Rooneys to Present Steelers’ Ownership Deal 05/12/2008 |
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The five Rooney brothers who have controlling interest in the National Football League’s Pittsburgh Steelers are set to present a restructured ownership arrangement to the sport’s finance committee next week, the Pittsburgh Post- Gazette said.
Under the agreement, four of the sons of late team founder Art Rooney Sr. would sell part or all of their shares in the team to brother and team chairman Dan Rooney, who runs the Steelers with his son, Art II.
The agreement will comply with the league’s ownership rules and keep the team in the family’s control, the newspaper said. NFL rules require a controlling stake of at least 30 percent by one owner. The league also had raised objections to some of the Steelers’ owners holding interests in harness racetracks that have added video gambling.
The deal will be presented to the finance committee on Dec. 10, and if accepted, would then be voted on by league owners, the Post-Gazette said. An attempt to sell the brothers’ shares to billionaire Stanley Druckenmiller fell through in September.
Each of the five brothers controls 16 percent of the Steelers, founded in 1933 by Art Rooney Sr., who died in 1988. The descendents of Jack McGinley, who died in October 2006, own the remainder.
(Source: Bloomberg)
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