Hedge Fund Manager In Talks To Buy Share Of Pittsburgh Steelers

Jul 11 2008 | 11:35am ET

New York hedge fund manager Stanley Druckenmiller has confirmed that he is in talks to buy a stake in the National Football League’s Pittsburgh Steelers.

Druckenmiller, the chairman of Duquesne Capital Management, said he is in talks with the Rooney family—which founded the Steelers in 1933—about its ownership structure. Several members of the Rooney family are reportedly interested in selling the shares they control.

But Druckenmiller, who moved to Pittsburgh after college and whose firm’s name comes from the 18th century French fort that once stood across the Allegheny River from the Steeler’s current home at Heinz Field, insists that “any resolution involving me will guarantee the team remains in Pittsburgh.”

During his time in Pittsburgh, Druckenmiller became a die-hard Steelers fans, reportedly rarely missing a home game and who is known to host parking-lot tailgate parties and occasionally paint his face in team colors. He founded Duquesne in Pittsburgh almost 30 years ago; the firm maintains an office in suburban Upper St. Clair, Pa.

“My primary objective is to do what is in the best interests of the Pittsburgh Steelers franchise, the fans, the city of Pittsburgh, the Rooney and McGinley families and the National Football League,” Druckenmiller said in a statement. “I am more than aware how uniquely important the Steelers are to the city of Pittsburgh.”

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