Hedge fund manager Stanley Druckenmiller on Thursday confirmed his interest in buying the storied Pittsburgh Steelers franchise of the National Football League.
Druckenmiller, the 55-year-old founder of Duquesne Capital Management and former trader for George Soros, said in a short statement that if his effort to buy the team is successful, he intends to keep the team in Pittsburgh, according to media reports. Druckenmiller, reportedly a die-hard Steelers fan, also said he intends to retain Dan Rooney, the team's longtime chairman and son of founder Art Rooney, to remain involved in its operation.
"The Rooney family is working through a number of complicated issues regarding the ownership structure of the Pittsburgh Steelers," Druckenmiller said in the statement. "I have been involved in these discussions and am interested in participating in a transaction that builds on the legacy of this great franchise and one that makes economic sense to everyone involved."
The Steelers are one of the flagship franchises in the NFL, thanks to its five Super Bowl titles, including four in the six years between 1975 and 1980. The team's most recent championship came in 21-10 Super Bowl victory against the Seattle Seahawks in February 2006.
The team has been owned by the Rooney family since its founding in 1933. Art Rooney, a colorful personality who ran the team until his death in 1988, left its control to his five sons, Dan, Art. Jr., Tim, Pat and John.
The Wall Street Journal
was the first to report earlier this week that the brothers had retained
to place a value on the team in the hopes of selling it.
Dan Rooney reportedly is interested in maintaining control of the team by gradually buying out his brothers' stakes in a debt-laden deal. Druckenmiller's bid, which is not yet submitted, is expected to be all cash, the
Druckenmiller founded Duquesne in Pittsburgh nearly 30 years ago, but now lives in New York. According to the
he rarely misses home games, which he often attends wearing the team's jersey and sometimes with a face painted black and gold.
This article was written by a staff member of TheStreet.com.