Druckenmiller Withdraws

Billionaire businessman Stanley Druckenmiller “withdrew his offer to buy a majority stake of the Pittsburgh Steelers on Thursday, saying the Rooney family needs more time to consider its options about the future ownership of the team”. According to Yahoo!, Druckenmiller “issued a statement Thursday night saying he ‘removed himself from the process’ and that it is clear that the Rooney family, which owns the Steelers, needs more time to consider its options”. Read more here.

The Pittsburgh Post Gazette is reporting that “Art Jr. and three of his brothers, Tim, Pat and John, have a conference call scheduled late [Thursday] afternoon to discuss the two offers for their shares in the franchise, which combined total 64 percent. They have one offer from their brother Dan and his son Art II and another from billionaire Stanley Druckenmiller”.

So… if Druckenmiller has withdrawn his offer, does that mean that the Rooney brothers are going to sell out to Dan and Art II? Let’s hope so – although The PG is also reporting that the brothers might accept neither offer and seek other, higher bids at a later time… however, Art Jr. reportedly said that “I don’t see [a sale] immediately. I, Art Rooney Jr., don’t see that right now. We only have two people involved in this. We didn’t want to make a circus about it.”

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