Wednesday, July 16, 2008

Druckenmiller wants 100 percent of Steelers

The Pittsburgh-Post Gazette is reporting the Stanley Druckenmiller, a Wall Street billionaire, wants 100 percent of the team or nothing. The newspaper reports: "According to a source who has intimate knowledge of the New York hedge fund manager's dealings with the Rooney brothers, Mr. Druckenmiller will not get caught up in a high-stakes bidding war to purchase the shares necessary to become majority owner if Goldman Sachs & Co., the Wall Street investment bank that is serving as financial adviser for the Rooney brothers, opens the process to public bid." Sounds like he is telling the brothers: Don't blow this.
ESPN's John Clayton says that with NFL ownership being too complicated, that maybe we have seen the end of family ownership -- i.e. the Rooneys. Clayton says: "The problem is that the NFL is becoming a victim of its own success and needs to restudy its ownership structure."

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