New York (HedgeCo.Net) Hedge fund billionaire Stanley Druckenmiller has pulled his bid for his beloved Pittsburgh Steelers that he originally placed over nine months ago. Rooney brothers Tim, John, Pat and Art Jr., had been wavering on their decision of whether or not to sell each of their 16 percent shares to the head of Duquesne Capital Management, only to have Druckenmiller walk away in the end.
Druckenmiller, a die-hard Steelers fan, had been trying for months to acquire a majority stake in the franchise. However, brother number five Dan was adamant on keeping the Steelers in the Rooney clan. Disagreements between parties and other complex issues stalled the process and kept Druckenmiller waiting.
“Based on recent developments, it has become clear that the Rooneys need substantial additional time to assess their options,” Druckenmiller said in a statement. “I do not wish to complicate these efforts, and I also do not want the lingering uncertainty about my possible involvement to become a distraction to my business and my family.”
NFL commission Roger Goodell has expressed that he wants at least one owner of the franchise to have a minimum 30 percent stake in the team. Dan, who also owns 16 percent, was originally trying to find an investor that would front him the cash needed to buy out his brothers, hence the original relationship with Stanley Druckenmiller. However, Druckenmiller wished for a majority stake in the company all to himself, and had proposed a cash offer estimated at $640 million.
Dan was also prompted to buy his brothers out when it was revealed that the Rooney family dabbles in gaming and casinos, an act that Goodell does not want franchise owners a part of. Patrick and John run the Palm Beach Kennel Club by the West Palm Beach, Florida airport while Tim operates Empire City located in Yonkers, New York.
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