By PFW staff
July 10, 2008

The Pittsburgh Post-Gazette reported Thursday that Steelers chairman Dan Rooney and his son, Art Rooney II, are working to round up investors to buy parts or all of the ownership shares held by Dan Rooney's four brothers: Art Jr., Timothy, John and Patrick.

The paper reports that billionare Stanley Druckenmiller, chairman of Pittsburgh-based Duquesne Capital Management, is one of the potential investors contacted by Dan Rooney and his son, who have retained Morgan Stanley and PNC Bank to help them in the process.

Art Rooney Jr., Timothy, John and Patrick Rooney announced Wednesday that they have retained Goldman Sachs as their financial advisor.

The Steelers are working to get into compliance with NFL ownership policies that require a majority owner to have a controlling interest of at least 30 percent of a club as well as an NFL rule that forbids owners from having stakes in gambling businesses. The Rooneys own gaming interests in New York and Florida.

Also on Thursday, the Wall Street Journal reported that any sale of a stake in the Steelers could be complicated by the fact the team never registered as an S-corporation, which opens the Rooneys to potentially being taxed both on capital gains and for income on the sale.