The Rooney Family is #1

Sure it has been awhile since we have posted anything; but really whose fault is that? After all, if the National Football League would just play year-round we would have no problem finding something to read about much less write about.

In any event, our good friends at Sports Illustrated have identified both best, and worst, owners in the four major professional sports. Naturally our attention is focused almost entirely on the National Football League; and we are happy to report that the Rooney Family, fresh off its sixth Super Bowl championship, came in a at #1.

Also of interest is the fact that three of the four teams in the AFC North are represented in the rankings, with Baltimore owner Steve Bisciotti coming at #5 amongst the best owners and Mike Brown, the Cincinnati owner, coming in at #4 amonst the worst.

Art Rooney Speaks

Describing it as a "sad situation," Art Rooney Jr. sat down for an interview on KDKA television Wednesday to discuss both the possible changes in the ownership of the Pittsburgh Steelers and his book Ruanaidh.

For those who were not able to see it on television here's a link to the video at KDKA.com.

Steelers Ownership: Everyone Cares

Update: The commentary is now available, in its entirety, online.

Original Posting

As mentioned frequently, Pro Football Weekly is one of our favorite publications and one that we depend upon quite heavily for the few intelligent comments that we make. So it was with great interest that we read the commentary from publisher and editor Hub Arkush in the August issue.

[While a subscription is, for now, required to read the column in its entirety PFW has a tradition of eventually making a great deal of their content available on the open web, so we'll post a link once it becomes available.]

Mr. Arkush offers one of the most digestible explanations of exactly what is going on and why the situation is so complicated, and goes on to explain ~ to Steelers fans and non-Steelers fans alike ~ just why everyone should care. Here is what we consider to be the heart of the column:

"And now to the part of this saga that disturbs me the most . . . [a]s the National Football League approached by far the greatest challenge it has faced in its long a storied history -- the need to put a new Collective Bargaining Agreement in place prior to allowing 2010 to become an 'uncapped season' -- there is no single NFL owner more accomplished or respected on league issues, and in particular on labor issues . . . than Dan Rooney."

News on the ownership front has been quiet following the hysteria that associated the initial announcement that the Rooney family was seeking an outside investor, but as Mr. Arkush advises, "[k]eep an eye on this story folks, because not only do Steelers fans desperately hope Dan Rooney will maintain ownership off their favorite club, the rest of us NFL fans need him even more."

The Steelers for Sale: Why Now?

The Wall Street Journal believes that the uncertainty surrounding the ownership of the Pittsburgh Steelers has arisen now "thanks in part to a sacking from the realities of estate and capital gains taxes."

The WSJ opinion piece represents an opportunity for the conservative publication to launch a broadside at the presumptive Democratic nominee for president, Barack Obama, but without any other explanation being publicly offered it's difficult to refute.

He's Nobody's Fool

The Pittsburgh Post-Gazette is reporting that Duquesne Capital Management founder Stanley Druckenmiller has his limits:

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.

Far be it for us to tell a group of millionaires (i.e. the Rooneys) how to treat a billionaire they are recruiting to bail them out, and this is not the first place you will have read this, but the Pittsburgh Steelers are more than a football team ~ it is a public institution and the Rooneys have always managed it as such. While ensuring that the family receives a fair price for the 84% of the team that is, apparently, for sale is smart business playing competing billionaires off one another in an effort to grovel for every possible penny would be . . . unbecoming. Additionally, this team, this institution shouldn't simply be open to the highest bidder.

In Chicago and Los Angeles residents are witnessing what happens when someone of limited creativity and vision, but with a great deal of money and/or creative financing, gains control of respected local institutions. The franchise celebrated its 75th anniversary last season, and the Rooney family owes it to the city of Pittsburgh and the legion of Steelers' fans to ensure that the greatness of this franchise endures for another 75 years ~ if not more.

A New Face

Despite all the breathless media reports that the Steelers are for sale, it seems much more likely (as reported in the Pittsburgh Post-Gazette) that the Rooney family may look for someone willing to invest in the team without actually being desirous of taking over its operation. And Stanley Druckenmiller, founder of Duquesne Capital Management, appears to have been approached by the Rooney family. Who is Stanley Druckenmiller? Here's a look at a few pertinent facts:

• He's Wealthy: Forbes Magazine ranks him at #91 amongst America's wealthiest 400 people, with an estimated net worth of $3,500,000,000.


• He's a philanthropist of the first order: According to Philanthropy.com in 2006 Mr. Druckenmiller gave $25,000,000 to the Harlem Children's Zone, a "non-profit, community-based organization that works to enhance the quality of life for children and families in some of New York City's most devastated neighborhoods." Additionally he provided $14,000,000 in funding (see press release) for the Stanley F. Druckenmiller Hall on the campus of Bowdoin College, his alma mater -- the total cost for construction of that facility was $16,400,000. Most impressive, at least from a raw dollars perspective, was the gift of $45,000,000 he and his wife, Fiona, gave to the N.Y.U. Medical Center (reported in the New York Times, April 8, 2008).
  


• He's a Republican, sort of: It doesn't appear that Dan Rooney's support for Barack Obama would be much of an impediment for the motivated investor -- according to records at Campaignmoney.com Mr. Druckenmiller gave $2,300 to the campaign of Mitt Romeny, the Huffington Post reports that he donated $4,600 to John McCain's campaign (while others with Duquesne Capital have donated to Democratic candidates), however he also gave $28,500 to the Democratic Senatorial Campaign Committee. In previous election cycles he has donated to both Republican and Democratic candidates. Additionally, according to a report by Hedgefundintelligence.com Mr. Druckenmiller provided financial support for Michael Bloomberg's presidential exploration committee (subscription required).

Despite being one of the wealthiest and generous individuals in the United States, "[t]hose who know him -- friends, in-laws and people in the money-management business -- say he prefers staying out of the limelight" (New York Times, April 18, 19093). If it should come to pass that Mr. Druckenmiller becomes part of the ownership group of the Pittsburgh Steelers the limelight is certain to find him.

A Perfect Day to Begin Posting Again

According to the Wall Street Journal the Steelers' ownership situation is a bit more in flux than the team's statement would lead one to believe.

According to the WSJ report "[t]he storied Pittsburgh Steelers football franchise has been secretly shopped to potential buyers amid continuing divisions among the five sons of the team's founder, Art Rooney Sr."

Well that certainly changed things for us -- we just assumed that the "divisions" were amongst Art Sr.'s grandchildren, not his children. God bless them all for being energetic enough, despite their advanced years, for wanting to try something different -- but woe betide the member of this iconic family who screws things up for the team and its fans.