View Full Version : Steelers welcome another minority owner

12-23-2009, 05:38 AM
Steelers welcome another minority owner
By Carl Prine
Wednesday, December 23, 2009

The new minority owner of the Steelers will be Greensburg-based Allegheny Energy's executive Paul Evanson.

The Steelers announced that he purchased an undisclosed number of the franchise's shares from an unnamed stockholder.

In a prepared statement, Steelers president Art Rooney II said that his organization welcomed Evanson, who had "been patiently waiting to join our ownership group since this summer, and he has a great interest in Steelers' football."

Evanson's stake in the franchise had been approved by the 32 NFL owners at their recent meetings. The utility he helms delivers electric power to 1.6 million customers across the Mid-Atlantic region. The generator had come under sustained pressure from states and environmental groups for air pollution and was teetering on bankruptcy when Evanson, 67, took the helm in 2003. Since then, he's widely credited with turning the company around and spending hundreds of millions of dollars on contamination-fighting technology.

On July 9, the company granted him a two-year contract extension. Three months earlier, Forbes magazine had ranked Evanson the eighth-highest-paid CEO nationwide, earning $67 million annually.

Evanson was not available for comment, but in a prepared statement he said that he had become a "passionate Steelers fan" since arriving from Florida in 2003.

"The Rooney family has built a superb franchise through hard work and a commitment to excellence, and they have done this with integrity and fair dealing to everyone. I'm proud to become a partner in such a legendary organization," he said.

Evanson earned his bachelors of arts' degree in business administration from St John's University, law degree from Columbia University and master's degree in law from New York University. He's a director of the Edison Electric Institution, a trade group for publicly traded utilities, and a trustee of St John's University and the Westmoreland Museum of American Art.

He and his wife, Carol, own homes in Connecticut, Florida and Westmoreland County. They have one daughter and two grandchildren.

The new investor joins a large ownership group that includes Tennessee truck stop titan James Haslam III, Hollywood producer Thomas Tull, Chicago investor Bruce Rauner, Hall of Fame wideout John Stallworth, hedge fund giant David Tepper, retired West Virginia coal exec Ben Statler, five members of the Paul family in Los Angeles and Pittsburgh and several more members of Jefferson County's Varischetti family.

Steelers' majority owner Art Rooney II and his Pro Football Hall of Fame father, Dan, will combine to hold 30 percent of the team's stock.

Carl Prine can be reached at cprine@tribweb.com or 412-320-7826.

12-23-2009, 11:34 AM
Welcome to the greatest franchise in all of sports Paul Evanson :tt02: