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Sep 18, 2008 10:58 pm US/Eastern

Druckenmiller Withdraws Offer To Rooney Brothers

PITTSBURGH (AP) ― A billionaire businessman is withdrawing his offer to buy a majority stake of the Pittsburgh Steelers.

Stanley Druckenmiller issued a statement Thursday night saying it has become clear to him that the Rooney family, which owns the Steelers, needs more time to consider its options about the future ownership of the team.

The Rooney family approached Druckenmiller seven months ago about buying their shares to help resolve estate planning and NFL ownership matters.

At least three of the five Rooney brothers, sons of team founder Art Rooney Sr., want to sell their equal shares.

The NFL also wants one owner to control at least 30 percent of the team.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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