The four Rooney brothers have told New York billionaire Stanley Druckenmiller they are turning down his offer to buy their shares in the Steelers, ending a seven-month courtship in which they approached him with an opportunity to gain controlling stock interest in a franchise he always dreamed of owning.

After taking a vote in a late afternoon meeting, one of the Rooney brothers called Mr. Druckenmiller last night to tell him of their decision. Mr. Druckenmiller, chairman of Pittsburgh-based Duquesne Capital Management, immediately withdrew his offer to purchase each of their 16 percent shares. His offer was believed to be in the neighborhood of $550 million.

The vote to reject Mr. Druckenmiller's offer does not mean, however, that the Rooney brothers -- Tim, Patrick, John and Art Jr. -- have decided to sell their shares to their oldest brother, Steelers chairman Dan Rooney, who has also made an offer to purchase their combined 64 percent shares. Instead, they may opt to entertain other outside bids in an attempt to gain more money for their shares, according to sources familiar with the situation.

"Of course I'm disappointed," Mr. Druckenmiller told the Post-Gazette last night-- his first interview on the subject since he was approached by the Rooney brothers in February to help them resolve their estate planning issues and team ownership structure. "But those are their shares and they have every right to seek a higher price for them."

A family source told the Post-Gazette that John Rooney argued for his brothers to take Dan Rooney's offer at their meeting, but no decision was made on that matter.

"Neither proposal had sufficient support in its current form," said Art Rooney Jr., one of the brothers.

Mr. Druckenmiller, 55, an ardent Steelers fan who has season tickets to Heinz Field, viewed himself as a solution, not a problem, to the Steelers ownership issue. His offer to purchase the shares of the four brothers included an immediate cash payment -- a move he thought would greatly benefit the long-term health of the franchise and allow the Steelers to have financial freedom to remain competitive on the field because there was no interest or debt service

In addition, he wanted to retain Dan Rooney and his son, Art II, the team president, in their current roles. Mr. Druckenmiller even planned to designate Dan Rooney as the team's "principal owner," a role that would give him much of the same decision-making power he has now and even allow him to veto Mr. Druckenmiller himself in any league-related matter.

Mr. Druckenmiller, who has an estimated net worth of $4.5 billion, was seeking to gain majority stock control of the franchise and was not interested in being a minority partner.

In a prepared statement sent to the Post-Gazette, Mr. Druckenmiller said, "I believed that I could provide the family with an appropriate transaction that also would be in the best long-term interests of the Steelers, the NFL and the city of Pittsburgh. The solution I proposed included a request that Dan Rooney continue to manage the Steelers organization.

"Throughout our discussions, I made clear that if the family could resolve these matters internally, it should do so and I would gladly remain only a devoted Steelers fan. Based on recent developments, it has become clear that the Rooneys need substantial additional time to assess their options. I do not wish to complicate these efforts, and I also do not want the lingering uncertainty about my possible involvement to become a distraction to my business and my family. "

Mr. Druckenmiller imposed a flexible Sept. 19 deadline on the four Rooney brothers six weeks ago, hoping to bring some conclusion -- or even just productive movement -- to the process. That forced the brothers to meet yesterday and take a vote on his offer, even though Art Rooney Jr. told the Post-Gazette before the scheduled meeting that he wasn't going to vote.

"The deadline doesn't mean too much to me, with all due respect to Mr. Druckenmiller,'' he said. "I just want to do things that are right for my family and the Steelers, too, not because there's a deadline. If you're going to do things, you want to do it when it's right, not because of a deadline."

The process of selling stakes in the franchise began when the National Football League told the Rooneys they could not own racetracks with casinos and still be involved in ownership of the Steelers. What's more, the league also said they must abide by rules that require one owner to have at least 30 percent stock in the team.

Each of the five Rooney brothers, including Dan, the oldest son of founder Art Rooney Sr., owns 16 percent of the team. The other 20 percent is owned by members of Pittsburgh's McGinley family.

Art Rooney Jr. said the time is near for him and his three brothers to decide what to do with their shares.

"You get to a point where you have to make a decision in your life and we're there right now,'' he said. "It came about because of the NFL and its rules on gambling, which are very appropriate, and the other technical thing about their ownership deal.

"We've had a situation put on us by the league . . . I think we're getting close to the time where we have to make a decision."

That decision, though, does not include Mr. Druckenmiller.

"On a personal note, having spent time with all five Rooney brothers, I have come to hold them all in high regard, and it is easy to see why the organization has been so successful," Mr. Druckenmiller said in the statement. "Given my love for Pittsburgh and what I know the team means to the city, I wish them all the same success they have had in the past."