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An important history lesson for you TRUE Steelers fans!

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Old 11-14-2008, 09:35 PM   #1
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Default Rooneys Reach Agreement On Steelers Ownership Deal

Rooneys Reach Agreement On Steelers Ownership Deal

http://www.thepittsburghchannel.com/...s=pit&psp=news

Sale Could Be Worth As Much As $750 Million

POSTED: 6:15 pm EST November 14, 2008
nership of the Pittsburgh Steelers is remaining within the Rooney family.

According to WTAE's news exchange partners at the Pittsburgh Tribune-Review, four sons of Steelers founder Art Rooney Sr. have agreed to sell their stake in the team to brother and current chairman Dan Rooney, and his son, Art Rooney II.

The deal could pay the four Rooney brothers who are selling their shares as much as $750 million.

They hope to complete the deal before a meeting in December.

Each of the five Rooney brothers holds a 16 percent interest in the team.

Their relatives, the McGinleys, control the remaining 20 percent.

The team has an estimated worth of $800 million to $1.2 million.

The Steelers have not released an official statement.
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Old 11-14-2008, 09:38 PM   #2
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Default Re: Rooneys Reach Agreement On Steelers Ownership Deal

The deal is Dan: Brothers agree to sell Steelers
http://www.pittsburghlive.com/x/pitt.../s_598528.html

By Carl Prine
TRIBUNE-REVIEW
Friday, November 14, 2008

Four sons of deceased Pittsburgh Steelers founder Art Rooney Sr. have apparently agreed to sell a controlling stake of the team to their brother, Hall of Fame chairman Dan Rooney, and his son, Art II.

The deal could pay brothers Arthur Jr., Patrick, Timothy and John Rooney a total of $750 million after business debt is subtracted. The brothers hope to complete the deal before a meeting in December.

"We have a board meeting in December, but we hope that's just a formality and everything is out of the way by then," Art Jr. said.

Wall Street has estimated the value of the team at $800 million to $1.2 billion.

Word of the imminent deal came from brothers Patrick and Art Rooney Jr. They confirmed that rumors leaking out of the NFL are true: About $280 million of the deal will come from loans arranged by PNC and Dan Rooney will need to bring in an unknown number of equity partners he has yet to name.

The money will be paid out over a period of years still be negotiated. The team itself will form the collateral for the loans.

National Football League commissioner Roger Goodell is analyzing the deal, and owners are willing to OK it as long as the Steelers remain in the Rooney family. Dan Rooney declined to comment.

Each of the five Rooney brothers controls a 16 percent stake in the team, with their relatives, the McGinley clan, holding the remaining 20 percent.

The franchise was founded in 1933 by Art Rooney Sr. with $2,500 he won at a horse race. The much-admired NFL owner and community icon died in 1988.

"It's a good deal. I'm happy for Dan. I'm happy for the rest of the family. I think young Art, Dan's son, will do a fine job," said Patrick, who left town in 1963 to found a string of successful horse and dog racing venues that now provide much of the family's wealth.

"I think we're doing the right thing."

Art Jr, the scouting genius who helped construct the Steelers' dynasty of the 1970s, said he would try to maintain a very small number of shares so that he can remain a fraction of team. He wants to see Dan Rooney's equity partners, but he believes they're a outstanding people.

"The outside investors, those are now going to be Dan's concern," added brother Patrick.

In September, New York hedge fund titan and philanthropist Stanley Druckenmiller yanked an $820 million cash offer after the Rooney brothers failed to reach a consensus on selling the team. The brothers felt they were being prodded to sell by two gathering storms: NFL bylaws that demanded they divest from increasingly lucrative casino gambling operations in Florida and New York and the November election of Democrat Barack Obama, who has suggested that as president he might work to hike estate and capital gains taxes.

"It was a struggle to get all of this back on track," Art Jr. said. "But everyone has been talking to each other and it seems we're all moving the right direction. It's been like you're in the service and you're on a long march through the sand -- three steps forward, then two steps back.

Although Druckenmiller has had nothing but good things to say about the Dan Rooney and his brothers, he declined to comment about the impending sale of the team he loves.

Spokesmen for PNC and the NFL also declined to comment.

Staff writers Salena Zito and John Harris contributed to this report.

Carl Prine can be reached at cprine@tribweb.com or 412-320-7826.
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Old 11-14-2008, 10:08 PM   #3
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Default Re: Rooneys Reach Agreement On Steelers Ownership Deal

This is indeed great news if it all pans out. I'm going to keep my finger crossed that Dan and Arrt II are not taking on too much debt. Still, it is a relief that the Rooney's will remain.
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Old 11-14-2008, 11:01 PM   #4
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Default Re: Rooneys Reach Agreement On Steelers Ownership Deal

Quote:
...National Football League commissioner Roger Goodell is analyzing the deal...
Mr. Roger Too Gooddeal is ANALyzing the deal? Great. He's found something to do.
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Old 11-14-2008, 11:02 PM   #5
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Default Re: Rooneys Reach Agreement On Steelers Ownership Deal

I'd feel alot better about this is Dan weren't 76 years old. That's one heck of a lot of debt.
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Old 11-14-2008, 11:13 PM   #6
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Default Re: Rooneys Reach Agreement On Steelers Ownership Deal

Great News
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Old 11-14-2008, 11:27 PM   #7
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Default Re: Rooneys Reach Agreement On Steelers Ownership Deal

I love the fact it is staying with the Rooneys.

I am a little scared about the debt and the ability to finance the team in the future.
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Old 11-14-2008, 11:56 PM   #8
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Default Re: Rooneys Reach Agreement On Steelers Ownership Deal

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Originally Posted by SteelersMongol View Post
Mr. Roger Too Gooddeal is ANALyzing the deal? Great. He's found something to do.
You mean of course when he is not fining Steelers for non flagged plays.
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Old 11-15-2008, 12:55 AM   #9
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Default Re: Rooneys Reach Agreement On Steelers Ownership Deal

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Originally Posted by Preacher View Post
I love the fact it is staying with the Rooneys.

I am a little scared about the debt and the ability to finance the team in the future.
But the Steelers are cheap.


What if Dan sold part of it to Drukenmiller to pay off some of the debt? Would Druk even consider it if it wasn't a majority of the percentage?
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Old 11-15-2008, 02:19 AM   #10
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Default Re: Rooneys Reach Agreement On Steelers Ownership Deal

so much for signing free agents next year.

you know how some fans say the rooney's are cheap? well, they might have to be for quite awhile now.
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