First thing this morning I caught a story on the local Pittsburgh news. Seems the Rooney family, owners of the Pittsburgh Steelers, are rushing to get a deal through on the sale of the Pittsburgh Steelers. A quick search generated this story
And here is the money quote from the article-
Art Rooney Jr. said the brothers hope to get the deal wrapped up before a board meeting in December.Both sides want to get a deal done by then because they are worried about possible higher taxes once the Obama administration is in office.
It seems that Dan Rooney is looking to PNC Bank for an estimated $280 million in loans to buy out his brothers. And oh lookie lookie- http://www.baltimoresun.com/business/bal-bz.pnc25oct25,0,5153143.story
NEW YORK – PNC Financial Services Group Inc., which acquired Baltimore’s Mercantile Bankshares last year, said yesterday that it is acquiring Cleveland-based National City Corp. for $5.58 billion, becoming the first bank to use fresh investments from a federal bailout program to make an acquisition.
The deal came within hours of PNC Financial receiving approval for $7.7 billion in cash from the government under the $700 billion government program aimed at relieving the continuing credit crisis.
NICE! WOOT! Our tax dollars enable PNC to buy up National City and BONUS! help the Rooneys (who by the way supported Obama) avoid an anticipated increase in the capital gains tax. Damn it must be nice to be rich!
I’ll leave you with this nice little quote from Art Rooney Jr, credit KDKA in Pittsburgh http://kdka.com/steelers/Steelers.Ownership.Rooney.2.861418.html
Like the fans who pack Heinz Field, Art Rooney, Jr., says he bleeds black and gold and he’s embarrassed to even talk about the multimillion dollar ownership dealings in this economy.
“Here we are the Rooney boys, have a loaf of bread under each arm, and guys don’t know if they are going to stay in their house, you know the fans they don’t know if they are going to be able to stay in their house, send their kids to college next year or make ends meet,” he said.
Apparently not too embarrassed to take bail-out money through the back door.