The NFL have approved a proposal by the Pittsburgh Steelers that maintained control of the franchise under chairman Dan Rooney and president Art Rooney II.
Steelers stay with the Rooneys
The NFL have approved a proposal by the Pittsburgh Steelers that maintained control of the franchise under chairman Dan Rooney and president Art Rooney II. Thanks to a 31-0 vote, the duo will own a 30 per cent interest to meet the league requirement on the equity interest of controlling ownership. "We are obviously very pleased to be keeping the Steelers' ownership within the Rooney family and are appreciative of our fellow NFL owners' support," Dan Rooney said.
"The vote ensures that the Rooney family will be associated with the Pittsburgh Steelers and the NFL for a very long time to come." The approval allowed Dan Rooney's four brothers to sell their shares in the franchise, keeping the team in the family, but also allowing three new partners to come into the fold. Two brothers sold their full 16 per cent shares while the other two sold eight per cent each to Dan Rooney and his son.
James Haslam III of Knoxville, Tennessee, Thomas Tull of Los Angeles, and the Paul family, who are based in Pittsburgh and Los Angeles are the new partners. "We are looking forward to completing the remaining details of this transaction in early 2009," Art Rooney II said. "We are grateful that we will be able to make the ownership transition stay within the family with the help of three new partners - Thomas Tull, James Haslam III and the Paul family."
The previous team ownership breakdown had each of the five Rooney brothers with a 16 per cent stake. Their relatives, the McGinleys, had the remaining 20 per cent in the team. The Pittsburgh Post Gazette had reported last month that the agreement on a franchise value of $800 million (Dh 2.9billion) was the the determining factor in the amount that will be paid for each share of stock. * Agencies