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Old 08-08-2008, 12:33 AM   #1
I-Want-Troy's-Hair
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Default Druckenmiller's Debt-Free Cash Deal

That is just ignorant that Drunkenmiller can pay cash for this team.

http://postgazette.com/pg/08220/902475-66.stm

Druckenmiller's bid remains on table

Offer to buy is debt-free

Thursday, August 07, 2008
By Gerry Dulac, Pittsburgh Post-Gazette
Stanley Druckenmiller 'Not the first option' for the Rooney brothers.

Billionaire hedge fund manager Stanley Druckenmiller still has an offer on the table to buy the shares of four of the Rooney brothers and remains optimistic a deal will be worked out where he will gain majority stock control of the Steelers' franchise, a source with intimate knowledge of Druckenmiller's situation told the Post-Gazette.

While the four brothers who each hold 16 percent ownership stake in the team have considered at least two offers, and possibly three, to sell their shares to Steelers chairman Dan Rooney, Druckenmiller is eager and ready to proceed with a purchase plan that is "simple and uncomplicated" and would greatly benefit the long-term financial health of the franchise, the source said.

The plan is uncomplicated, the source said, because Druckenmiller, chairman of Pittsburgh-based Duquesne Capital Management who has an estimated worth of $3.5 billion, would buy out the four Rooney brothers in a straight cash deal that would be paid immediately and not over any period of time.

The deal would allow the Steelers -- if Druckenmiller became majority stock owner -- to operate without any debt or interest payments and enable the team to spend the necessary money to remain competitive in the NFL, the source said.

The source said the same situation would not exist if Dan Rooney and his son, Art II, the team's vice president, buy the shares. Dan and Art II are trying to attract investors to obtain financing to buy the shares of the other four Rooney brothers -- Tim, Art Jr., Patrick and John.

They would have to assume enough debt on the financing that it could jeopardize their ability to spend money freely on other matters such as free-agent players and contract extensions, especially in a small-market city where ancillary revenue streams are not always available.

The NFL has a debt ceiling of $150 million that is not allowed to be exceeded by a controlling owner.

Nonetheless, Druckenmiller understands he is "not the first option" for the Rooney brothers and "clearly, if everything is in order, they will sell [their shares] to Dan," the source said.

If Druckenmiller gains controlling interest of the franchise, he maintains he wants Dan Rooney and his son to continue to run the team as they do now. Even though he has the same 16 percent interest in the franchise as his brothers, Dan Rooney was appointed by the family to run the team -- an arrangement similar to what Druckenmiller would seek.

"The Steelers have become what they are now because of one person -- Dan Rooney," the source quoted Druckenmiller as saying, and he believes "he is the finest owner in professional sports."

It is not known what amount Druckenmiller has offered to purchase the shares of the four Rooney brothers.

But, despite what appears to be a lengthy delay in the sales process, Druckenmiller thinks everything will go "very, very quickly" when, or if, the Rooney brothers reject their brother's proposal and come back to him, the source said.

Druckenmiller has not commented publicly about his involvement, except for an e-mail he sent to the Post-Gazette July 10 in which he confirmed his interest in purchasing the Steelers' franchise.
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Old 08-08-2008, 12:37 AM   #2
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Default Druckenmiller- Money talks, bullshhh walks

Quote:
Druckenmiller is eager and ready to proceed with a purchase plan that is "simple and uncomplicated" and would greatly benefit the long-term financial health of the franchise, the source said.

The plan is uncomplicated, the source said, because Druckenmiller, chairman of Pittsburgh-based Duquesne Capital Management who has an estimated worth of $3.5 billion, would buy out the four Rooney brothers in a straight cash deal that would be paid immediately and not over any period of time

...

