Just months after hedge fund billionaire Stanley Druckenmiller abandoned his bid to buy the National Football League’s Pittsburgh Steelers, the team’s owner has approached another hedge fund honcho about taking a minority stake in the franchise.
David Tepper, the founder of New Jersey hedge fund Appaloosa Management, said he has been approached by representatives of Dan Rooney, the Steelers president and grandson of team founder Art Rooney, about becoming a minority partner in the team. Dan Rooney and his father have been attempting to cobble together a deal allowing them to keep control of the Steelers in the family. Each of the elder Art Rooney’s sons own 16% of the team, while their cousins the McGinleys own the remaining 20%.
“Yes,” Tepper, a Pittsburgh native, told the Pittsburgh Tribune-Review when asked if he had been approached by Rooney. “Is it really going through?”
In September, Duquense Capital Management chief Druckenmiller withdrew his bid to buy out the Rooney brothers and take control of the team. He had been approached by three of the Rooney brothers who wanted to unload their stake, but pulled out in the face of opposition by team president Art Rooney Jr., one of the five Rooney brothers.