Rooney family
Encyclopedia
The Rooney family has been the majority owners and operators of the Pittsburgh Steelers
football team in Pittsburgh, Pennsylvania
since the formation of the franchise in 1933. Art Rooney
was the founder and owner of the team until his death in 1988; ownership of the team was then transferred to Art's oldest son, Dan Rooney
. In the recent years more of the front office operations have been passed down by Dan Rooney to his son and team president, Art Rooney II
.
The more influential family members included:
The Rooneys have been credited for much of the team's success. The fundamental approach of the Rooneys to managing the Steelers has been through patience and consistency, both of which the ownership is continuously given notoriety for. As proof of the team's stability, there have been only three head coaches employed since 1969, by far the fewest number of any team in that time frame. Dan Rooney has made it a requirement for any team interviewing for a new head coach to interview a minority candidate, known as the "Rooney Rule".
, the Pittsburgh billionaire who is the chairman of Duquesne Capital Management and a former money manager for George Soros. Talks to restructure the ownership have been going on for two years to comply with NFL ownership policies and ensure ownership and operation under the Rooney family. The four brothers' ventures with family race tracks that allow slot machines violate NFL rules of ownership with revenue from gambling enterprises. The ownership structure also violated the NFL rule stating that at least one individual must own 30% of the team to be principal owner, and no individual owns at least 30% of the team. The team does not expect the negotiations to have any effect on the players or fans.
NFL owners unanimously approved the restructuring of ownership on December 17, 2008, with Dan & Art II getting the mandated 30% stake. Meanwhile, brothers Timothy and Patrick (the ones who own race tracks with slot machines, which violate NFL ownership rules) selling their shares outright, while Art Jr., John, and the McGinley family selling some shares but retaining smaller ownership roles, with the brothers reducing their shares from 16% to 6% and the McGinley family reducing their shares from 20% to 10%. Also coming on as partners are Pilot Corporation
& Pilot Travel Centers
president Jim Haslam III (son of founder Jim Haslam Jr.
and brother of Tennessee
governor Bill Haslam
), Legendary Pictures
president & CEO Thomas Tull, and the Paul family of Pittsburgh & Los Angeles
(who are primarily involved with Pittsburgh-based Ampco Pittsburgh Corporation
and serve on numerous boards
, including UPMC
and Pitt
), each getting a 16% stake in the team. Dan Rooney mentioned he has no ill will towards Druckenmiller, mentioning he's a great Steelers fan
and wishes he remains one.
The Steelers later announced on March 23, 2009, that they added three more investors to the team, the most notable of which is Hall of Fame
wide receiver
John Stallworth
. The other two investors added were GTCR
chairman Bruce V. Rauner and the Varischetti family of Brockway, Pennsylvania
, which owns several nursing home
s and a commercial real estate
business. The deal to add all six new investors is expected to be finalized in May 2009.
Pittsburgh Steelers
The Pittsburgh Steelers are a professional football team based in Pittsburgh, Pennsylvania. The team currently belongs to the North Division of the American Football Conference in the National Football League . Founded in , the Steelers are the oldest franchise in the AFC...
football team in Pittsburgh, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
since the formation of the franchise in 1933. Art Rooney
Art Rooney
Arthur Joseph "Art" Rooney, Sr. , often referred to as "The Chief", was the founding owner of the Pittsburgh Steelers American football franchise in the National Football League.-Family history:...
was the founder and owner of the team until his death in 1988; ownership of the team was then transferred to Art's oldest son, Dan Rooney
Dan Rooney
Daniel Milton "Dan" Rooney is the United States Ambassador to Ireland. He is chairman emeritus of the Pittsburgh Steelers football team in the National Football League , which was founded by his father, Art Rooney. Rooney was elected to the Pro Football Hall of Fame in 2000 for his contributions...
. In the recent years more of the front office operations have been passed down by Dan Rooney to his son and team president, Art Rooney II
Art Rooney II
Arthur Joseph "Art" Rooney II is the president and co-owner of the NFL's Pittsburgh Steelers.-Biography:Rooney is the oldest of nine children of Dan and Patricia Rooney. The Rooney family has owned the Steelers since the team's founding by Art II's grandfather and namesake Art Rooney in 1933...
.
The more influential family members included:
- Art Rooney, Team Founder
- Dan Rooney, Art's oldest son, current team Chairman
- Art Rooney II, Dan's son, current team President
The Rooneys have been credited for much of the team's success. The fundamental approach of the Rooneys to managing the Steelers has been through patience and consistency, both of which the ownership is continuously given notoriety for. As proof of the team's stability, there have been only three head coaches employed since 1969, by far the fewest number of any team in that time frame. Dan Rooney has made it a requirement for any team interviewing for a new head coach to interview a minority candidate, known as the "Rooney Rule".
Restructuring
In July 2008 the Rooney family went public with the plan to reorganize the ownership structure of the franchise. Each of the five Rooney brothers owns 16% of the team, combining for 80%, while another related family, the McGinelys, owns 20%. Dan Rooney, chairman, stated that his four brothers are moving towards other non-football-related business ventures and he is in talks with them to buy out their shares. However, the other four brothers believe Dan undervalued their shares, and hired Goldman Sachs to give them an estimate on the team. The estimate by Goldman Sachs valued the team between $800 million and $1.2 billion. One potential buyer has been identified, Stanley DruckenmillerStanley Druckenmiller
Stanley Freeman Druckenmiller is an American hedge fund manager, he is the former Chairman and President of Duquesne Capital, which he founded in 1981. He closed the fund in August 2010 because he felt unable to deliver high returns to his clients...
