Sep 19, 2008 12:15 pm US/Eastern
Billionaire Withdraws Offer To Buy Steelers
Billionaire withdraws bid to buy a majority stake in Steelers
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Billionaire Stanley Druckenmiller (File)
KDKA
A billionaire suitor withdrew his offer to buy a majority stake of the Pittsburgh Steelers on Thursday, saying the Rooney family needs more time to consider its options about the future ownership of the team.
Stanley Druckenmiller issued a statement on Thursday night saying that he "removed himself from the process" and that it is clear that the Rooneys needs more time in order to consider its options.
Earlier this week, sources told KDKA that Druckenmiller had set a Friday deadline for his offer to buy the team.
The family approached him seven months ago about buying their shares of the team to help resolve estate planning and NFL ownership matters.
At least three of the five Rooney brothers, sons of team founder Art Rooney Sr., want to sell their equal shares. Dan Rooney, who has run the team since the early 1970s, also owns only 16 percent himself.
The NFL also wants one owner to control at least 30 percent of the team.
Druckenmiller said he made it clear throughout the discussions that if the family could resolve its problems internally, he would step away.
"Based on recent developments, it has become clear that the Rooneys need substantial additional time to assess their options," Druckenmiller said in a statement. "I do not wish to complicate these efforts, and I also do not want the lingering uncertainty about my possible involvement to become a distraction to my business and my family."
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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