Family feud threatens Rooney ownership of the Steelers
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Stanley Druckenmiller, the Wall Street tycoon reportedly ready to purchase a chunk of the Steelers, vowed Thursday that any deal involving him will guarantee the famed franchise remains in Pittsburgh.
In a prepared one-page statement, Druckenmiller, 55, insisted that his "primary objective" would ensure "that the team is competitive for the long term" and that his efforts would address "what is in the best interests" of the franchise, "the fans, the city of Pittsburgh, the Rooney and McGinley families and the National Football League."
"I am more than aware how uniquely important the Steelers are to the city of Pittsburgh. Any resolution involving me will guarantee the team remains in Pittsburgh," Druckenmiller said.
An apparent family feud has pitted Steelers president Art Rooney II and his father, chairman Dan Rooney, against the Hall of Famer's four brothers. Dan Rooney and his son manage the team's daily operations, but the bulk of the corporation's shares are held by Art Jr., Timothy, Patrick and John. Another 20 percent of the stake is controlled by Eckert Seamans partner John R. McGinley Jr., five of his siblings and their aunt, Rita McGinley.
According to John R. McGinley Jr., Druckenmiller's representatives had sought to buy his family's shares in 2006 but were rebuffed. Now his Rooney relatives -- they're first cousins to the McGinleys and remain close friends -- face two potential pitfalls: punishing state and federal estate taxes that threaten to gobble nearly half the team's value, and an NFL mandate to divest from the Rooneys' increasingly lucrative casino card tables, slot machines and other forms of wagering at their dog and harness-racing tracks.
Of the five brothers, three gravitated to Florida, New York and a horse stud farm in Ireland. Only two remained in Pittsburgh -- Dan, at the helm of the Steelers, and Art Jr., a real estate executive who recently penned a history of the franchise, "Ruanaidh: The Story of Art Rooney and His Clan."
"We bleed black and gold," Art Rooney Jr. told the Associated Press yesterday at a signing event for his new book. "What bothers me is I hear people say the out-of-towners don't love the Steelers. They love the Steelers."
Dan Rooney fired Art Jr. as the Steelers' director of scouting and player personnel in 1987. It happened despite the fact that Art Jr. had been responsible for drafting some of the greatest players in francise history, including a 1974 class that included Hall of Famers Lynn Swann, Jack Lambert, John Stallworth and Mike Webster.
Called at the Steelers' South Side headquarters, team spokesman Burt Lauten said Dan Rooney would make no comments about the ongoing drama over future ownership issues or the emergence of Druckenmiller as a potential buyer of the franchise.
Druckenmiller's statement left no doubt that he's been "involved in these discussions" to rejigger the ownership group of the Steelers and that he's keen on "participating in a transaction that builds on the legacy of this great franchise and one that makes economic sense to everyone involved."
He said he was "in awe" of the Rooneys' stewardship of a team valued by Wall Street financial house Goldman Sachs & Co. at up to $1.2 billion.
Druckenmiller's statement, however, did not say whether any potential deal would include retaining Dan Rooney or son Art II as day-to-day managers of a team that has won five Super Bowls.
In a prepared one-page statement, Druckenmiller, 55, insisted that his "primary objective" would ensure "that the team is competitive for the long term" and that his efforts would address "what is in the best interests" of the franchise, "the fans, the city of Pittsburgh, the Rooney and McGinley families and the National Football League."
"I am more than aware how uniquely important the Steelers are to the city of Pittsburgh. Any resolution involving me will guarantee the team remains in Pittsburgh," Druckenmiller said.
An apparent family feud has pitted Steelers president Art Rooney II and his father, chairman Dan Rooney, against the Hall of Famer's four brothers. Dan Rooney and his son manage the team's daily operations, but the bulk of the corporation's shares are held by Art Jr., Timothy, Patrick and John. Another 20 percent of the stake is controlled by Eckert Seamans partner John R. McGinley Jr., five of his siblings and their aunt, Rita McGinley.
According to John R. McGinley Jr., Druckenmiller's representatives had sought to buy his family's shares in 2006 but were rebuffed. Now his Rooney relatives -- they're first cousins to the McGinleys and remain close friends -- face two potential pitfalls: punishing state and federal estate taxes that threaten to gobble nearly half the team's value, and an NFL mandate to divest from the Rooneys' increasingly lucrative casino card tables, slot machines and other forms of wagering at their dog and harness-racing tracks.
Of the five brothers, three gravitated to Florida, New York and a horse stud farm in Ireland. Only two remained in Pittsburgh -- Dan, at the helm of the Steelers, and Art Jr., a real estate executive who recently penned a history of the franchise, "Ruanaidh: The Story of Art Rooney and His Clan."
"We bleed black and gold," Art Rooney Jr. told the Associated Press yesterday at a signing event for his new book. "What bothers me is I hear people say the out-of-towners don't love the Steelers. They love the Steelers."
Dan Rooney fired Art Jr. as the Steelers' director of scouting and player personnel in 1987. It happened despite the fact that Art Jr. had been responsible for drafting some of the greatest players in francise history, including a 1974 class that included Hall of Famers Lynn Swann, Jack Lambert, John Stallworth and Mike Webster.
Called at the Steelers' South Side headquarters, team spokesman Burt Lauten said Dan Rooney would make no comments about the ongoing drama over future ownership issues or the emergence of Druckenmiller as a potential buyer of the franchise.
Druckenmiller's statement left no doubt that he's been "involved in these discussions" to rejigger the ownership group of the Steelers and that he's keen on "participating in a transaction that builds on the legacy of this great franchise and one that makes economic sense to everyone involved."
He said he was "in awe" of the Rooneys' stewardship of a team valued by Wall Street financial house Goldman Sachs & Co. at up to $1.2 billion.
Druckenmiller's statement, however, did not say whether any potential deal would include retaining Dan Rooney or son Art II as day-to-day managers of a team that has won five Super Bowls.
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