Report: Steelers to Stay with Rooneys

by Romain El 82 on Nov 15, 2008 2:25 AM EST

PITTSBURGH (AP)—Pittsburgh Steelers chairman Dan Rooney’s four brothers have agreed to sell a controlling stake of the team to him and his son, the Pittsburgh Tribune-Review reported.

Patrick and Art Rooney Jr. confirmed the deal in a story posted on the paper’s Web site Friday night. They and their other two brothers—Timothy and John—could get a total of $750 million after debt is taken out, according to the report.

Art Rooney Jr. said the brothers hope to get the deal wrapped up before a board meeting in December. Both sides want to get a deal done by then because they are worried about possible higher taxes once the Obama administration is in office.

“It’s a good deal. I’m happy for Dan. I’m happy for the rest of the family. I think young Art, Dan’s son, will do a fine job,” Patrick Rooney told the paper. “I think we’re doing the right thing.”

Art Rooney II, Dan’s son, is the team president.

Each brother owns 16 percent of the team, adding up to 80 percent, with another Pittsburgh family, the McGinleys, owning 20 percent. Those shares are not being sold. The Rooneys’ father, Hall of Famer Art Rooney Sr., bought the franchise in 1933 for $2,500.

All this per http://sports.yahoo.com/nfl/news;_ylt=AoyR.AjIhcuUilRex21ikdFDubYF?slug=ap-steelers-ownership&prov=ap&type=lgns

Excellent!

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$2500 sound cheap?

That’s $42,073 in 2008 dollars. So yeah, a steal at the time I suppose.
http://data.bls.gov/cgi-bin/cpicalc.pl

I’m glad they kept it in the family though. Adding or changing owners usually results in hazardous results down the road.

by SteelersVT on Nov 15, 2008 9:16 AM EST reply actions

Yes!

nice.

by tkired on Nov 15, 2008 11:45 AM EST reply actions

great

the steelers represent the history of th NFL as well as any team, and every sunday is a tribute to one of the greatest men in the history of American sport, Art Rooney. my family, all of whom hail from the burgh, were distraught when they heard that the rooney’s could be losing the team. my mom met Art on a couple of occassions doing charity work, and because of him, she’s a steelers fan.

congrats to the rooney family for settling this. and THANK GOD ABOVE that the steelers are staying right were they should be.

by NoCal-SteelCity on Nov 15, 2008 1:04 PM EST reply actions