Steelers Seek New Hedge Fund Suitor

Dec 9 2008 | 2:00am ET

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.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR