run the team for the next FEW yrs... i wouldn't mind him getting into the picture but i would want the rooneys to own most of it and still make the decision

Who;s to say the next generation of Rooney's are any better than Drucken?

Who's to say Drucken isn't better than the current Rooneys?

I don't want the team to leave the rooneys... but that is because I am a traditionalist... not because I think Drucken wouldn't be good.

Galax Steeler
09-19-2008, 03:54 AM
It will be interesting to see what happens from here I thought they had only so much time to do something.

stillers4me
09-19-2008, 06:28 AM
You do realize this opens the door for other offers from people who may be a worse option (to fans) than Drukenmiller?

This in no way means that the Rooney's will remain the owners.

HometownGal
09-19-2008, 07:08 AM
I have no reason to dislike or distrust Druckenmiller, but I have seen nothing to make me believe he would be a good owner either. You can't fire an owner if you get stuck with a bad one.

This is where I'm at in this ongoing saga. I still would much prefer if the Rooneys could somehow work out an agreement to keep control of the franchise. Stay tuned . . . .

Vis
09-19-2008, 08:04 AM
You do realize this opens the door for other offers from people who may be a worse option (to fans) than Drukenmiller?

This in no way means that the Rooney's will remain the owners.

There was never any door. Other bids were always possible

atlsteelers
09-19-2008, 09:05 AM
I would hate to the see the change, the rooneys have run one of the best franchise's in the NFL. why change it? what makes me nervous is why he must have a controling interest. i was not born yesterday. the only reason he wants controling interest is to control the franchise. he probally does not have a geniune interest in letting dan run it. in my opinion

stlrtruck
09-19-2008, 09:23 AM
I get a bad feeling about this. As much as I love the Rooneys and what they have done with the Steelers and for the city of Pittsburgh, I think Druckenmiller would have been a better option moving forward, especially with the direction the NFL is heading.

Michael Keller
09-19-2008, 01:26 PM
You do realize this opens the door for other offers from people who may be a worse option (to fans) than Drukenmiller?

This in no way means that the Rooney's will remain the owners.

This is my concern. I am dissapointed . We need deep pockets.

fansince'76
09-19-2008, 01:34 PM
I get a bad feeling about this. As much as I love the Rooneys and what they have done with the Steelers and for the city of Pittsburgh, I think Druckenmiller would have been a better option moving forward, especially with the direction the NFL is heading.

This is my concern. I am dissapointed . We need deep pockets.

All I have to say to this is careful what you wish for, because you just might get it. Deep pockets are fine unless the guy turns out to be a meddling bonehead like Snyder. Kinda hard to fire an owner.

Sharkissle29
09-19-2008, 01:35 PM
It's funny how you all freak out that the Rooneys would lose control, and now that drukenmiller withdraws his bid you guys flip it around and say that he would have been a great owner. Just from what i've seen in the two threads....

what will make you all happy? :-P

personally im for rooney control just because its apart of the pittsburgh steeler history.

stlrtruck
09-19-2008, 02:09 PM
All I have to say to this is careful what you wish for, because you just might get it. Deep pockets are fine unless the guy turns out to be a meddling bonehead like Snyder. Kinda hard to fire an owner.

I never said I wanted just Deep Pockets. But there was something about Druckenmiller that made me feel he would be different than Jones and Snyder. There was something about his demeanor. Jones and Snyder had planned hostile take overs. I was in the Redskins ticket office the day Mr. Cooke left the stadium for the last day. Fans, not just redskin fans but fans of the nfl, knew it was wrong - dead wrong. Even to this day people talk about how Jones dealt with Tom Landry. I didn't see those things in Druckenmiller.

It's funny how you all freak out that the Rooneys would lose control, and now that drukenmiller withdraws his bid you guys flip it around and say that he would have been a great owner. Just from what i've seen in the two threads....

what will make you all happy? :-P

personally im for rooney control just because its apart of the pittsburgh steeler history.

I don't think I ever freaked out. I was open to new ownership but I'm not disappointed with the current ownership. They've done a marvelous job. As for what will make me happy, having this settled and put behind us.

What I don't want is just another Daniel Snyder or Jerry Jones. As I stated above, I don't think we would have gotten that with Druckenmiller.

lilyoder6
09-19-2008, 04:12 PM
it's a double-edged sword.. u want the rooney's to stay in charge, but yet u want someone there w/ deep pockets to be able to spend money

stlrtruck
09-19-2008, 04:24 PM
it's a double-edged sword.. u want the rooney's to stay in charge, but yet u want someone there w/ deep pockets to be able to spend money

Yeah but not just anybody with deep pockets. It's got to be someone who won't do to Pittsburgh what Irsey and Modell did with their teams because all of a sudden they got a better deal.

While I love the Rooney family, I wasn't opposed to Druckenmiller taking over. As I stated above, there was something about him that brought a sense of peace about him owning the team.

CanadianSteel
09-19-2008, 11:18 PM
Maybe you guys & gals in da burgh can talk Druckenmiller into buying the Pirates... now theres an idea.....:chuckle:

Dodt
09-20-2008, 12:38 AM
i think i'll worry about this during the off season. right now i'm more concerned about the men on the field.

steelpride12
09-20-2008, 01:13 PM
To fight and say it would be better off with the Rooneys is a Damn disgrace. Think of the 5 super bowls and the leadership they bring. Every Player they bring is an all star and a heart filled player, plus You can't complain that the franchise is tied first with 5 Super Bowls rings and you wanna move on?! I dont get it...

Avoid LLoyd1975
09-20-2008, 02:11 PM
I wouldn't have had a problem with new ownership just as long as the same standards of ownership from top to bottom were upheld. Things you really can't predict. I think the commish wants to see the Rooneys as part of the NFL as well.