Tuesday, July 08, 2008

A New Face

Despite all the breathless media reports that the Steelers are for sale, it seems much more likely (as reported in the Pittsburgh Post-Gazette) that the Rooney family may look for someone willing to invest in the team without actually being desirous of taking over its operation. And Stanley Druckenmiller, founder of Duquesne Capital Management, appears to have been approached by the Rooney family. Who is Stanley Druckenmiller? Here's a look at a few pertinent facts:
  • He's Wealthy: Forbes Magazine ranks him at #91 amongst America's wealthiest 400 people, with an estimated net worth of $3,500,000,000.

  • He's a philanthropist of the first order: According to Philanthropy.com in 2006 Mr. Druckenmiller gave $25,000,000 to the Harlem Children's Zone, a "non-profit, community-based organization that works to enhance the quality of life for children and families in some of New York City's most devastated neighborhoods." Additionally he provided $14,000,000 in funding (see press release) for the Stanley F. Druckenmiller Hall on the campus of Bowdoin College, his alma mater -- the total cost for construction of that facility was $16,400,000. Most impressive, at least from a raw dollars perspective, was the gift of $45,000,000 he and his wife, Fiona, gave to the N.Y.U. Medical Center (reported in the New York Times, April 8, 2008).

  • He's a Republican, sort of: It doesn't appear that Dan Rooney's support for Barack Obama would be much of an impediment for the motivated investor -- according to records at Campaignmoney.com Mr. Druckenmiller gave $2,300 to the campaign of Mitt Romeny, the Huffington Post reports that he donated $4,600 to John McCain's campaign (while others with Duquesne Capital have donated to Democratic candidates), however he also gave $28,500 to the Democratic Senatorial Campaign Committee. In previous election cycles he has donated to both Republican and Democratic candidates. Additionally, according to a report by Hedgefundintelligence.com Mr. Druckenmiller provided financial support for Michael Bloomberg's presidential exploration committee (subscription required).
Despite being one of the wealthiest and generous individuals in the United States, "[t]hose who know him -- friends, in-laws and people in the money-management business -- say he prefers staying out of the limelight" (New York Times, April 18, 19093). If it should come to pass that Mr. Druckenmiller becomes part of the ownership group of the Pittsburgh Steelers the limelight is certain to find him.

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