PITTSBURGH -- Steelers chairman Dan Rooney and his son, team president Art II, have offered to buy out family-owned shares in the team -- but the sellers may want to go outside their Pittsburgh family to find a buyer.

"You have it all. It's all there," Dan Rooney told Channel 4 Action News as he arrived at work Tuesday. "We don't have anything more."

Dan Rooney and his four brothers -- Art Jr., Tim, Patrick and John -- each own 16 percent of the franchise. Cousins in the McGinley family own the other 20 percent.

Talk of a sale is being spurred by the Rooney family's ownership of gambling operations in New York and Florida, which is in conflict with NFL guidelines. Also, younger family members are concerned about estate taxes.

"I talked with Art Rooney II yesterday," Allegheny County Chief Executive Dan Onorato said. "He sort of gave me a courtesy call before the stories hit, and reassured me that this is really about separating the gaming interests from the NFL part of it. It's about estate planning."

According to a Wall Street Journal report, some of the brothers and third-generation family members are wondering if there's potential for a better deal than selling to Dan and Art II, and the team may have been secretly shopped to potential buyers already.

"Individual family ownership is very, very difficult to maintain as the generations progress," said Stefan Fatsis, of the Wall Street Journal.

WTAE Channel 4 Action News reported that Dan Rooney and Art Rooney II have made a consolidation offer which would pay each of the other four Rooney brothers and the McGinley family $35 million for a 5 percent stake.

Then, over a 10-year period, more equity would be purchased and would eventually give 75 percent ownership to the father and son.

But an investment firm hired by other family members puts the team's worth at anywhere from $800 million to $1.2 billion -- much higher than the current offer.

"That could lead to an ugly inter-family conversation, and I'm sure those conversations are occurring already," Fatsis said.

Stanley Druckenmiller is one outside name who has been mentioned as a possible buyer. A New York billionaire who lived in Pittsburgh for about 30 years, Druckenmiller is the chairman of Duquesne Capital Management and a member of Oakmont Country Club.

Even if the Rooney brothers' shares are sold to a non-family member, it's unlikely that the Steelers will be moved to another city.

"Oh yeah, they'll stay in Pittsburgh," Art Rooney II said Tuesday.

"That's what we said yesterday. It's going to be here for another 75 years," Dan Rooney added.

The Rooney family has owned the team since its inception, except for a brief period in 1941 when Art Rooney Sr. sold the team to Alexis Thompson and bought into the Philadelphia Eagles. Rooney regained control of his hometown Steelers in less than a year.

Fans React

What do fans think about the possibility of new names joining the Steelers' ownership group? Channel 4 Action News went to the streets of downtown Pittsburgh for reaction.

And no surprise, they want the team's power structure to stay local.

"Because the Rooneys got their roots so deep in Pittsburgh, it's like ripping a tree out of the ground," said Michael Goodworth.

"I've seen too many businesses, whenever they're sold, they do change. So it depends on the management and the people they get," said another fan.

"The Rooneys have always been loyal to the Pittsburgh family, to our city, and I think they'll do what's best for each and every one of us," said Deborah Standack.

"Somebody like Druckenmiller who's been around Pittsburgh for a while, I think, would be a better candidate," said another fan. "Other than that, I really don't -- as long as they're from Pittsburgh."

You can add your comments on our Steelers message board

Who Are The Rooneys?

The Rooney family owns racetracks in New York and Florida. Some of Dan Rooney's brothers want to focus on those businesses and get out of the National Football League, according to the Steelers.

Owning certain gambling facilities and owning an NFL team are not allowed under NFL rules. NFL Commissioner Roger Goodell has asked former commissioner Paul Tagliabue to represent the league in the family's discussions about restructuring ownership and separating the gambling interests.

The Steelers are one of the NFL's most successful franchises despite not winning any form of championship until their 40th season, a division title in 1972. The five-time Super Bowl champions have sold out all home games for the last 36 years and have one of the league's largest fan bases outside their own region, a national following rivaled by only a handful of NFL teams.

Dan Rooney is the eldest of team founder Art Rooney Sr.'s five sons and a Pro Football Hall of Fame owner who first worked for the team as a ballboy while in grade school.

"I have spent my entire life devoted to the Pittsburgh Steelers and the National Football League," Dan Rooney said in a statement. "I will do everything possible to work out a solution to ensure my father's legacy of keeping the Steelers in the Rooney family and in Pittsburgh for at least another 75 years."

Dan and Art Jr. had a falling out in the late 1980s, with Art Jr. leaving the football side of the business. Art Jr. has since been involved in the Rooneys' real estate holdings, though he recently wrote a book focusing on his work for the Steelers.

Their father, Art Sr., was heavily involved in gambling and, according to legend, bought the Steelers in 1933 with $2,500 in racetrack winnings. But the NFL now frowns on any ownership association with gambling.

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