Rooney brothers sign Steelers sale deal
Share with others:
Four Rooney brothers signed papers on Monday to sell all or part of their ownership in the Steelers to a new investment group headed by their brother Dan Rooney and his son Art, sources told the Post-Gazette today.
The closing on the sale, which has been under agreement since November, should occur within two weeks or so, one source estimated. The closing has been delayed since its original schedule for last March.
"Now it's going to happen," one source said.
The sale is being handled by Pittsburgh National Bank.
Under terms of the sale, brothers Tim and Pat Rooney will sell all of their 16 percent stake each in the franchise, while brothers Art Jr. and John Rooney will sell about half of their 16 percent stake. Along with Dan Rooney, the five brothers equally shared 80 percent ownership of the team with another 20 percent owned by the McGinley family of Pittsburgh. Some of the McGinley stock also will be sold in the deal.
The new ownership group will be headed by Dan and Art Rooney II, the team's president. They have compiled a number of investors over the past year, including what they termed three "major" partners in Hollywood producer Thomas Tull, James Haslam III of Tennessee and the Paul family of Pittsburgh.
Ed Bouchette can be reached at email@example.com.
First Published July 22, 2009 11:34 am