Hail-To-The-Thief
07-12-2008, 04:06 PM
Posted on Thu, Jul. 10, 2008
Steelers, Jaguars, Rams may have new owners soon
By PAUL DOMOWITCH
pdomo@aol.com
The NFL never sleeps, but it usually rests its eyes in late June and
early July, before training camps open.
News traditionally is scarce as players lay low and coaches hang out the
"gone fishing" sign.
But there is some interesting action going on in NFL boardrooms right
now that could translate into new owners for two teams by the start of
the season in September.
In Pittsburgh, Wall Street financier Stanley Druckenmiller is
negotiating to buy majority interest in the Steelers, which have been
owned by the Rooney family for the last 75 years.
And in Jacksonville, Jaguars owner Wayne Weaver, who has been shopping
his team for a while now, appears to be getting closer to finding a
buyer, the Daily News has learned. According to several league sources,
Weaver is negotiating to sell the Jags to billionaire C. Dean Metropoulos.
Metropoulos, 61, is the former chairman and chief executive officer of
New Jersey-based Pinnacle Foods, which is the parent company of food
brands such as Duncan Hines, Armour, Vlasic and Mrs. Paul's. Metropoulos
sold Pinnacle last year for more than $2 billion.
Contacted yesterday by the Daily News, Metropoulos denied being involved
in any discussions to buy the Jaguars.
"I must tell you I haven't had any such discussions," he said. "I
wouldn't know how to give you any credibility to that because I don't
know anything about it."
Several credible league sources disputed that, though. They said the
discussions between Weaver and Metropoulos are being brokered by Sal
Galatioto of the New York sports investment firm Galatioto Sports
Partners. Galatioto has brokered the sale of several professional sports
franchises over the years, including the Washington Redskins and the
Phoenix Suns. Comcast's Ed Snider hired Galatioto a few years ago when
he was exploring the possibility of selling the 76ers.
Metropoulos previously has tried to buy two other NFL franchises - the
Oakland Raiders and the Miami Dolphins, sources said. He denied that as
well yesterday.
In February, Dolphins owner Wayne Huizenga sold 50 percent of his team
to real estate mogul Stephen M. Ross for $550 million. While Huizenga
remains the managing general partner for now, Ross has the option to buy
majority interest in the team any time in the next 4 years.
Unlike the Dolphins' sale, Metropoulos is interested in a 100 percent
purchase of the Jaguars immediately, though sources indicated he would
keep Weaver on for 2 years while he learns how to operate an NFL
franchise. The sources said he would bring in minority partners with
him, including one in the entertainment business.
If Metropoulos buys the Jags, it probably won't bode well for the city
of Jacksonville. The Jaguars, who entered the league as an expansion
franchise in 1995, have been one of the teams most often mentioned as a
candidate to eventually relocate to Los Angeles. They have struggled for
years to sell out their games at Jacksonville Municipal Stadium, and
Weaver recently laid off several members of his marketing staff to save
money.
Yet another team that could be sold in the near future is the St. Louis
Rams. Their longtime owner, Georgia Frontiere, died in January.
Frontiere's son, Chip Rosenbloom, and daughter, Lucia Rodriguez, have
inherited controlling interest in the team. Rosenbloom, a Los
Angeles-based filmmaker, has acknowledged that several groups have
approached him and his sister about buying the team. While he has said
he intends to keep the team in St. Louis, he has declined to say the
team is not for sale.
Rams minority owner Stan Kroenke - who owns 40 percent of the team,
which is valued at more than $900 million - has the right of first
refusal to buy the remaining 60 percent. But he already owns the NBA's
Denver Nuggets and the NHL's Colorado Avalanche. The NFL has a
cross-ownership rule that would prevent him from becoming majority owner
of the Rams.
The Steelers have been owned by the Rooney family since Art Rooney
bought the team in 1933 for $2,500. But a feud between the five Rooney
brothers has left the door open for Druckenmiller, 55, who is chairman
of Duquesne Capital Management and is known as the "Tiger Woods of Wall
Street." Druckenmiller lives in New York.
Steelers chairman Dan Rooney, 75, had announced previously that he and
his son, team president Art Rooney II, were attempting to buy out his
four brothers in an attempt to retain "substantial ownership of the
team." Each of the Rooney brothers owns a 16 percent stake in the team.
Another Pittsburgh family, the McGinleys, own 20 percent.
