Rooney Brothers Will Vary In Future Investment In Steelers
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Dan, Art Rooney II Could Partner With Up To
15 Investors, Currently Being Vetted By NFL |
Under the reorganized control of the Steelers, team investors Tim and Pat Rooney will sell their complete 16% stakes in the team to Chair Dan Rooney and his son, President Art Rooney II, while Steelers investors John and Art Rooney Jr. plan to "retain a portion of their stock and remain as minority owners" of the franchise, according to Bouchette & Dulac of the PITTSBURGH POST-GAZETTE. Rooney family sources said that Tim and Pat Rooney want to sell all their shares in order to "remain involved in racetracks and casinos" in New York and Florida. John and Art Rooney Jr. each intend to "keep a little less than half" of their 16% stake. The family has agreed on a purchase value of $800M, so a 16% share is worth about $128M. Additionally, a "small portion" of the remaining 20% share in the Steelers owned by the McGinley family will be sold to Dan and Art Rooney II or to the "investors who are currently being assembled to help finance the sale." Steelers investor Jack McGinley Jr. said that his aunt, Rita McGinley, will maintain her 10% stake in the team, while the family's remaining 10% stake is spread among the six children of late Steelers investor Jack McGinley. Jack McGinley Jr.: "I can't speak for all my brothers and sister, but there's a strong likelihood a number will sell." Meanwhile, Rooney family sources indicated that there will be "at least three major investors and as many as five, with 10 to 15 total investors." The potential investors are "currently being vetted by the NFL" (PITTSBURGH POST-GAZETTE, 11/21).
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