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Gerry Dulac of the Pittsburgh Post-Gazette is reporting that a member or representative of the Rooney family has contacted billionaire hedge fund manager Stanley Druckenmiller about buying shares in the Steelers.
Citing an unnamed source, Dulac reports that Druckenmiller is only interested in providing investment capital to the Rooney family and would let Dan Rooney run the team “as long as he wants.”
However, the source also said it has been Druckenmiller’s “lifelong dream” to be one of the Steelers’ owners. Given that, it’s hard not to think that if Druckenmiller were to make his dream come true and purchase a large portion of the Steelers, he would eventually want to do more than sit in the luxury box on Sundays and watch a team that someone else was running.
The 54-year-old Druckenmiller is chairman of Pittsburgh’s Duquesne Capital Management. He was listed at No. 91 on the most recent Forbes 400, with a net worth of $3.5 billion.
July 8th, 2008 at 4:20 pm
Leave all Druckenmillers out of football. Ain’t that right, 49er fan?
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Rating: 5 / 5 with 4 rating(s)
July 8th, 2008 at 4:25 pm
as long as it is not the Nutting’s that are intrested in buying in. How about Mark Cuban he wanted in on the pens and the pirates. why not go for da stillers
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Rating: 1 / 5 with 1 rating(s)
July 8th, 2008 at 4:35 pm
It’s hard to argue with a guy that’s local to Pittsburgh worth 43.5 billion.
How can you dispute that? Local. Deep Pockets. Wow…
Go Steelers! Hahahaaha
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July 8th, 2008 at 4:41 pm
These stories came out of nowhere and frankly I am shocked. It appears it can only be a matter of time . . .
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July 8th, 2008 at 4:45 pm
Steelers suck ne way.
Maybe if they got rid of Big Ben they would do something, until then…expect the Defense to carry the team.
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Rating: 3 / 5 with 6 rating(s)
July 8th, 2008 at 4:59 pm
Jim Druckenmiller can supplant Charlie Batch!!
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July 8th, 2008 at 5:18 pm
He didn’t make his billions in the steel industry. That is for sure.
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July 8th, 2008 at 5:19 pm
Cuban can’t buy the Steelers without selling the Mavericks or getting a waiver from the NFL (doubtful). Their bylaws don’t allow an owner to own two different sports franchises in two different cities if both cities have NFL teams.
Paul Allen can own the Seattle Seahawks and Portland Blazers because Portland doesn’t have an NFL team so there is no conflict.
I doubt Druckenmiller only wants to “provide capital” without at least having it in writing that he can have an option to buy the team outright when Dan Rooney passes away. And if he buys a majority stake, I think he automatically becomes the managing partner in the NFL’s eyes whether he wants to be or not (though, Dan Rooney already has a waiver for that anyway).
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Rating: 5 / 5 with 2 rating(s)
July 8th, 2008 at 6:03 pm
i hope this guy isn’t another egomaniacal “jethro” jones type or “put the camera on ME” cuban clone.
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Rating: 2.35 / 5 with 3 rating(s)
July 8th, 2008 at 6:41 pm
Hmmmmm
It had to come sometime. Read what the papers report CAREFULLY!
The Rooneys are not likely to give it all up at this point. They are not losing money, but the BIG $$$ are in their other enterprises.
Sooooo, if someone wants to dump a few million into a percentage of the team, they would be foolish not to allow it. The last thing we need to see from all of this is the Rooneys squabbling among themselves.
Things will work out and the Rooneys will still be in control, at least for a few more years.
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July 8th, 2008 at 6:53 pm
I wonder how much the Grbac family will bid on the steelers?
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July 8th, 2008 at 7:05 pm
Is he related to ex-QB Jim?
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July 8th, 2008 at 8:09 pm
I happen to know Stan Druckenmiller. He is a very charitable guy and likely would be fine providing capital (which he has plenty of) and not interferring with the Steelers. He has funded a lot of non-profits in Pittsburgh, New York and Maine and he has a reputation for being generous, hands off and actually pretty normal for a billionaire.
He used to work with George Soros, the currency trader who almost sunk the Bank of England and all of Southeast Asia. Soros has given billions to charity, probably to ease his guilty conscience.