, the Pittsburgh billionaire who is the chairman of Duquesne Capital Management and a former money manager for George Soros. Talks to restructure the ownership have been going on for two years to comply with NFL ownership policies and ensure ownership and operation under the Rooney family. The four brothers' ventures with family race tracks that allow slot machines violate NFL rules of ownership with revenue from gambling enterprises. The ownership structure also violated the NFL rule stating that at least one individual must own 30% of the team to be principal owner, and no individual owns at least 30% of the team. The team does not expect the negotiations to have any effect on the players or fans.
NFL owners unanimously approved the restructuring of ownership on December 17, 2008, with Dan & Art II getting the mandated 30% stake. Meanwhile, brothers Timothy and Patrick (the ones who own race tracks with slot machines, which violate NFL ownership rules) selling their shares outright, while Art Jr., John, and the McGinley family selling some shares but retaining smaller ownership roles, with the brothers reducing their shares from 16% to 6% and the McGinley family reducing their shares from 20% to 10%. Also coming on as partners are Pilot Corporation
Pilot Corp.
Pilot Corporation is a petroleum corporation in Knoxville, Tennessee, United States. Pilot operates the Pilot Food Mart convenience stores in Tennessee. Along with Flying J and CVC Capital Partners, Pilot is joint-owner of Pilot Flying J, the largest truck stop chain in the United States.- History...
& Pilot Travel Centers
Pilot Travel Centers
Pilot Flying J is a chain of truck stops in the United States and Canada. The company is based in Knoxville, Tennessee where Pilot Corporation, the majority owner, is based. The company is owned by Pilot, FJ Management Inc., and CVC Capital Partners...
president Jim Haslam III (son of founder Jim Haslam Jr.
James Haslam Jr.
James Arthur "Jim" Haslam II is an American businessman and philanthropist, best known as the founder of Pilot Corporation, which operates a chain of convenience stores and travel centers throughout the United States and Canada, and is one of the largest privately-owned companies in the United...
and brother of Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...
governor Bill Haslam
Bill Haslam
William Edward "Bill" Haslam is the 49th and current Governor of Tennessee. A member of the Republican Party, Haslam was elected to office in 2010...
), Legendary Pictures
Legendary Pictures
Legendary Pictures is an American film production company, whose parent company, Legendary Entertainment, is based in Burbank, California and was founded by Thomas Tull in 2004...
president & CEO Thomas Tull, and the Paul family of Pittsburgh & Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
(who are primarily involved with Pittsburgh-based Ampco Pittsburgh Corporation
Ampco Pittsburgh
Ampco-Pittsburgh Corporation is a specialty steel manufacturer headquartered in Downtown Pittsburgh, Pennsylvania. It is one of several companies to bear the Ampco name, and it should not be confused with the Chicago based Ampco Metal Inc. copper base alloy producer, the Miami-based cabinetry...
and serve on numerous boards
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
, including UPMC
University of Pittsburgh Medical Center
The University of Pittsburgh Medical Center is an $9 billion integrated global nonprofit health enterprise that has 54,000 employees, 20 hospitals, 4,200 licensed beds, 400 outpatient sites and doctors’ offices, a 1.5 million-member health insurance division, as well as commercial and...
and Pitt
University of Pittsburgh
The University of Pittsburgh, commonly referred to as Pitt, is a state-related research university located in Pittsburgh, Pennsylvania, United States. Founded as Pittsburgh Academy in 1787 on what was then the American frontier, Pitt is one of the oldest continuously chartered institutions of...
), each getting a 16% stake in the team. Dan Rooney mentioned he has no ill will towards Druckenmiller, mentioning he's a great Steelers fan
Steeler Nation
Steeler Nation is the unofficial name of the fan base of the NFL's Pittsburgh Steelers, coined by NFL Films narrator John Facenda in "Blueprint for Victory," the team's 1975 highlights film...
and wishes he remains one.
The Steelers later announced on March 23, 2009, that they added three more investors to the team, the most notable of which is Hall of Fame
Pro Football Hall of Fame
The Pro Football Hall of Fame is the hall of fame of professional football in the United States with an emphasis on the National Football League . It opened in Canton, Ohio, on September 7, 1963, with 17 charter inductees...
wide receiver
Wide receiver
A wide receiver is an offensive position in American and Canadian football, and is the key player in most of the passing plays. Only players in the backfield or the ends on the line are eligible to catch a forward pass. The two players who begin play at the ends of the offensive line are eligible...
John Stallworth
John Stallworth
Johnny Lee Stallworth is a former American football wide receiver who played fourteen seasons in the National Football League for the Pittsburgh Steelers. He played college football at Alabama A&M, and was the Steelers' fourth-round draft pick in 1974. Stallworth played in six AFC championships,...
. The other two investors added were GTCR
GTCR
GTCR LLC is a private equity firm focused on leveraged buyout, leveraged recapitalization, growth capital and rollup transactions. As of 2008, it manages more than $8 billion in equity and mezzanine capital invested in a wide range of companies and industries....
chairman Bruce V. Rauner and the Varischetti family of Brockway, Pennsylvania
Brockway, Pennsylvania
Brockway is a borough in Jefferson County, Pennsylvania, United States. The population was 2,182 at the 2000 census.-Geography:Brockway is located at ....
, which owns several nursing home
Nursing home
A nursing home, convalescent home, skilled nursing unit , care home, rest home, or old people's home provides a type of care of residents: it is a place of residence for people who require constant nursing care and have significant deficiencies with activities of daily living...
s and a commercial real estate
Commercial property
The term commercial property refers to buildings or land intended to generate a profit, either from capital gain or rental income.-Definition:...
business. The deal to add all six new investors is expected to be finalized in May 2009.