Why register with the Steelers Fever Forums?
 • Intelligent and friendly discussions.
 • It's free and it's quick. Always.
 • Enter events in the forums calendar.
 • Very user friendly software.
 • Exclusive contests and giveaways.

 Donate to Steelers Fever, Click here
 Our 2014 Goal: $450.00 - To Date: $450.00 (100.00%)
 Home | Forums | Editorials | Shop | Tickets | Downloads | Contact Pittsburgh Steelers Forum Feed Not Just Fans. Hardcore Fans.

Go Back   Steelers Fever Forums > Steelers Football > Pittsburgh Steelers

Steelers Fever Fan Shop

Doc's Sports Get FREE NFL Picks and College Football picks as well as Football Lines like live NFL Lines and updated NFL Power Rankings all at Doc's Sports Service.

Pro Bowl
8:00PM Eastern on ESPN

Thread Tools
Old 12-09-2008, 08:23 AM   #1
lamberts-lost-tooth's Avatar

Join Date: May 2006
Location: Midwest
Posts: 10,829
Gender: Male
Member Number: 2363
Thanks: 0
Thanked 1 Time in 1 Post
Default Sale of team is getting closer for Rooneys

Sale of team is getting closer for Rooneys
Tuesday, December 09, 2008
By Ed Bouchette, Pittsburgh Post-Gazette

With his brothers having signed off on the deal, Dan Rooney continues to put together his team of investors to restructure the ownership in the Steelers.

Four of the five brothers met at Heinz Field yesterday at their annual year-end board meeting of stockholders and again went over details of their restructuring plan. Nothing, though, was done or decided at the meeting.

Steelers chairman Dan Rooney, though, believes the deal still might be presented for a vote when the NFL owners meet Dec. 17 in Dallas. First, the league finance committee must recommend the ownership restructuring at its meeting, which was moved from tomorrow to Monday.

If the finance committee recommends it, it would go to a vote of owners. The deal must be approved by at least 75 percent of the owners (24 of 32) to pass.

"Our thoughts now are to move everything forward and try to get this agreement worked out," Rooney said yesterday afternoon. "I think this was a step in the right direction. By no means is this finished, and we're still doing that. So there's still not a whole lot to say."

The reason it's not finished is that Dan and his son Art II, who need to acquire at least 30 percent of the franchise, have not yet completed putting together the investors who will purchase some of the other shares from the Rooney brothers and their cousins in the McGinley family.

Pat and Tim Rooney will each sell his 16 percent share of the team while brothers John and Art Jr. will sell a little more than half of their 16 percent share each. Pat did not attend yesterday's board meeting, sending son Brian to represent him.

The five brothers have agreed to a total franchise worth of $800 million, meaning 1 percent would equal $8 million. They also have agreed to payouts that range up to 10 years for their shares.

"There's a lot of things we have to do," Dan Rooney said when asked if he were still putting together his team of investors. "We have to do that. We also have the league to deal with. We have to present [the investors], they have to do research on people and things like that. That's why it's hard to say. Things come up, the league has their own ideas and things like that."

The league already is vetting some of Rooney's investors, although no names have become public

lamberts-lost-tooth is offline   Reply With Quote


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump

All times are GMT -5. The time now is 12:45 PM.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2015, Jelsoft Enterprises Ltd.
Shoutbox provided by vBShout v6.2.1 (Lite) - vBulletin Mods & Addons Copyright © 2015 DragonByte Technologies Ltd.
User Alert System provided by Advanced User Tagging v3.0.8 (Lite) - vBulletin Mods & Addons Copyright © 2015 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Navbar with Avatar by Motorradforum
no new posts