View topic - Steelers Shares

[SteelWolf62 Profile]

Could the Rooneys "somehow" sell Steelers shares to the fans? This would be a way of keeping the team in the 'burgh. Just wondering

[thesteelhammer Profile]

could they? Yes.
Would they? Not likely.

Each brother owns 20%.
The NFL has decided that someone in each team must own at least 30%.
So selling makes no sense for Dan. He has to buy, if he wants to control the team.
Selling for the other borthers makes most sense if they do it in bulk because they aren't just selling shares, together they are selling control of the team.
If each of the other three brother sold half their shares, the total amount of shares on the market would be 30%, or enough for someone to be "The Owner" the NFL is looking for.

[trenches Profile]

What did Dan and/or Art #2 do to Dan's brothers? There's at least a minor rift since they would not sell to Dan/Art #2 and would rather have ties to small time gambling than an NFL franchise. Profits *might* be better from gambling but I can't imagine they are THAT much better than from an NFL team (well, Vegas gambling could be much bigger of course).

I must be mistaken about regional gambling, though... does anyone have any info on this?

[GodfatherofSoul Profile]

What did Dan and/or Art #2 do to Dan's brothers? There's at least a minor rift since they would not sell to Dan/Art #2 and would rather have ties to small time gambling than an NFL franchise. Profits *might* be better from gambling but I can't imagine they are THAT much better than from an NFL team (well, Vegas gambling could be much bigger of course).

I must be mistaken about regional gambling, though... does anyone have any info on this?

Well, it's the choice between whatever they make a year against $150 million up front each. I see 3 options they have:

1. Sell their shares to Dan at a bottom-barrel rate. Positives: Steelers in the family and keep gambling assets. Negatives: lose out on fair market price for Steelers; least profitable option.
2. Sell their gambling assets and keep stake in Steelers. Positives: Steelers stay in family and take in lump sum on gambling assets. Negatives: lose gambling assets which could be costly in the long term, also become beholden to business decisions of controlling brother.
3. Sell out to third party. Positives: most profitable option and keep gambling assets. Negatives: family loses control and they'll likely blight the family name.

Without knowing how much profit the franchise makes against gambling assets, it's hard to know how lucrative their options are. I'm also assuming that the sticking point is the gambling assets and not simply hitting the 30% primary owner benchmark. IMO it's really stupid that the league rules doesn't provide allowances for intrafamily business affairs. They're basically dangling an eminent franchise sale of a family heirloom the way rules stand.

[Stillustronic Profile]

I think the gambling aspect is a Red Herring. Timothy has been a director in the USTA since 1972, the Rooneys were always involved in gambling track related businesses. There's a casino hall in the Florida Dog kennel track.

What the Steelers don't comply with is a principal owner owning 30%. That has been the case since Art Sr.s death. Why all of this comes to a head right now has to be entirely Goodell, who Dan so actively helped to get elected. Very strange stuff to me.

[trenches Profile]

Godfather and Tronic,

Good posts.

Tronic, the only thing I can add is that apparently the Rooney's have been trying to work through this for 2+ years which would not be indicative of just Goodell's doing. Maybe it was his influence though as he began his ascent.

Godfather, in addition to your comments, is it not also stupider that the NFL supports Vegas in a huge way by announcing injuries as they do? The current injury report structure only makes sense if they are doing it for Vegas' benefit. BUT...... we can't allow owners with any ties to gambling even though we are one of the biggest gambling points in the U.S. Gimme a break!!

[Stillustronic Profile]

In 1987, Goodell was appointed assistant to the president of the American Football Conference (Lamar Hunt), and under the tutelage of Commissioner Paul Tagliabue filled a variety of football and business operations roles, culminating with his appointment as the NFL's Executive Vice President and Chief Operating Officer in December 2001.

As the NFL's COO, Goodell took responsibility for the league's football operations and officiating, as well as supervised league business functions. He headed NFL Ventures, which oversees the league's business units, including media properties, marketing and sales, stadium development and strategic planning.

Goodell was heavily involved in the negotiation of the league's current collective bargaining agreement. He had worked extensively with Tagliabue since the latter became commissioner in 1989. He has played an extensive role in league expansion, realignment, and stadium development, including the launch of the NFL Network.

NFL commissioner
Goodell's selection as Commissioner following the retirement of Paul Tagliabue came as no surprise, but it was not a fait accompli. Tagliabue initiated a substantive, wide ranging search for his successor, appointing a committee headed by owners Jerry Richardson of the Carolina Panthers and Dan Rooney of the Pittsburgh Steelers.

Goodell was chosen on August 8, 2006, to succeed Paul Tagliabue and assumed office on September 1—the date Tagliabue set to leave office.

As much as we want to forget the 2006 season, it has in fact been 2 years Goodell has been Commissioner.