But, despite what appears to be a lengthy delay in the sales process, Druckenmiller thinks everything will go "very, very quickly" when, or if, the Rooney brothers reject their brother's proposal and come back to him, the source said.
whoa...

after reading how $12 mil of profits (in the lean years) has to be divided between the mccarthys(?) and 5 rooney brothers, it is understandable why the steelers were not able to extend bill cowher to market value of $8-$10 mil/year.

and what would stop kevin colbert leaving to join cowher if he ever returned? getting paid.

what if tomlin wins 2 of the next 3 superbowls? im pretty sure drukenmiller would pay whatever it takes to keep him.

it would be no sweat off his balls to give a great player like farrior a nice signing bonus and extension, and to eat it if he doesnt pan out and needs to be cut.

like a previous article stated, if the rooneys are tired of earning those small dividend checks, they could earn as much or more with cash sitting in the bank.

if this were a publicly traded company, we would be saying "hostile takeover" right about now (more like 5 wks - 2 yrs ago).
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Last edited by fansince'76; 08-08-2008 at 02:36 AM. Reason: Removed link to story which was posted in OP a few minutes earlier.
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Old 08-08-2008, 12:52 AM   #3
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Default Re: Druckenmiller- Money talks, bullshhh walks

tony, i fear that down the road drunkenmiller may change his attitude and want to be involved with player/draft decisions and so forth. i don't want it to turn into a redskins' organization where they think high salaries equates to winning, or worse, change into the raiders.

i know he said dan rooney would still oversee the operations. what happens when dan rooney retires or when he passes away? what happens when drunkenmiller passes on? does he hand it to one of his son's? is this new owner going to keep the team, move the team or ignore the team?

with the rooneys you knew where the steelers stood.

can they place stipulations in the sale stating the steelers have to stay in pittsburgh etc...?
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Old 08-08-2008, 01:16 AM   #4
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Default Re: drunkenmiller's debt free cash deal

Quote:
Originally Posted by I-Want-Troy's-Hair View Post
That is just ignorant that Drunkenmiller can pay cash for this team.

http://postgazette.com/pg/08220/902475-66.stm

Druckenmiller's bid remains on table

Offer to buy is debt-free

Thursday, August 07, 2008
By Gerry Dulac, Pittsburgh Post-Gazette
Stanley Druckenmiller 'Not the first option' for the Rooney brothers.

Billionaire hedge fund manager Stanley Druckenmiller still has an offer on the table to buy the shares of four of the Rooney brothers and remains optimistic a deal will be worked out where he will gain majority stock control of the Steelers' franchise, a source with intimate knowledge of Druckenmiller's situation told the Post-Gazette.

While the four brothers who each hold 16 percent ownership stake in the team have considered at least two offers, and possibly three, to sell their shares to Steelers chairman Dan Rooney, Druckenmiller is eager and ready to proceed with a purchase plan that is "simple and uncomplicated" and would greatly benefit the long-term financial health of the franchise, the source said.

The plan is uncomplicated, the source said, because Druckenmiller, chairman of Pittsburgh-based Duquesne Capital Management who has an estimated worth of $3.5 billion, would buy out the four Rooney brothers in a straight cash deal that would be paid immediately and not over any period of time.

The deal would allow the Steelers -- if Druckenmiller became majority stock owner -- to operate without any debt or interest payments and enable the team to spend the necessary money to remain competitive in the NFL, the source said.

The source said the same situation would not exist if Dan Rooney and his son, Art II, the team's vice president, buy the shares. Dan and Art II are trying to attract investors to obtain financing to buy the shares of the other four Rooney brothers -- Tim, Art Jr., Patrick and John.

They would have to assume enough debt on the financing that it could jeopardize their ability to spend money freely on other matters such as free-agent players and contract extensions, especially in a small-market city where ancillary revenue streams are not always available.

The NFL has a debt ceiling of $150 million that is not allowed to be exceeded by a controlling owner.

Nonetheless, Druckenmiller understands he is "not the first option" for the Rooney brothers and "clearly, if everything is in order, they will sell [their shares] to Dan," the source said.

If Druckenmiller gains controlling interest of the franchise, he maintains he wants Dan Rooney and his son to continue to run the team as they do now. Even though he has the same 16 percent interest in the franchise as his brothers, Dan Rooney was appointed by the family to run the team -- an arrangement similar to what Druckenmiller would seek.

"The Steelers have become what they are now because of one person -- Dan Rooney," the source quoted Druckenmiller as saying, and he believes "he is the finest owner in professional sports."

It is not known what amount Druckenmiller has offered to purchase the shares of the four Rooney brothers.

But, despite what appears to be a lengthy delay in the sales process, Druckenmiller thinks everything will go "very, very quickly" when, or if, the Rooney brothers reject their brother's proposal and come back to him, the source said.

Druckenmiller has not commented publicly about his involvement, except for an e-mail he sent to the Post-Gazette July 10 in which he confirmed his interest in purchasing the Steelers' franchise.

