Monday, 30 March 2015
Last updated 2 days ago
Sep 25 2009 | 12:06pm ET
Last year, the family that has controlled the Pittsburgh Steelers football team since its inception balked at handing the reins over to hedge fund billionaire Stanley Druckenmiller. For his part, Druckenmiller, the head of Duquense Capital Management, said he wasn’t interested in being a minority owner of the Super Bowl champions.
That, apparently, wasn’t a problem for another hedge fund manager with ties to the Steel City. David Tepper, a Pittsburgh native and founder of Appaloosa Management, is officially a minority owner of the team, after the team’s ownership restructuring was finalized yesterday. He and three others joined team President Art Rooney II and chairman emeritus Daniel Rooney in buying up the shares owned by several other members of the Rooney family and their relatives, the McGinleys.
Unlike Druckenmiller’s proposal, the new deal leaves the Rooney’s firmly in charge, giving them the minimum 30% stake in the team to remain principal owners.
“I am very happy for the family,” Druckenmiller, a Steelers season ticket holder, told the Pittsburgh Tribune-Review. “When they came to me a year-and-a-half ago, it is hard to describe the anxiety the brothers were having to endure given the difficult situation. The fact that they have been able to pull together resulting in an outcome that is satisfactory to all parties is a tremendous achievement and a testament to the strength of the family.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…