Mac the Knife Posted July 9, 2008 Share Posted July 9, 2008 Reports out of Pittsburgh are saying that the Rooney family is in serious negotiations to sell its majority stake in the Steelers to a billionaire hedge fund manager with ties to the area.Truly sad. And also unnecessary. The Rooney family collectively owns 80% of the team, with each of the five brothers holding 16% each. They could easily conduct a Green Bay Packer-like IPO, offering 25% of the team, selling shares at $250, even $500 a pop - raising more than enough money to "buy out" the four brothers who appear to want out, all the while allowing Dan Rooney to maintain control of the club with 55%. It's allowable under the NFL Constitution and Bylaws, and I'm surprised they haven't at least considered that possibility: Steeler fans would go absolutely berserk over the idea that they could own part of the black n' gold. Link to comment Share on other sites More sharing options...
tBBP Posted July 9, 2008 Share Posted July 9, 2008 Here is the story of the impending/potential sale from the Pittsburgh Post-Gazette.I'm actually rather glad I ain't in Pgh right about now--people are probably forming picket lines around Heinz Field right about now. (I kid.) And I KNOW that is the talk of the town right now, too. *Disclaimer: I am not an authoritative expert on stuff...I just do a lot of reading and research and keep in close connect with a bunch of people who are authoritative experts on stuff. || dribbble || Behance || Link to comment Share on other sites More sharing options...
NJTank Posted July 9, 2008 Share Posted July 9, 2008 Rush Limbaugh was talking about this and said he wanted to buy them www.sportsecyclopedia.com For the best in sports history go to the Sports E-Cyclopedia at http://www.sportsecyclopedia.com Link to comment Share on other sites More sharing options...
ferrousoxide66 Posted July 9, 2008 Share Posted July 9, 2008 It's been a long time coming. And from all accounts, Dan Rooney will still be around in any future ownership regime. So it's probably not as apocalyptic as some are painting it out to be (unless NYC hedge fund capitalist pigs aren't your cup of tea). Link to comment Share on other sites More sharing options...
Mac the Knife Posted July 9, 2008 Author Share Posted July 9, 2008 Rush Limbaugh was talking about this and said he wanted to buy them(1) He doesn't have the jack, not even with his new contract.(2) If he did manage to buy them, interest in the team nationwide would deteriorate. Rapidly. He could always sign Donovan McNabb though. LOL Link to comment Share on other sites More sharing options...
quantum Posted July 9, 2008 Share Posted July 9, 2008 Rush Limbaugh was talking about this and said he wanted to buy them(1) He doesn't have the jack, not even with his new contract.(2) If he did manage to buy them, interest in the team nationwide would deteriorate. Rapidly. He could always sign Donovan McNabb though. LOLI highly doubt the league would approve the sale, especially in light of his time with ESPN. "One of my concerns is shysters show up and take advantage of people's good will and generosity". Link to comment Share on other sites More sharing options...
Luigi74 Posted July 10, 2008 Share Posted July 10, 2008 Reports out of Pittsburgh are saying that the Rooney family is in serious negotiations to sell its majority stake in the Steelers to a billionaire hedge fund manager with ties to the area.Truly sad. And also unnecessary. The Rooney family collectively owns 80% of the team, with each of the five brothers holding 16% each. They could easily conduct a Green Bay Packer-like IPO, offering 25% of the team, selling shares at $250, even $500 a pop - raising more than enough money to "buy out" the four brothers who appear to want out, all the while allowing Dan Rooney to maintain control of the club with 55%. It's allowable under the NFL Constitution and Bylaws, and I'm surprised they haven't at least considered that possibility: Steeler fans would go absolutely berserk over the idea that they could own part of the black n' gold.They could do that but the 4 other Rooney Brothers(along with their kids and grandkids) are going to take the highest offer and this hedge fund guy will top any deal Dan Rooney can come up with. Link to comment Share on other sites More sharing options...
ZapRowsdower8 Posted July 10, 2008 Share Posted July 10, 2008 It could be worse. According to the Post Gazette this "hedge fund guy" flies from New York for every home game and even paints his face.http://postgazette.com/pg/08191/895721-66.stm Link to comment Share on other sites More sharing options...
Sport Posted July 10, 2008 Share Posted July 10, 2008 Hopefully they're sold to some incompetent Daniel Snyder like jackass.signed,Bengals fan. Link to comment Share on other sites More sharing options...
chuckymack Posted July 10, 2008 Share Posted July 10, 2008 Hopefully they're sold to some incompetent Daniel Snyder like jackass.signed,Bengals fan.Seconded by another Bengals fan. Sigs are for sissies. Link to comment Share on other sites More sharing options...
Mac the Knife Posted July 10, 2008 Author Share Posted July 10, 2008 They could do that but the 4 other Rooney Brothers(along with their kids and grandkids) are going to take the highest offer and this hedge fund guy will top any deal Dan Rooney can come up with.I don't necessarily think so. They are after all part of the same family. They may or may not get along with each other, but they're all not going to piss all over their father's legacy just for a buck. Link to comment Share on other sites More sharing options...
leopard88 Posted July 10, 2008 Share Posted July 10, 2008 Hopefully they're sold to some incompetent Daniel Snyder like jackass.signed,Bengals fan.Seconded by another Bengals fan.Thirded (?) by a Ravens fan. Most Liked Content of the Day -- February 15, 2017, August 21, 2017, August 22, 2017 ///// Proud Winner of the CCSLC Post of the Day Award -- April 8, 2008 Originator of the Upside Down Sarcasm Smilie -- November 1, 2005 Link to comment Share on other sites More sharing options...
DEAD! Posted July 10, 2008 Share Posted July 10, 2008 Hopefully they're sold to some incompetent Daniel Snyder like jackass.signed,Bengals fan.Seconded by another Bengals fan.I guess it takes fans that know incompetence to hope for incompetence from a division rival? I saw, I came, I left. Link to comment Share on other sites More sharing options...
Luigi74 Posted July 10, 2008 Share Posted July 10, 2008 They could do that but the 4 other Rooney Brothers(along with their kids and grandkids) are going to take the highest offer and this hedge fund guy will top any deal Dan Rooney can come up with.I don't necessarily think so. They are after all part of the same family. They may or may not get along with each other, but they're all not going to piss all over their father's legacy just for a buck.From what I have heard some of them would. Most family run businesses don't make it to the third generation due to family infighting, the Rooney Brothers are all pretty old and have a bunch of kids and grandkids looking for a payday, their shares are going to the highest bidder. Link to comment Share on other sites More sharing options...
Gothamite Posted July 10, 2008 Share Posted July 10, 2008 Interesting - we're seeing a similar situation in St. Louis, where Georgia's two kids (well, one step) are considering getting out of the family business. The Green Bay Packers Uniform Database! Now in a handy blog. Link to comment Share on other sites More sharing options...
chuckymack Posted July 10, 2008 Share Posted July 10, 2008 Hopefully they're sold to some incompetent Daniel Snyder like jackass.signed,Bengals fan.Seconded by another Bengals fan.I guess it takes fans that know incompetence to hope for incompetence from a division rival? Damn straight. I hereby cast my vote for Mike Brown as Steelers' GM. Sigs are for sissies. Link to comment Share on other sites More sharing options...
Mac the Knife Posted July 10, 2008 Author Share Posted July 10, 2008 Most family run businesses don't make it to the third generation due to family infighting, the Rooney Brothers are all pretty old and have a bunch of kids and grandkids looking for a payday, their shares are going to the highest bidder.True perhaps, but the old farts are still the ones who hold the shares. They were raised differently from generations 3 and 4 (some of whom - the latter generations, that is - I actually know, thanks to living in a dorm with one of them in college). There's also an Irish factor to be had: you may have scraps within the family that resemble Jerry Springer episodes, but when anything from outside imperils something, you band together. Link to comment Share on other sites More sharing options...
rams80 Posted July 10, 2008 Share Posted July 10, 2008 Interesting - we're seeing a similar situation in St. Louis, where Georgia's two kids (well, one step) are considering getting out of the family business.The sooner the better on that front. On 8/1/2010 at 4:01 PM, winters in buffalo said: You manage to balance agitation with just enough salient points to keep things interesting. Kind of a low-rent DG_Now. On 1/2/2011 at 9:07 PM, Sodboy13 said: Today, we are all otaku. "The city of Peoria was once the site of the largest distillery in the world and later became the site for mass production of penicillin. So it is safe to assume that present-day Peorians are descended from syphilitic boozehounds."-Stephen Colbert POTD: February 15, 2010, June 20, 2010 The Glorious Bloom State Penguins (NCFAF) 2014: 2-9, 2015: 7-5 (L Pineapple Bowl), 2016: 1-0 (NCFAB) 2014-15: 10-8, 2015-16: 14-5 (SMC Champs, L 1st Round February Frenzy) Link to comment Share on other sites More sharing options...
ElwoodCuse Posted July 12, 2008 Share Posted July 12, 2008 Pittsburgh seems to think more highly of the Rooney/Steelers connection than the Rooneys themselves. The issue is their gambling enterprises, no? If they cared about the Steelers so much, why don't they sell off their gambling interests? Link to comment Share on other sites More sharing options...
dfwabel Posted July 12, 2008 Share Posted July 12, 2008 It could be worse. According to the Post Gazette this "hedge fund guy" flies from New York for every home game and even paints his face.http://postgazette.com/pg/08191/895721-66.stmMr. Hedge Fund, Ton Hicks owns Texas Rangers, Dallas Stars and half of Liverpool FC, so those types have money. Only the NHL for Hicks has a salary cap, but it appears that while Liverpool is a player, Hicks wont push the button on transfers, as he has done with the Rangers for the most part since the rid the team of Juan and Ivan. At lest this potential buyer is a fan. Would you rather have who? The fact that the family is fighting means that there should be some kid who is pissed about his/her share Hedge fund no longer means that these guys millions of liquid cash. I dont know tht the team was spread out as it is within the Rooney family. I just thought that Dan received the team as his inherirane dodn't you?? Link to comment Share on other sites More sharing options...
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