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Breaking News - NFL owners meeting in Texas have approved the change to the Pittsburgh Steelers ownership structure. More details to come.
NFL approves sale of Steelers' shares to Dan Rooney and son
Wednesday, December 17, 2008
Robert Dvorchak, Pittsburgh Post-Gazette
IRVING, Texas -- NFL owners have approved a plan that consolidates ownership of the Steelers in the hands of Dan Rooney and his oldest son while separating the football team from the family's gambling interests.
Approval came today as the owners met at the posh Four Seasons Resort and Club in a suburb of Dallas. The vote was 31-0 with one abstention. It came two days after the NFL's finance committee, via conference call, recommended approval.
The sale is expected to close on March 31.
Three new partners in the Steelers also were approved by NFL owners:
• James Haslam III, 54, of Knoxville, Tenn. He is the president of Pilot Travel Centers, operator of travel centers and truckstops. Pilot, based in Nashville, Tenn., also operates 40 convenience stories in the Knoxville, Tenn., area.
• Thomas Tull, 38, of Los Angeles. He is chairman and CEO of Legendary Pictures, a film production company, which joined with Warner Bros, to co-produce and co-finance films such as The Dark Knight, 300 and Batman Begins.
• The Paul family, whose members include Donna and Robert Paul and their children Larry Paul, 44, Stephen Paul, 44 and Karen Zimmer, 39. The family's operations are based in Pittsburgh and Los Angeles and include Ampco-Pittsburgh, a metal fabricator, TV and radio stations and cable and cell phone operations.
"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. "Today's vote ensures that the Rooney family will be associated with the Pittsburgh Steelers and the NFL for a very long time."
The situation has been simmering in the two years since the Steelers won Super Bowl XL.
The NFL raised concerns about the franchise being out of accord with NFL rules on majority control and its prohibitions against gambling even as NFL commissioner Roger Goodell let it be known he wanted the Rooneys to retain control of the Steelers.
The family of John McGinley Jr. owns 20 percent of the Steelers and has agreed to sell some of its interest to Dan and Art Rooney II. The McGinley investment originated in 1946 when Bert Bell sold his share of the Steelers to become NFL commissioner.
A breakthrough in the restructuring came in mid-November when the brothers agreed on a sale price of $800 million, which made a 16 percent share worth $128 million. That is less than the price offered by hedge-fund billionaire Stanley Druckenmiller but it simplified the process of keeping the franchise under control of the Rooneys.
Robert Dvorchak can be reached at [email="email@example.com"]firstname.lastname@example.org[/email]
ours is not to wonder why just invert and multiply...
The only reason this guy--
--invested in the Steelers was so he could somehow entice James Harrison to be the latest villain in the line of Batman movies. Then he can kill Batman and become the star of his own movie series if he ever retires...Thomas Tull, 38, of Los Angeles. He is chairman and CEO of Legendary Pictures, a film production company, which joined with Warner Bros, to co-produce and co-finance films such as The Dark Knight, 300 and Batman Begins.