Financier bids to control Steelers

0 Comments | Oakland Tribune, Jul 8, 2008 | by Wire services

A deal could be reached within days to sell a majority interest in the Pittsburgh Steelers to the chairman of a Pittsburgh-based investment firm, taking control of the NFL franchise away from the Rooney family.

The shares would be sold to Stanley Druckenmiller, making him principal owner of the team, two officials familiar with the talks said Tuesday.

Druckenmiller's interest was first reported Monday by the Wall Street Journal, which said a secret study by Goldman Sachs valued the franchise at between $800 million and $1.2 billion.

The report came a day after Dan Rooney said he and his son, team president Art Rooney II, were attempting to buy out his four brothers in an effort to retain "substantial ownership of the team."

Each brother owns 16 percent of the team, adding up to 80 percent, with another Pittsburgh family, the McGinleys, owning 20 percent.

Even if the deal with Druckenmiller goes through, it would still need approval by 24 of the league's 32 owners.

Dan Rooney, 75, is the oldest of five brothers. Their father, Art, bought the franchise in 1933 for $2,500. The other four brothers -- Art Jr., Timothy, Patrick and John -- want to drop their interest in the Steelers to concentrate on their racetrack and other interests. The Rooney family owns tracks in New York and Florida and has added forms of gaming that are inconsistent with NFL gambling policy.

Commissioner Roger Goodell has asked his predecessor, Paul Tagliabue, to represent the league on Dan Rooney's behalf in talks to reach an agreement on a separation of the gambling interests and restructured ownership if part of the team is sold.

"I have spent my entire life devoted to the Pittsburgh Steelers and the National Football League," Dan Rooney said in the statement. "I will do everything possible to work out a solution to ensure my father's legacy of keeping the Steelers in the Rooney family and in Pittsburgh for at least another 75 years."

Raiders: A second man was arrested on charges of abducting, beating and robbing wide receiver Javon Walker in Las Vegas last month. Deshawn L. Thomas, 40, was being held without bail in county jail, police said. Walker was found unconscious on a side street near The Strip shortly after dawn June 16. He was hospitalized for two days with facial injuries and a concussion, and told investigators that about $3,000 in cash and $100,000 worth of jewelry were taken. It wasn't clear if any money or jewelry had been recovered. Arfat Fadel, 30, has remained jailed pending a preliminary hearing July 16.

Packers: Green Bay and Brett Favre are publicly remaining quiet on reports that the quarterback is reconsidering his decision to retire. But according to media reports, that doesn't mean there's no activity behind the scenes. WTMJ-TV in Milwaukee reported Favre sent a text message to Packers general manager Ted Thompson on Saturday - - and that Thompson's reply was that he is on vacation and the two will have to talk later. And Sports Illustrated reported on its Web site that Thompson has ignored phone calls from Favre's agent, Bus Cook, while sending an intermediary to Mississippi to talk to Favre. According to that report, Cook is expected to request that Favre be taken off the NFL's reserve/retired list within the next 10 days.

Vick update: Suspended Atlanta quarterback Michael Vick declared bankruptcy from a federal prison. He cited debts of $10 million to $50 million in Chapter 11 papers filed in U.S. Bankruptcy Court in Newport News, Va. He listed assets valued in the same range. He's due to be released from a penitentiary in Leavenworth, Kan., in about a year.