If the other four brothers sell their shares of the team to
Druckenmiller, he would become the Steelers' majority owner. *
Steelers, Jaguars, Rams may have new owners soon
By PAUL DOMOWITCH
pdomo@aol.com
The NFL never sleeps, but it usually rests its eyes in late June and
early July, before training camps open.
News traditionally is scarce as players lay low and coaches hang out the
"gone fishing" sign.
But there is some interesting action going on in NFL boardrooms right
now that could translate into new owners for two teams by the start of
the season in September.
In Pittsburgh, Wall Street financier Stanley Druckenmiller is
negotiating to buy majority interest in the Steelers, which have been
owned by the Rooney family for the last 75 years.
And in Jacksonville, Jaguars owner Wayne Weaver, who has been shopping
his team for a while now, appears to be getting closer to finding a
buyer, the Daily News has learned. According to several league sources,
Weaver is negotiating to sell the Jags to billionaire C. Dean Metropoulos.
Metropoulos, 61, is the former chairman and chief executive officer of
New Jersey-based Pinnacle Foods, which is the parent company of food
brands such as Duncan Hines, Armour, Vlasic and Mrs. Paul's. Metropoulos
sold Pinnacle last year for more than $2 billion.
Contacted yesterday by the Daily News, Metropoulos denied being involved
in any discussions to buy the Jaguars.
"I must tell you I haven't had any such discussions," he said. "I
wouldn't know how to give you any credibility to that because I don't
know anything about it."
Several credible league sources disputed that, though. They said the
discussions between Weaver and Metropoulos are being brokered by Sal
Galatioto of the New York sports investment firm Galatioto Sports
Partners. Galatioto has brokered the sale of several professional sports
franchises over the years, including the Washington Redskins and the
Phoenix Suns. Comcast's Ed Snider hired Galatioto a few years ago when
he was exploring the possibility of selling the 76ers.
Metropoulos previously has tried to buy two other NFL franchises - the
Oakland Raiders and the Miami Dolphins, sources said. He denied that as
well yesterday.
In February, Dolphins owner Wayne Huizenga sold 50 percent of his team
to real estate mogul Stephen M. Ross for $550 million. While Huizenga
remains the managing general partner for now, Ross has the option to buy
majority interest in the team any time in the next 4 years.
Unlike the Dolphins' sale, Metropoulos is interested in a 100 percent
purchase of the Jaguars immediately, though sources indicated he would
keep Weaver on for 2 years while he learns how to operate an NFL
franchise. The sources said he would bring in minority partners with
him, including one in the entertainment business.
If Metropoulos buys the Jags, it probably won't bode well for the city
of Jacksonville. The Jaguars, who entered the league as an expansion
franchise in 1995, have been one of the teams most often mentioned as a
candidate to eventually relocate to Los Angeles. They have struggled for
years to sell out their games at Jacksonville Municipal Stadium, and
Weaver recently laid off several members of his marketing staff to save
money.
Yet another team that could be sold in the near future is the St. Louis
Rams. Their longtime owner, Georgia Frontiere, died in January.
Frontiere's son, Chip Rosenbloom, and daughter, Lucia Rodriguez, have
inherited controlling interest in the team. Rosenbloom, a Los
Angeles-based filmmaker, has acknowledged that several groups have
approached him and his sister about buying the team. While he has said
he intends to keep the team in St. Louis, he has declined to say the
team is not for sale.
Rams minority owner Stan Kroenke - who owns 40 percent of the team,
which is valued at more than $900 million - has the right of first
refusal to buy the remaining 60 percent. But he already owns the NBA's
Denver Nuggets and the NHL's Colorado Avalanche. The NFL has a
cross-ownership rule that would prevent him from becoming majority owner
of the Rams.
The Steelers have been owned by the Rooney family since Art Rooney
bought the team in 1933 for $2,500. But a feud between the five Rooney
brothers has left the door open for Druckenmiller, 55, who is chairman
of Duquesne Capital Management and is known as the "Tiger Woods of Wall
Street." Druckenmiller lives in New York.
Steelers chairman Dan Rooney, 75, had announced previously that he and
his son, team president Art Rooney II, were attempting to buy out his
four brothers in an attempt to retain "substantial ownership of the
team." Each of the Rooney brothers owns a 16 percent stake in the team.
Another Pittsburgh family, the McGinleys, own 20 percent.
If the other four brothers sell their shares of the team to
Druckenmiller, he would become the Steelers' majority owner. *