Dan Rooney gets leverage in talks with brothers
Four of the Rooney brothers are looking to sell their share of the Pittsburgh Steelers, due to them owning businesses with gambling. Now, the story has took a 180 degree turn in favor of Dan Rooney.
According to the Pittsburgh Post-Gazette, Allegheny County Controller Mark Patrick Flaherty has accounced that the county will seek reimbursement of $281 million in construction costs, they incurred for building Heinz Feild, if ownership changes outside of the Rooney or McGinely family.
There are two ways that the Rooneys can avoid paying the money. First, they can sell their stock to their brother Dan. Or, new ownership could agree to the Steelers remaining in Pittsburgh for the next 75 years.
What it means is that the the value of the stock, to the Rooneys, is going to be no more than $108 million, after paying their share of the $281 million back to Allegheny County.
In the end it means that they can get more pocket money for their share in the Steelers from their brother Dan, than they can get from New York investor Stanley Druckenmiller. Unless, Druckenmiller pays way beyond what is the actual value of the team, or agree to the 75 years, yeah right like that is going to happen.