From the ArcaMax Publishing, Sports Update Newsletter:
http://www.arcamax.com/news/sports/s-375158-685994
PITTSBURGH (UPI) -- Members of the Rooney family are reportedly trying
to sell their shares in the Pittsburgh Steelers either to relatives or
outsiders.
The team is technically in violation of National Football League rules
that bar owners from having interests in gambling, the Pittsburgh Post
Gazette reported. Three of the Rooneys are involved in the management
of the Yonkers Raceway in New York, which recently added video slot
machines.
The investment banker Goldman Sachs & Co. determined that the team is
worth between $800 million and $1.2 billion, the Wall Street Journal
reported. The newspaper said it had seen confidential documents
labeled "Project Newcastle" and that the Goldman Sachs evaluation was
done because some of Dan Rooney's brothers thought that his assessment
undervalued the team.
Dan Rooney is now the team's chairman, while his son, Art Rooney II,
is president.
Art Rooney Sr. bought the team in 1937 with money he won at the track.
His sons and grandchildren now own 80 percent of the team with the
McGinley family owning the other 20 percent.
Sources told the Post-Gazette that three of the brothers would like to
sell their shares to Dan Rooney or to an outside investor. Stanley
Druckenmiller, chairman of Duquesne Capital Management is reported to
be interested.