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Dec 2, 2008 10:18 pm US/Eastern
Sources: Transfer Of Ownership Nearly Complete
PITTSBURGH (KDKA) ―
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Steelers Chairman Dan Rooney didn't offer many details about the pending sale of the team last month.
KDKA
You could call it the last hurrah.
All five Rooney brothers will come to Pittsburgh this weekend to watch the Steelers face their longtime rivals, the Dallas Cowboys.
It will be the last time they will all be together as owners of the Pittsburgh Steelers.
The last time the Steelers played Dallas, it was in 2004 in Irving, Texas. It was Ben Roethlisberger's rookie year and the Steelers won 24-20.
This Sunday the Steelers will be playing on their home turf and it seems a fitting occasion for the five Rooney brothers to come together to finally consummate the deal – the transfer of majority ownership to their brother Dan.
When we last spoke with Dan Rooney two weeks ago, the deal was still unsigned and sources say even tonight, there are still some loose ends.
But the same sources say those details should be settled by this weekend and the brothers plan to stay in town after the game for a board meeting on Monday and they plan to ratify the deal at that time.
According to sources, the deal affixes a value to the team of between $750 million and $800 million.
And according to NFL rules against owners having gaming interests, two of the brothers will completely divest themselves of the team.
Tim and Pat Rooney both operate race tracks and will each sell their 16 percent stake in the team to Dan. The two other brothers, Art, Jr., and John, will also sell shares to Dan but retain a smaller stake.
To purchase these shares, PNC is loaning Dan Rooney an undisclosed sum.
After the Steelers board approves the sale, there will be one more final hurdle – approval by the NFL ownership committee.
But given Dan Rooney's reputation in the NFL, it should not be a problem.
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