Local News

Why Now For Steelers Sale?

PITTSBURGH (KDKA) ― News that at least part of the Pittsburgh Steelers franchise is up for sale caught many fans by surprise.

The reason is the NFL's tougher stance against gambling.

But why is this happening now and what does this mean for the future of the Steelers?

KDKA Investigator Andy Sheehan reports the NFL is taking a hard line against gambling in all of its forms from gambling among players to an ownership group with gaming interests.

It's all part of a hard line approach new NFL Commissioner Roger Goodell is taking in the league to keep football a pure, family entertainment.

That means Goodell and the league are taking a firm stance with the Rooneys.

For decades, the Rooney family has had the best of two worlds: ownership of both a storied football franchise as well as ownership of two racetracks including Yonkers Raceway in New York.

But two years ago, Yonkers became a racino with slot machines -- turning the struggling harness track into a very high-profile gambling destination for New York City.

Soon after, Goodell became NFL Commissioner and took a hard line stand ordering the Rooney family to divest.

There are five Rooney brothers each with a 16 percent interest stake in the Steelers.

Sources confirm that Dan Rooney will be selling his interest in the racetracks to his four brothers and his four brothers in turn will be selling the majority of their interest in the team to Dan.

This way, the Steelers will be free and clear of gambling and Dan Rooney will be in compliance with another NFL rule which requires at least one owner to have more than at 30 percent interest in a team.

But the devil is in the details.

The values have exploded.

Sources confirm that some of the brothers were unhappy with an original buyout offer made by Dan Rooney.

They hired Goldman Sacks in New York to make another evaluation of the team.

Goldman estimated the team's worth at a higher level, in the billion dollar range, and so inter-family negotiations continue.

Sources say those talks are amicable and that the Rooneys would like to keep the team in the family but each of the Rooney brothers is now in their 70s and want the best deal for themselves and their estates -- their children and their grandchildren.

At any price, Dan Rooney will most likely take on new partners to buy out his brother's shares.

Published reports say that he has reached out to Stanley Druckenmiller, the billionaire owner of Pittsburgh Duquesne Capital Management, to become a partner.

Druckenmiller would keep Dan Rooney and his son Art II as the majority owners of the team along with the McGinley family, which holds 20 percent.

Goodell has assigned former NFL commissioner Paul Tagliabue to oversee the divestment and potential sale.

It's all part of Goodell's policy of keeping the league a family entertainment.

It's all also part of a bigger push including tougher policing of rowdy fans throughout the league to make the games safer and more enjoyable for family.

As it applies to the Rooneys, those longstanding gaming interests have to go.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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