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Rating: 3 / 5 with 2 rating(s)
July 8th, 2008 at 9:03 pm
I thought that the statement he made saying he would “let the Rooneys run things as long as they want to” was very cool as well.
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Rating: 3 / 5 with 2 rating(s)
July 8th, 2008 at 11:05 pm
L.A. Steelers…… kinda has a nice ring to it, lol.
It’s just a matter of time, Burgh turds. Once the Rooney’s sell the team and controlling interest somebody with no ties to the Burgh will buy the team and move it to a larger media market.
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Rating: 2.35 / 5 with 3 rating(s)
July 9th, 2008 at 6:34 am
The Jets are in a ‘larger media market’. How’s that working out? Detroit? Los Angeles? Non Factor.
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July 9th, 2008 at 7:00 am
“I happen to know Stan Druckenmiller. He is a very charitable guy” probably to ease his guilty conscience.” I’m sure Stanley never stepped on any toes neither too!
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July 9th, 2008 at 11:30 am
Ha ha, this comment thread wins the “most morons posting” hands down.
Let’s see, uh, “fartfacekilla” (classy name!) all the Steelers have done with Big Ben is win the Super Bowl. Gosh, that certainly doesn’t qualify as “doing something” now does it?
As for TRomo (named after the QB who’ll never win a playoff game), sorry Druckenmiller’s a Pittsburgh boy through and through, and has a LOT more cash than Jerry Jones. You fools have no idea what a power surge this is going to be for the Steelers. Btw, “L.A. Cowboys” is a lot more of a possibility for the future.
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July 9th, 2008 at 3:06 pm
Ha ha, it’s hilarious how you geniuses so don’t get what’s going on here. It’s OVER for all you Steeler haters. You shouldn’t be laughing, you should be out shopping for razor blades to slit your wrists.
Wait til Mr. Big Bucks takes over and the Steelers go from cheapest owner to biggest spender. And believe me, Druckenmiller has more cash than the rest of the NFL owners combined. How ironic the “small media market” will become the Yankees of the NFL, especially when that salary cap goes out of style in a couple years.
I can’t wait to hear all the whining that “Pittsburgh’s bought another championship waah waah!” While they put Tom Brady, Adrian Peterson, Moss, Merriman and anybody else they feel like buying!
And remember, geniuses, Druck’s a local boy, you think it was some accident Rooney went to him? Ha ha — look for the L.A. Cowboys maybe, but the Steelers just guaranteed themselves a dynastic place in Pittsburgh for the next 50 years! Have fun watching the domination boys.
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July 9th, 2008 at 4:28 pm
Fade 2 Black says:
July 8th, 2008 at 4:35 pm
It’s hard to argue with a guy that’s local to Pittsburgh worth 43.5 billion.
How can you dispute that? Local. Deep Pockets. Wow…
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TRomo is a drooling idiot says:
July 9th, 2008 at 3:06 pm
Wait til Mr. Big Bucks takes over and the Steelers go from cheapest owner to biggest spender. And believe me, Druckenmiller has more cash than the rest of the NFL owners combined. How ironic the “small media market” will become the Yankees of the NFL, especially when that salary cap goes out of style in a couple years.
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For you guys that think he’s a slam dunk to make the Steelers unbeatable, both of you should ask Skins fans how local boy Danny “Pretzel Boy” Snyder has worked out so far. Checkmate!
Besides, I think those “cheap” Rooneys have done ok running the club. (note the sarcasm)
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July 10th, 2008 at 2:38 am
T Romo says:
July 8th, 2008 at 11:05 pm
“L.A. Steelers…… kinda has a nice ring to it, lol.”
“It’s just a matter of time, Burgh turds. Once the Rooney’s sell the team and controlling interest somebody with no ties to the Burgh will buy the team and move it to a larger media market. ”
http://www.tvjobs.com/cgi-bin/markets/market2.cgi
According to Nielsen Media Research, the Pittsburgh DMA (Designated Market Area) ranks 22nd in the United States. There are exactly three DMAs larger than Pittsburgh that do not have an NFL team. They are:
2. Los Angeles, CA
19. Orlando, FL
20. Sacramento, CA
NOTE: The Orlando DMA also includes Daytona Beach and Melbourne. The Sacramento DMA also includes Stockton and Modesto.
