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mesaSteeler
07-22-2009, 09:18 PM
It's official: Rooney brothers sell Steelers' shares to Dan and son
http://www.pittsburghlive.com/x/pittsburghtrib/sports/steelers/s_634833.html
By Carl Prine, TRIBUNE-REVIEW
Wednesday, July 22, 2009
Last updated: 4:36 pm
The Pittsburgh Steelers have been sold.

Pat Rooney, the son of deceased founder Art Rooney, said he and three brothers John, Tim and Art Rooney Jr. signed papers this week that will transfer majority ownership of the fabled franchise to an investment group led by their eldest brother, Dan Rooney.

"I know that I feel different maybe than some of my brothers," said Pat Rooney, a racetrack owner in Palm Beach. "I wanted to do something for my estate planning. I'm 70 years old now. I wanted my situation done because at 70 it's no longer a question of 'What if I croak?' It's 'When will I croak?'

"Ultimately, it wasn't about the money. It was planning for my family. The money isn't for me."

Dan Rooney, now the U.S. ambassador to Ireland, won't run the team under the new ownership group. That falls to his son, Art Rooney II, who with his father will share a 30-percent stake in the team. The value of the franchise is pegged at about $750 million, once $50 million in business debt is deducted.

Art Rooney Jr., the Steelers' former scouting genius who helped to sculpt the dominant Steel Curtain dynasty teams of the 1970s, will remain a minority investor, as will his brother, John.

Dan Rooney and his son will incur about $250 million in debt $100 million more than the NFL normally allows and their shares in the Steelers will be used as collateral for their loan orchestrated by PNC Bank.

PNC declined to comment on the deal, citing confidentiality requirements for customers.

A previous $840 million cash offer for the team by Steelers fan and hedge fund billionaire Stanley Druckenmiller collapsed in September.

rich4eagle
07-22-2009, 11:06 PM
Thanks for a great summary

Galax Steeler
07-23-2009, 04:40 AM
That is alot of money floating around.