How is that ignorant?
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Old 08-08-2008, 03:32 AM   #5
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Default Re: Druckenmiller- Money talks, bullshhh walks

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Originally Posted by Steeldude View Post
tony, i fear that down the road drunkenmiller may change his attitude and want to be involved with player/draft decisions and so forth. i don't want it to turn into a redskins' organization where they think high salaries equates to winning, or worse, change into the raiders.

i know he said dan rooney would still oversee the operations. what happens when dan rooney retires or when he passes away? what happens when drunkenmiller passes on? does he hand it to one of his son's? is this new owner going to keep the team, move the team or ignore the team?

with the rooneys you knew where the steelers stood.

can they place stipulations in the sale stating the steelers have to stay in pittsburgh etc...?
I pose a scarier question: If the 4 Rooney brothers "do not " sell their shares to Druckenmiller then what will happen when Dan Rooney retires or passes away?

It's sad to say but I believe that in the absence of Dan Rooney, the Steelers would be better off with Druckenmiller in command rather than the 4 Rooney brothers. They're simply looking for profit and it's beginning to look as if they are a greedy group of men who couldn't care any less about the history and tradition of the franchise.

I'm no expert but the Druckenmiller offer is beginning to look mighty good to me. He could be the saving grace of the franchise as we know it today. So long as they are the Steelers and they remain in Pittsburgh, I don't really care who owns them. Druckenmiller said that he has no intentions on moving the team so I have to take him for his word. I don't believe that he's made billions by sticking it to people.

In closing I'll offer this, I'm sure that Druckenmiller will eventually be involved in the everyday football operations. Yes Dan Snyder sucks but Art Rooney, as an owner, was involved in the everyday operation of the Steelers and that turned out pretty well. Druckenmiller may have a great mind for the game, who knows? I don't believe that there's any type of testing or education to determine who will and who will not make a great NFL franchise owner.

Last edited by Steel Pit; 08-08-2008 at 05:01 AM.
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Old 08-08-2008, 04:46 AM   #6
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Default Re: Druckenmiller's Debt Free Cash Deal

Druckenmiller is a very rich man.
We would not have any problems in the future resigning players or signing bigtime free agents...
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Old 08-08-2008, 05:09 AM   #7
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Default Re: Druckenmiller's Debt-Free Cash Deal

I vote for Stan the Man. I know we all worshp the Dan Rooney image. But if he is so smart, why is he willing to go deep into debt to keep control? He of all people should be able to see the folly in this.
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Old 08-08-2008, 05:19 AM   #8
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Default Re: Druckenmiller's Debt-Free Cash Deal

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I know we all worshp the Dan Rooney image. But if he is so smart, why is he willing to go deep into debt to keep control? He of all people should be able to see the folly in this.
Because he loves the team THAT much, probably. The Steelers mean more to him than being just another asset in a portfolio. That being said, in the interest of the Steelers' ability to field a competitive team in the long term, I think debt-free ownership by Druckenmiller is the best route, especially if the league goes uncapped, which is a very real possibility.
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Old 08-08-2008, 05:43 AM   #9
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Default Re: Druckenmiller's Debt-Free Cash Deal

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Because he loves the team THAT much, probably. The Steelers mean more to him than being just another asset in a portfolio. That being said, in the interest of the Steelers' ability to field a competitive team in the long term, I think debt-free ownership by Druckenmiller is the best route, especially if the league goes uncapped, which is a very real possibility.
I know he loves that team. It's been his whole life. But sometimes , when you love something, you have to let it go. (cue the violins........)
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Old 08-08-2008, 07:07 AM   #10
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Default Re: Druckenmiller's Debt-Free Cash Deal

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Because he loves the team THAT much, probably. The Steelers mean more to him than being just another asset in a portfolio. That being said, in the interest of the Steelers' ability to field a competitive team in the long term, I think debt-free ownership by Druckenmiller is the best route, especially if the league goes uncapped, which is a very real possibility.
Agreed - Dan Rooney loves the idea of AJR II inheriting the team that much and apparently is willing to burden the team with debt to achieve that goal - it is no different than any other coroprate CEO looking out for his own interests when a takeover looms - what is in the interest of Dan & AJR II increasingly appears not to be in the long term financial interest of the franchise
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