Dan Rooney to Purchase Pittsburgh Steelers With Son 17/11/2008 |
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Four sons of the late Pittsburgh Steelers founder Art Rooney Sr. agreed to sell a controlling stake in the National Football League team to brother Dan Rooney and his son Art II, the Pittsburgh Tribune-Review reported.
The sale, which may be concluded before a meeting in December, might be worth $750 million to brothers Art Jr., Patrick, Timothy and John Rooney, the paper said. Roger Goodell, the NFL commissioner, is considering the deal, while owners of other teams are willing to approve it as long as the Steelers franchise remains in the Rooney family, the paper added.
Citing Patrick and Art Rooney Jr., the Tribune-Review said about $280 million of financing for the deal will come from loans arranged by PNC Bank in Pittsburgh, and Dan Rooney will need to bring in equity partners.
Each of the five brothers controls 16 percent of the team Steelers, which was founded in 1933 by Art Sr., who died in 1988. Dan Rooney declined to comment to the Tribune-Review.
Stanley Druckenmiller, chairman of Duquesne Capital Management LLC, in September withdrew a bid to buy the franchise.
(Source: Bloomberg)
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