Steelers' Ownership Restructuring Nears The Finish Line
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Sources Estimate Steelers Ownership Restructuring
Should Be Completed Within Two Weeks |
Steelers investors Tim, Art Jr., Pat and John Rooney Monday signed papers to "sell all or part of their ownership in the Steelers to a new investment group headed" by Steelers Chair Dan Rooney and President Art Rooney II, according to sources cited by Ed Bouchette of the PITTSBURGH POST-GAZETTE. One source estimated that the closing on the sale, "which has been under agreement since November, should occur within two weeks or so." The closing was originally scheduled for March. The source said, "Now it's going to happen." Bouchette notes Tim and Pat Rooney both will sell their 16% stakes in the franchise, while Art Jr. and John Rooney "will sell about half of their" 16% stakes. Bouchette notes Dan and Art II have "compiled a number of investors over the past year, including what they termed three 'major' partners" in Legendary Pictures Chair Thomas Tull, Pilot Travel Centers President James Haslam III and Ampco-Pittsburgh Owners the Paul family (PITTSBURGH POST-GAZETTE, 7/23). In Pittsburgh, Carl Prine notes Dan Rooney's ownership group is now "dominated by business leaders outside the Rooney and McGinley clans." Art Jr.: "The simplest thing to say is that it's going to be very different. It's no longer our team. It now belongs to a lot of people who aren't Rooneys." Dan Rooney and Art II combined will hold a 30% stake in the franchise. The "final hurdle for the new ownership group involves" the Rooneys' cousins, the McGinleys, who own about 20% of the team. Steelers investor Jack McGinley Jr. said that he and investor Rita McGinley "planned to sell a cut of their holdings," while his siblings are "reviewing the paperwork" (Pittsburgh TRIBUNE-REVIEW, 7/23).
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