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.

Steelers

Reply
 
Thread Tools
Old 12-15-2008, 08:35 PM   #1
mesaSteeler
A Son of Martha
Supporter
 

Join Date: Oct 2008
Location: Mesa, Arizona
Posts: 7,976
Gender: Male
Member Number: 10438
Thanks: 0
Thanked 0 Times in 0 Posts
Default NFL to consider Steelers' ownership restructuring plan

NFL to consider Steelers' ownership restructuring plan

PITTSBURGH (AP) -- NFL owners may vote on Wednesday whether to accept the restructured ownership plan in which Pittsburgh Steelers chairman Dan Rooney and his son will buy most of the shares owned by other family members.

The NFL finance committee "thoroughly reviewed the transaction today (Monday) and it is on the league meeting agenda for consideration by the clubs on Wednesday," the league said in an e-mail.

The finance committee is chaired by Tom Benson of the New Orleans Saints and includes eight other owners.

To be approved, at least 24 of the 32 franchises must vote in favor of the restructuring.

Two of Dan Rooney's four brothers plan to sell their 16 percent stakes and the other two, Art Jr. and John, will sell 8 percent each to Dan Rooney and son Art Rooney II, the team president.

The Jack McGinley family, which owns 20 percent of the franchise, will also sell some shares.

The restructuring was mandated by the NFL to bring the Steelers into compliance with league rules that the principal owner owns at least 30 percent of the club. Previously, Dan Rooney owned only the same 16 percent stake as his brothers.

The NFL also bars owners from being involved in racing or gambling. The two Rooney brothers who are selling their full shares, Pat and Tim, operate race tracks in Florida and New York.

The five brothers acquired their stakes when Steelers founder Art Rooney Sr., their father, died in 1988. The McGinleys bought into the team when Art Rooney Sr. sold the Steelers in 1941, only to regain them later that year.

Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Find this article at:
http://sportsillustrated.cnn.com/200....ap/index.html
mesaSteeler is offline   Reply With Quote
Old 12-16-2008, 07:01 AM   #2
markymarc
Team Owner
Supporter
 
markymarc's Avatar
 

Join Date: Apr 2006
Posts: 2,589
Member Number: 2292
Thanks: 0
Thanked 0 Times in 0 Posts
Default Re: NFL to consider Steelers' ownership restructuring plan

It will be nice once this is finally resolved. I just really hope this extra debt for Dan will not cause him to have issues running the franchise going forward. I know the horse is dead, but still think Druckenmiller would have been a good thing for this organization. I would be very surprised to not see this get passed by the other owners.
markymarc is offline   Reply With Quote
Reply

Bookmarks


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 07:56 PM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Shoutbox provided by vBShout v6.2.1 (Lite) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd.
User Alert System provided by Advanced User Tagging v3.0.8 (Lite) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Navbar with Avatar by Motorradforum
no new posts