Homepage > Sports

Steelers Sale Recommended; Final Vote Possible This Week

Dan Rooney To Buy Brothers Out

POSTED: 7:51 am EST December 16, 2008
UPDATED: 8:16 am EST December 16, 2008

National Football League team owners may vote Wednesday to accept the proposed sale of the Pittsburgh Steelers, which would see Dan Rooney and his son, Art II, buy most of the shares owned by Dan's four brothers.

The NFL's finance committee -- chaired by New Orleans Saints owner Tom Benson -- reviewed the deal Monday and recommended it for approval. It will be on the agenda at Wednesday's owners meeting in Dallas.

To be approved, at least 24 of the NFL's 32 teams must vote in favor of the sale.

Pat and Tim Rooney each plan to sell their entire 16 percent shares, while John and Art Rooney Jr. will sell 8 percent each and retain 8 percent each.

The Jack McGinley family, who are cousins to Dan Rooney and his brothers, will also sell some of their 20 percent stake in the team to him.

A restructuring of the Steelers' ownership is required under NFL rules, which state that one person must own at least 30 percent of a team. Currently, Dan Rooney only owns the same 16 percent stake as his brothers.

Also, Pat and Tim Rooney operate racetracks in Florida and New York. The NFL prohibits owners from being involved in racing or gambling.

Ironically, their father -- Steelers founder Art Rooney Sr. -- used winnings from a horse race to start the team. The five sons acquired their shares when he died in 1988, and the McGinleys bought in when he briefly sold the team in 1941 before regaining it later that year.


Related Links:

Links We Like

If you have aspirations of becoming a millionaire, check out these five habits that may be worth emulating. More

Most sellers think they know at least a ballpark figure for their house, but most are way off. Get a true gauge on just what your home is worth. More

You’ve heard of certain foods that can help you prevent cancer and even halt the spread of the disease. Find out if these anti-cancer foods really work. More

Whether or not to get your child vaccinated has caused some debate. Learn more about immunization to help your decision. More

Sponsored Links