Rooney Family reaffirms commitment to Steelers

[rich_one]

Four Rooney brothers confirm hiring of investment bank
Family reaffirms commitment to Steelers
Wednesday, July 09, 2008
By Dan Fitzpatrick, Pittsburgh Post-Gazette
Four of the five Rooney brothers with shares in the Steelers confirmed today the hiring of Wall Street investment bank Goldman, Sachs & Co. to "evaluate alternatives for their ownership stake," according to a release.
The four brothers -- Art Rooney Jr., Timothy Rooney, Patrick Rooney and John Rooney -- describe "the issue currently facing the Steelers" as "normal-course Rooney family estate planning."
The fifth brother is Dan Rooney, the Steelers' chairman, who is not part of the release. But Dan's four brothers said they "echo the sentiments expressed publicly by the Steelers President that these family discussions will not have any impact on the team this season or in seasons to come and we look forward to the Rooney family's continued involvement in the franchise."
They added: "The Rooney family has been synonymous with Pittsburgh Steelers football for over 75 years. We hold in the highest regard the legacy of our father, Art Rooney, the founding owner of the Pittsburgh Steelers, and share enormous pride in the success of the Pittsburgh Steelers and the NFL."
More details in tomorrow's Pittsburgh Post-Gazette.

[eoeleven]

Originally Posted by rich_one

Four Rooney brothers confirm hiring of investment bank
Family reaffirms commitment to Steelers
Wednesday, July 09, 2008
By Dan Fitzpatrick, Pittsburgh Post-Gazette
Four of the five Rooney brothers with shares in the Steelers confirmed today the hiring of Wall Street investment bank Goldman, Sachs & Co. to "evaluate alternatives for their ownership stake," according to a release.
The four brothers -- Art Rooney Jr., Timothy Rooney, Patrick Rooney and John Rooney -- describe "the issue currently facing the Steelers" as "normal-course Rooney family estate planning."
The fifth brother is Dan Rooney, the Steelers' chairman, who is not part of the release. But Dan's four brothers said they "echo the sentiments expressed publicly by the Steelers President that these family discussions will not have any impact on the team this season or in seasons to come and we look forward to the Rooney family's continued involvement in the franchise."
They added: "The Rooney family has been synonymous with Pittsburgh Steelers football for over 75 years. We hold in the highest regard the legacy of our father, Art Rooney, the founding owner of the Pittsburgh Steelers, and share enormous pride in the success of the Pittsburgh Steelers and the NFL."
More details in tomorrow's Pittsburgh Post-Gazette.

the VERY sticky wickett NFL owners are about to start facing is inheritance taxes

for some STUPID AS HELL reason the government feels that a person who just lost a loved one should pay taxes on what ever that loved one leaves them. Never mind the fact their loved one already paid taxes on it.

families will face sincere trouble inheriting sports franchises because the taxes are due immediately after the transition, which is why you saw Wayne Huzinga have to sell better than 55% instead of giving it to his children as he had planed.

Glad to see the Rooney's appear on top of this, spreading the shares around to make smooth transition from siblings to children in a NON DOUBLE taxation kind of way.

This inheritance tax issues was the main draw for me to Mitt Romney who thinks it is almost criminal to tax ont he same things multiple times. Hopefully as McCain hires more and more of Romney's former staff (hired Romney's entire Florida and California teams) he will too embrace this oppressive and vile tax.