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|09-23-2009, 04:54 AM||#1|
The Virginia Hillbilly
Join Date: Oct 2006
Location: Galax Va
Member Number: 3287
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Steelers' deal closing soon?
10 new owners expected in fold
The Steelers should have new owners by today or tomorrow -- many more of them.
At least 10 new owners will officially join longtime franchise stewards named Rooney and McGinley if the closing of the Steelers' new ownership structure finally takes place as scheduled.
The long-anticipated closing of the transaction has been postponed often over the past six months, but sources told the Pittsburgh Post-Gazette that while all is ready for today, it's possible it could take one more day for the paperwork to be complete.
One of the owners will come as a bit of a surprise. Pat Rooney, one of the five sons of Art Rooney Sr. who was expected to sell all of his shares, will maintain 3 percent ownership as part of a trust for his family, Pat's son, Brian Rooney, told the Post-Gazette.
That leaves just one of the five brothers out. Tim Rooney and his family plan to sell all of their 16 percent stake in the franchise. Brothers John and Art Rooney Jr. will keep about half of their current 16 percent ownership each.
Steelers president Art Rooney II will head the new ownership group, along with his father, Dan Rooney, who as U.S. ambassador to Ireland has taken the title of chairman emeritus of the Steelers.
The McGinley family of Pittsburgh, which previously owned 20 percent of the Steelers, will maintain a smaller stake in the club.
Among the new minority owners in the Steelers are the Paul family of Pittsburgh, James Haslam III of Knoxville, Tenn., Hollywood producer Thomas Tull, Steelers Hall of Fame receiver John Stallworth, Bruce V. Rauner of Chicago and the Varischetti family of Brockway, Pa.
Others not yet announced will join them for the closing. NFL owners unanimously approved the sale of the team at a meeting in December.
The change in ownership will be the most drastic since franchise founder Art Rooney Sr. sold the Steelers in 1940, then bought into the Philadelphia Eagles and swapped them to regain the Steelers several months later.
|09-23-2009, 08:09 AM||#2|
Join Date: Jun 2007
Location: The Steel Valley
Member Number: 5640
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Re: Steelers' deal closing soon?
I didn't realize how impressive Thomas Tull's filmography is. I wonder if this means we'll see some more creative scoreboard entertainment at the Big Ketchup Bottle
The Terrible Towel is Poised to Strike
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