There are 11 DMAs smaller than Pittsburgh that have an NFL team. They are:
24. Baltimore, MD
25. Charlotte, NC
26. Indianapolis, IN
27. San Diego, CA
30. Nashville, TN
31. Kansas City, MO
33. Cincinnati, OH
49. Jacksonville, FL
50. Buffalo, NY
53. New Orleans, LA
70. Green Bay, WI
There are several other NFL-deprived DMAs that most people probably believe are bigger than the Pittsburgh DMA, even though they’re not. They include, but are not limited to:
23. Portland, OR
37. San Antonio, TX
43. Las Vegas, NV
45. Oklahoma City, OK
In summary, if you want the Steelers to move to a larger TV market, you have only three options:
1. Move the team to Los Angeles (more on this in a moment).
2. Piss off the Tampa Bay Buccaneers and Jacksonville Jaguars by moving to Orlando.
3. Piss off the Oakland Raiders and San Francisco 49ers by trying to move to Sacramento.
In summary, if you’re looking for a DMA larger than Pittsburgh that isn’t already heavily-influenced by a nearby team, then Los Angeles is really your only bet.
Anyway, there are a few other things that are sure to interfere with your wet dream of the Steelers leaving Pittsburgh. First of all, in order for a team to be relocated, it must post several consecutive years of losses before the NFL will let a team owner even consider relocation. The chances of the Steelers going into the red anytime soon are virtually zero, especially since ultra-modern Heinz Field opened in 2001, and the Steelers no longer have to split stadium revenue with the Pirates. (Not that the Steelers were in the red even when they had to.)
Furthermore, there’s a business concept known as “brand equity.” That basically means that a product’s name alone is worth something, and the more proven and reliable the product behind the name, the more the name is worth. The name “Pittsburgh Steelers” is worth a lot of money, thanks in no small part to their winning tradition over the last 35 years. Make no mistake: it’s not just “Steelers” that holds value; it’s “PITTSBURGH Steelers.” A name like “Los Angeles Steelers,” “Orlando Steelers” or “Sacramento Steelers” has zero brand equity. It’s tantamount to Toyota Motor Company renaming its Toyota brand and expecting people to keep buying Camrys and Corollas at the same pace. People want a “TOYOTA Camry,” not a “Kamikaze Camry” or a “Yamaguchi Camry.” Face it; if the size of a team’s DMA mattered more than its brand equity, then the Green Bay Packers would be worthless, and probably would’ve been relocated a long time ago. Instead, they’re one of the three flagship NFL franchises, along with the Steelers and the Dallas Cowboys.
Another reason the Steelers have the brand equity they do is because of fan support. The Steelers’ fan base is of a magnitude rivaled only by the Cowboys and Packers. We’re talking teams with nationwide fan armies. They don’t just show up at road games; they crowd the home crowd out too. All three of ‘em. The NFL knows that there’s lots of money to be made in those three fan bases, and anything that jeopardizes those revenue streams jeopardizes the health of the entire league. An NFL without the PITTSBURGH Steelers is severely weakened, just like it would be without the Dallas Cowboys or Green Bay Packers. If the Steelers were to relocate, almost all of their nationwide fan army would be gone in a flash, and so would their money. (POP QUIZ: According to Huellars, which NFL team leads all others in merchandise sales since 2000?) Hoping for the Steelers to move out of Pittsburgh is like hoping for the NFL to commit suicide.
Oh yeah, I forgot to mention that the Steelers are bound to their lease at Heinz Field until the end of the 2030 season, so that kinda gets in the way of any relocation plans, don’t'cha think? Not to mention that the Pittsburgh metropolitan area has been adding “real” wealth (per capita income minus regional consumer price index) at a rate much higher than the national average since 2000, according to the Fourth District Office of the United States Federal Reserve (http://www.clevelandfed.org/research/Trends/2008/0608/02regact-4.gif).
Basically, what it all boils down to is this: There is far, FAR more to lose by relocating the Pittsburgh Steelers than there is to gain. It simply is not worth it, and it has to do with much more than Nielsen Designated Market Areas. Anybody who says that it makes no economic sense for the Steelers to stay in Pittsburgh, has no economic sense themselves.
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July 10th, 2008 at 9:27 am
Bravo DBR96A, bravo.
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