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 The Pittsburgh Steelers will be sold from one part of the Rooney family to another.
Art Jr., Patrick, Timothy and John Rooney are selling their controlling stake in the Steelers to Dan Rooney, and his son, Art II. As reported by the Pittsburgh Tribune-Review, the sale of the controlling stake could net the four brothers selling a total of $750 million after business debt is subtracted. "We have a board meeting in December, but we hope that's just a formality and everything is out of the way by then," Art Jr. said. Wall Street has estimated the value of the team at $800 million to $1.2 billion. Word of the imminent deal came from brothers Patrick and Art Rooney Jr. They confirmed that rumors leaking out of the NFL are true: About $280 million of the deal will come from loans arranged by PNC Bank in Pittsburgh, and Dan Rooney will need to bring in an unknown number of equity partners he has yet to name.
The deal is reportedly structured over a several years, with the Steelers themselves being used as the collateral on the loan. Commissioner Goodell is reviewing the terms, and the owners are believed to be behind the deal, so long as the team remains in control of the Rooney family. The team is almost exclusively controlled by the Rooneys with each of the five brothers and their family members controlling a 16 percent stake in the franchise. The remaining 20 percent is controlled by the McGinley family.
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