Steelers Ownership Transition

[NKySteeler]

Monday, July 7, 2008
Steelers Ownership Transition

For the past two years the Rooney family has had discussions about a restructuring of the family’s ownership of the Steelers in order to ensure compliance with NFL ownership policies and the continuation of Rooney family ownership and operation of the team.

Pittsburgh Steelers Chairman Dan Rooney, the oldest son of late team founder Art Rooney, wants to stay in the football business while some of his four brothers plan to get out of the NFL and focus their business efforts on their racetracks and other interests. Dan Rooney, and his son, Steelers President Art Rooney II, are arranging a financing plan to buy Dan’s brothers' shares in the team in order to continue substantial ownership of the franchise by the Rooneys.

The other Rooney brothers – Art Jr., Timothy, Patrick and John – each currently has an ownership interest in the Steelers. Another related family, the McGinleys, also owns a minority interest in the team. The Rooney family owns racetracks in New York and Florida, and like many in recent years, these facilities have added forms of gaming that are inconsistent with NFL gambling policy.

NFL Commissioner Roger Goodell asked former NFL Commissioner Paul Tagliabue to serve as a league representative in discussions with the family in order to reach an agreement on the separation of the gambling interests and on a restructuring of ownership going forward if part of the team is sold.

Steelers Chairman Dan Rooney stated, “I have spent my entire life devoted to the Pittsburgh Steelers and the National Football League. I will do everything possible to work out a solution to ensure my father’s legacy of keeping the Steelers in the Rooney family and in Pittsburgh for at least another 75 years.”

Steelers President Art Rooney II stated, “There is no reason to believe that the current internal discussions will have any impact on our fans or on our team this season or in the seasons to come.”

[costanza2k1]

Hopefully this goes over well and they don't end up getting into a nasty battle.

[Jom112]

I think it's time to send some racetrack and casino investor guides to the Brown family...

[JAR]

The WSJ say the Steelers were being secretly shopped. But what it looks like is Rooney is looking for replacement for his brothers, not entirely new owners for the whole team.

When I heard the news say "The Steelers are being secretly shopped" I think I had a mild stroke.

[JAR]

Here's what I initially heard, see why I had a stroke?

Report: Steelers Franchise 'Shopped Around'
PITTSBURGH (KDKA) ? The Wall Street Journal is reporting that the Pittsburgh Steelers franchise has been "secretly shopped around" to potential buyers.

This comes as there are reported divisions among the five sons of Art Rooney, Sr., the team's founder.

The Steelers organization released a statement saying that Dan Rooney, team chairman, wants to remain in the football business while his four brothers plan to leave the NFL to "focus their business efforts on their racetracks and other businesses."

Dan Rooney and his son, Art Rooney II, are working on a financing plan to buy the shares from the four brothers, who each have ownership interest in the team, so the Rooney family can "continue substantial ownership of the franchise."

"There is no reason to believe that the current internal discussions will have any impact on our fans or on our team this season or in the seasons to come," Steelers President Art Rooney II said in the statement.

Stay with KDKA for the latest developments.

[NKySteeler]

"There is no reason to believe that the current internal discussions will have any impact on our fans or on our team this season or in the seasons to come," Steelers President Art Rooney II said in the statement.

I hope this is the case.... With any shift in faccet of ownership, some things inevitably change...

It sort of rubbed me the wrong way when Goodell started looking into this. You would think he would concentrate on the issues that weren't cleared-up with the Pats*.

[calmkiller]

If the Roonies were to ever sell the Steelers I think I would roll over dead.....Or take out a loan.....hum.....

[Jom112]

If the Roonies were to ever sell the Steelers I think I would roll over dead.....Or take out a loan.....hum.....

You mean if they ever were to sell the Steelers again?

[NKySteeler]

If the Roonies were to ever sell the Steelers I think I would roll over dead.....Or take out a loan.....hum.....

You mean if they ever were to sell the Steelers again?

...All I can say is that thankfully there are no daughters within the organization ( i.e. Katie Blackburn). .... I haven't met Mr. Rooney personally, but I HAVE met Mike Brown and his daughter, Katie, on three different occasions. ... Mr. Brown is a very likable guy. I have talked to him on all three occasions, and he's really quite pleasant. But an idiot with the way he runs his team....

[Jom112]

If the Roonies were to ever sell the Steelers I think I would roll over dead.....Or take out a loan.....hum.....

You mean if they ever were to sell the Steelers again?

...All I can say is that thankfully there are no daughters within the organization ( i.e. Katie Blackburn). .... I haven't met Mr. Rooney personally, but I HAVE met Mike Brown and his daughter, Katie, on three different occasions. ... Mr. Brown is a very likable guy. I have talked to him on all three occasions, and he's really quite pleasant. But an idiot with the way he runs his team....

You'll get no argument from me there...