PITTSBURGH — Pittsburgh Steelers Chairman Dan Rooney’s four brothers signed papers this week transferring majority ownership of the six-time Super Bowl champions to Rooney and son Art Rooney II, the team president.
The complicated sale, ongoing for nearly a year, is expected to close within the next several weeks.
The sale allows Dan Rooney, now the U.S. ambassador to Ireland, and Art II to control 30 percent of the team’s shares, as required of a principal owner under NFL rules.
Dan Rooney and his son are taking on about $250 million in debt to complete the takeover, with their shares used as collateral for a loan arranged by PNC Bank.
Previously, the five sons of Steelers founder Art Rooney Sr. – Dan, Pat, John, Art Jr. and Tim – each owned a 16 percent stake.
Tim and Pat Rooney are selling their entire 16 percent stakes, while Art Jr. and John Rooney are selling about half of their shares. Tim Rooney and Pat Rooney run the family’s race track business, which now involves gambling operations not permitted by NFL rules.
Some of the 20 percent share previously held by the McGinley family of Pittsburgh also will be sold to Dan Rooney and his son. The late John “Jack” McGinley helped Art Rooney Sr. reacquire the Steelers in 1941, after Rooney briefly sold the team and bought into the Philadelphia Eagles.
To help them complete the transaction, Dan Rooney and Art II added additional investors, including movie producer Thomas Tull; James Haslam III, the president of truck-stop operator Pilot and the Paul family of Pittsburgh.
Art Rooney II is running the Steelers with his father in Ireland, although he has largely done so since becoming team president six years ago.
Local Sports
Rooneys sign off on sale of team
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UPDATED Bedford advances in PIAA wrestling in odd way
It’s not often that a team can win a match at the PIAA Class AA Dual-Meet Championships while giving up two forfeits, but that’s exactly what Bedford did this afternoon at the Giant Center.
In fact, the Bisons won 30-29 over Pen Argyl because they forfeited.
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Bedford goes to Class AA quarterfinals by thumping first-time participant Western Wayne
Bedford was making its fifth straight appearance in the PIAA Class AA Dual-Meet Championships on Thursday.
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Steelers introduce Haley as offensive coordinator
Throughout the 16 minutes that followed him glowingly introducing former Kansas City Chiefs coach Todd Haley as his new offensive coordinator, Pittsburgh Steelers coach Mike Tomlin stood proudly in the corner of the second-floor media room at the team’s facility.
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College basketball in brief
A closer look at Thursday night's men's and women's college basketball games:
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High School Basketball in Brief
A closer look at Thursday's boys and girls high school basketball games:
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Penn State men absorb fifth straight loss
Penn State refused to be routed the first time No. 11 Michigan State had a chance to pull away for an easy victory.
The Nittany Lions, though, couldn’t stay consistent enough to keep their comeback hopes alive. -
South Florida rebounds with win over Pitt
South Florida’s Hugh Robertson combined a perfect night offensively with a stellar defensive performance that helped the Bulls rebound from their worst-ever Big East loss.
Robertson had a season-high 18 points and helped USF
(14-10, 7-4) hold Pittsburgh star Ashton Gibbs to a season-low four points in a 63-51 victory over the Panthers on Wednesday night. Augustus Gilchrist added 10 points for the Bulls, who lost by 30 points at Georgetown last weekend. -
High School Basketball in Brief
- Local sports in brief 2-9-2012
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[VIDEO] Cory Berchick sets Township school mark, but Somerset wins the match
Jarod Feathers didn’t necessarily see this moment coming four years ago.
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