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View Full Version : So who's going to replace the Rooneys when they pass?


Blackout
05-24-2012, 08:39 PM
Does Art Rooney II have any sons in mind to takeover? I couldn't imagine the Steelers without the Rooneys owning them.

tony hipchest
05-24-2012, 08:45 PM
the rooneye currently only own them in name only. dictator goodell forced the majority of rooney' family ownership stake be sold a few years ago. right now i think dan rooney and his son own more debt then their actual 16-20% stake apiece is worth.

tanda10506
05-24-2012, 09:55 PM
the rooneye currently only own them in name only. dictator goodell forced the majority of rooney' family ownership stake be sold a few years ago. right now i think dan rooney and his son own more debt then their actual 16-20% stake apiece is worth.

WTF? Well evidently I don't know anything about ownership and how it works. Who owns the rest of the team if the Rooney's only own 20% or less?

Blackout
05-24-2012, 10:14 PM
the rooneye currently only own them in name only. dictator goodell forced the majority of rooney' family ownership stake be sold a few years ago. right now i think dan rooney and his son own more debt then their actual 16-20% stake apiece is worth.


Wait don't they collectively own 30%? I thought they got more from the other family members.

tony hipchest
05-24-2012, 10:52 PM
art and dan each owned about 17-20% apiece. from what i remember they are now the majority owners by owning a collective 33%. the rooneys collectively owned 80% all these years (20% has always been owned by the wife of the cheifs family i believe.

for anyone who wants to research deeper than my memory serves right now, google stanley drukenmiller offers to buy steelers, and it will explain in more detail.

anyways when the rest of the rooneys were forced to sell because of their racetrack and casino ventures several years back, art II and dan couldnt afford to buy them out and had to put together an ownership group, essentially selling off "stocks" in the team.

on the flipside is the jones, kraft, snyder and others who own their teams outright.

tony hipchest
05-24-2012, 10:56 PM
WTF? Well evidently I don't know anything about ownership and how it works. Who owns the rest of the team if the Rooney's only own 20% or less?part of the ownership group consists of a hollywood movie mogul (i think the dude who brought batman returns to the PGH) and the owners of a east coast truck stop chain. john stallworth is even a minority owner.

Blackout
05-25-2012, 12:13 AM
Alright so with all that being said, and you are correct from my quick wikipedia search, then whose going to take over when Dan & Art pass away then, surely that ownership will trickle down to the rest of the family?

tony hipchest
05-25-2012, 01:14 AM
Alright so with all that being said, and you are correct from my quick wikipedia search, then whose going to take over when Dan & Art pass away then, surely that ownership will trickle down to the rest of the family?

well looking at the cheif and dan, im gonna go out on a limb and say that art II still got few years to go.

however lets say the chif divided his 80% stake amongst 5(?) kids. lets say dan will divide his as well (nobody is really in position to speculate how his will is written), and ART II divides his amongst 5 kids....

it all gets watered down. keep in mind, not only do all the siblings inherit the split stakes, they also inherit the debt it cost to keep the team under the family name.

i believe art II is the end of the line. after him, sports franchises may completely go the corporate route and be too expensive for a single person to buy (a la snyder, jones, kraft).

look at the team magic johnson had to put together to buy the LA dodgers.

Millers the sh!t
05-25-2012, 02:16 AM
Tony, you the man.

I think u should own your own % of the steelers organization.

Kingmagyar
05-25-2012, 04:04 AM
There still is a lot of individual billionaires out there to buy football teams, but I do see maybe a different ownership group in place as the heirs sell off on owning the team.

Art the 2nd could adopt me however and I would take good care of the team. I promise.

pete74
05-25-2012, 04:29 AM
i wish we would do what Green Bay does after the Rooney's are gone because i cant imagine having a majority owner not named Rooney. let the city own the team

Blackout
05-25-2012, 06:17 AM
Exactly Pete, that's what worries me the most. And this team is in someone else's hands not named Rooney. Theres alot of pride in the tradition of this team, I'd hate to see it gone although perhaps inevitable.

GMU Steeler
05-25-2012, 08:10 AM
I hope he has someone in mind. As others have said, just wouldn't be the same without the Rooneys. I can remember my grandfather saying part of the reason he liked the Steelers was because "the Rooneys treat their players right." Very few franchises as old and storied as ours that have had the same ownership throughout.

BigRick
05-25-2012, 09:31 PM
i wish we would do what Green Bay does after the Rooney's are gone because i cant imagine having a majority owner not named Rooney. let the city own the team

Will be hard to take when the Rooneys are gone. Iwould love to own a little piece of my BELOVED STEELERS>:thumbsup:

Boomer
05-25-2012, 09:40 PM
From Wikipedia:

Ownership
Heinz Field, current home of the Pittsburgh SteelersSince 2008, the Rooney family has brought in several investors for the team while retaining control of the team itself. This came about so that the team could comply with NFL ownership regulations. Current Steelers Chairman, Dan Rooney, and his son, Art Rooney II, president of the franchise, wanted to stay involved with the franchise, while two of the brothers – Timothy and Patrick – wanted to further pursue racetracks that they own in Florida and New York. Since 2006, many of the racetracks have added video slot machines, causing them to violate "NFL policy that prohibits involvement with racetrack and gambling interests".

While Dan Rooney and Art Rooney II retain control of the team with the league-minimum 30%, the following make up the other investors:

Several other members of the Rooney family, including Art Rooney Jr., John Rooney, and the McGinley family, who are cousins to the Rooneys.
Pilot Corporation and Pilot Flying J president Jim Haslam III, son of founder Jim Haslam Jr. and brother of Tennessee Governor Bill Haslam.
Legendary Pictures president and CEO Thomas Tull.
The Paul family of Pittsburgh and Los Angeles, who are primarily involved with Pittsburgh-based Ampco Pittsburgh Corporation as well as Morton's Restaurant Group, Urban Active Fitness, Meyer Products and Harley Marine Services. Additionally, family members serve on numerous boards, including Cornell University, UPMC, University of Pittsburgh, the American Red Cross, Harvard Medical School and the Loomis Chaffee School.
Former Steelers wide receiver John Stallworth, a member of the Pro Football Hall of Fame.[21]
GTCR chairman Bruce V. Rauner.
The Varischetti family of Brockway, Pennsylvania, which owns several nursing homes and a commercial real estate business.
Paul Evanson, chairman, president, and CEO of Allegheny Energy.
With the transaction, Jim Haslam and the Paul family each own over 10% of the team making them the largest new investors.

ricardisimo
05-26-2012, 04:07 PM
I can't see this being any sort of issue for the next 20-30 years.

Buddha Bus
05-26-2012, 04:18 PM
I can't see this being any sort of issue for the next 20-30 years.

It's OK. We only have until the end of this year to worry about it according to the Mayans. :wink02:

Kingmagyar
05-27-2012, 11:17 AM
It's OK. We only have until the end of this year to worry about it according to the Mayans. :wink02:

Yeah the Mayans. They were really up on things. "Let's cut the heart out of 1,000 people today to get some rain." Spain really had no trouble in humbling those savages quickly.

However....who was smart enough to build that elaborate architecture? Was it alien intervention??

Bayz101
05-27-2012, 11:54 AM
It's safe to say the Rooney's will own the Steelers for a long, long time. Handed down through the family for years to come, that is, if the league isn't converted to flag-football in the coming years.