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Old 07-07-2008, 04:29 PM   #1
Atlanta Dan
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Default Wall Street Journal - Steelers For Sale??!!

Hmmmm

The Rooney family has been working to restructure the ownership of the Steelers to separate ownership of the team from racetrack and gambling interests also owned by the family, according to a statement from the team today.

Ownership of a team and of gambling interests by the same parties is inconsistent with NFL policy, the statement said.

Pittsburgh Steelers Chairman Dan Rooney, the oldest son of team founder the late Art Rooney, said he will "do everything possible to work out a solution to ensure my father's legacy of keeping the Steelers in the Rooney family and in Pittsburgh for at least another 75 years."

Rooney said he wants to stay in the football business while some of his four brothers plan to focus on the racetracks in New York and Florida and other interests. Dan and his son, Steelers President Art Rooney II, are arranging financing to buy Dan's brothers' shares in the team in order to continue substantial ownership of the franchise by the Rooneys, the statement said.



http://www.postgazette.com/pg/08189/895371-66.stm


Can't imagine the NFL suddenly figured out the Rooneys also own racetracks; the cynic in me sees some estate planning issues at work for the sad day Dan Rooney passes from the scene. The tax issues arising from an asset that has appreciated as much as the Steelers have in the last 10 years would be a monster to deal with absent some restructuring of ownership.

Last edited by Atlanta Dan; 07-07-2008 at 04:58 PM.
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Old 07-07-2008, 04:56 PM   #2
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Default Re: Wall Street Journal - Steelers For Sale??!!

Forget the Post-Gazette story - this is on The Wall Street Journal web site!

Steelers Shopped to Potential Buyers


The storied Pittsburgh Steelers football franchise has been secretly shopped to potential buyers amid continuing divisions among the five sons of the team's founder, Art Rooney Sr.

The talks affect not only one of America's iconic sports franchises, but one of its most fabled sports families. Steelers Chairman Dan Rooney, who helped build the National Football League and is the oldest of the five sons, wants to consolidate his control by acquiring most of his brothers' shares in the Steelers over 10 years, those briefed on the talks said


The statement said that Dan Rooney and his son, Steelers President Art Rooney II, are arranging a financing plan to buy Dan's brothers' shares in the team in order to continue substantial ownership of the franchise by the Rooneys.

But some of the brothers and younger third-generation family members are asking whether a better deal can be put together, if there is to be an ownership change.

However its fate is decided, the Steelers franchise is a rich prize. The team has won five Super Bowl titles and been among the most dominant in the league for 30 years. They play in a new riverfront stadium that routinely sells out its 65,000 seats. And their fan base is famously loyal, reaching far beyond western Pennsylvania.


http://online.wsj.com/article/SB1215..._us_whats_news
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Old 07-07-2008, 05:31 PM   #3
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Default Re: Wall Street Journal - Steelers For Sale??!!

I'm having a hard time breathing............


ok........ now I have this annoying spasm around my right eye................Take deep deep breaths................
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Old 07-07-2008, 05:40 PM   #4
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Default Re: Wall Street Journal - Steelers For Sale??!!

It's a pretty well known fact around the Burgh that there is and has been dissention among the Rooney brothers for quite some time, though up until this recent article, I don't think anyone realized how deep it runs.

I just don't see the Steelers being sold to anyone outside of the Rooney family. Art II is a hard-nosed shark (as well as a top notch attorney) and there is no way he is going to allow that to happen. They will work out some sort of a deal among the parties involved and Dan/Art II will have sole ownership. Somehow. Some way.

I'm sure the Chief is turning in his grave.
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Old 07-07-2008, 05:48 PM   #5
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Default Re: Wall Street Journal - Steelers For Sale??!!

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I'm sure the Chief is turning in his grave.
It's a business

Think Art Jr. won't hold out for top dollar for his share, regardless of who pays it, after brother Dan fired him in1986 (a decision I assume must have torn the Chief up since he was still alive at the time)?
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Old 07-07-2008, 06:03 PM   #6
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Default Re: Wall Street Journal - Steelers For Sale??!!

One of the Rooney's will put together a package to buy whichever bros want out, and there will be no problem finding the financing to make it work.

No worries, the Steelers will remain in the Rooney family for the foreseeable future...
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Old 07-07-2008, 06:39 PM   #7
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Default Re: Wall Street Journal - Steelers For Sale??!!

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One of the Rooney's will put together a package to buy whichever bros want out, and there will be no problem finding the financing to make it work.

No worries, the Steelers will remain in the Rooney family for the foreseeable future...
I dunno - everything has a market top and IMO if anything screams overvalued asset these days it is a NFL franchise; some billionaire could just buy it but for Dan & AJR II to line up financing for the Steelers in this credit environment may be no easy deal to pull off.
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Old 07-07-2008, 06:43 PM   #8
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Default Re: Wall Street Journal - Steelers For Sale??!!

that is why you dont do business with family or friends.
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Old 07-07-2008, 06:44 PM   #9
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Default Re: Wall Street Journal - Steelers For Sale??!!

Quote:
Originally Posted by Atlanta Dan View Post
I dunno - everything has a market top and IMO if anything screams overvalued asset these days it is a NFL franchise; some billionaire could just buy it but for Dan & AJR II to line up financing for the Steelers in this credit environment may be no easy deal to pull off.
wow, i just got a shudder from the thought of mark cuban hamming it up on the sidelines.

for some reason i feel much more comfortable with the thought of him owning the pirates.
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Old 07-07-2008, 06:46 PM   #10
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Default Re: Wall Street Journal - Steelers For Sale??!!

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wow, i just got a shudder from the thought of mark cuban hamming it up on the sidelines.

for some reason i feel much more comfortable with the thought of him owning the pirates.
what is wrong with mark cuban.. i like him.. i was hoping he could get a deal to buy the cubs when they were up for sale...

maybe the steelers will be like the packers and let the fans by stock in the team.
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