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Old 09-18-2008, 08:16 PM   #1
Atlanta Dan
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Default Druckenmiller Withdraws Steelers Bid

Stanley Druckenmiller, the billionaire financier and lifelong Pittsburgh Steelers fan, has withdrawn his bid to acquire his hometown team.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
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Old 09-18-2008, 08:25 PM   #2
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Default Re: Druckenmiller Withdraws Steelers Bid

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.
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Old 09-18-2008, 08:26 PM   #3
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Default Re: Druckenmiller Withdraws Steelers Bid

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.
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Old 09-18-2008, 08:36 PM   #4
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Default Re: Druckenmiller Withdraws Steelers Bid

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.
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Old 09-18-2008, 08:56 PM   #5
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Default Re: Druckenmiller Withdraws Steelers Bid

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)
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Old 09-18-2008, 09:09 PM   #6
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Default Re: Druckenmiller Withdraws Steelers Bid

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
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Old 09-18-2008, 09:14 PM   #7
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Default Re: Druckenmiller Withdraws Steelers Bid

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.
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Old 09-18-2008, 10:00 PM   #8
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Default Re: Druckenmiller Withdraws Steelers Bid

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.
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Old 09-18-2008, 10:03 PM   #9
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Default Re: Druckenmiller Withdraws Steelers Bid

Quote:
Originally Posted by WWIIOwheelz View Post
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.
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Old 09-18-2008, 10:31 PM   #10
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Default Re: Druckenmiller Withdraws Steelers Bid

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.
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