Pittsburgh Steelers Hedge Fund

Pittsburgh Steelers Hedge Fund

Hedge Fund Manager Minority Owner of Pittsburgh Steelers

Hedge fund managers have tried to own the Pittsburgh Steelers unsuccessfully, but now David Tepper of Appaloosa Management has become a minority owner of the team.  The family owners of the team have resisted prior attempts but perhaps the fact that Tepper is a Pittsburgh neighbor made a difference.  Tepper's proposal to own a part of the Super Bowl champions was also less invasive than the other attempt by Stanley Druckenmiller of Duquense Capital Management.
That, apparently, wasn’t a problem for another hedge fund manager with ties to the Steel City. David Tepper, a Pittsburgh native and founder of Appaloosa Management, is officially a minority owner of the team, after the team’s ownership restructuring was finalized yesterday. He and three others joined team President Art Rooney II and chairman emeritus Daniel Rooney in buying up the shares owned by several other members of the Rooney family and their relatives, the McGinleys.

Unlike Druckenmiller’s proposal, the new deal leaves the Rooney’s firmly in charge, giving them the minimum 30% stake in the team to remain principal owners.  “I am very happy for the family,” Druckenmiller, a Steelers season ticket holder, told the Pittsburgh Tribune-Review. “When they came to me a year-and-a-half ago, it is hard to describe the anxiety the brothers were having to endure given the difficult situation. The fact that they have been able to pull together resulting in an outcome that is satisfactory to all parties is a tremendous achievement and a testament to the strength of the family.”  Source

Related to: Hedge Fund Pittsburgh Steelers

Tags: pittsburgh steelers, hedge fund owners, hedge fund sports team, David Tepper of Appaloosa Management, Tepper appaloosa management, Duquense Capital Management

Hedge Fund Videos | 30+ Free Videos on Hedge Funds