Druckenmiller Gives Deadline....gulp

[stillers4me]

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.Dr....2.818098.html

[tony hipchest]

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]

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]

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]

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]

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]

Originally Posted by rbryan

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]

Originally Posted by FordsnSteelers

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.

[OX1947]

Its amazing that in just 10 years the team went from 173 million to 1.2 billion, is that really true?

[stlrtruck]

Originally Posted by rbryan

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!!!