Stanley Druckenmiller withdraws offer for Steelers

[HMFFL]

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 Thursday night saying he “removed himself from the process” and that it is clear that the Rooney family, which owns the Steelers, needs more time to consider its options.

The Rooney family approached Druckenmiller seven months ago about buying their shares of the team to help resolve estate planning and NFL ownership matters, Druckenmiller said.

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.

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.”

Link