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Sources: 'Framework' In Place For Steelers Sale

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Nov 14, 2008 10:09 pm US/Eastern

Sources: 'Framework' In Place For Steelers Sale

Reporting
Andy Sheehan
PITTSBURGH (KDKA) ― The five Rooney brothers appear to be on the verge of consummating a deal – one that would keep the Steelers in the family and give majority control of the team to Dan Rooney and his son, Art II.

Sources say there is the framework of a deal under which the four other Rooney brothers would sell their shares to Dan.

Brothers Pat and Tim, who operate racetracks in New York and Florida, would divest themselves completely while brothers John and Art Jr. would retain smaller stakes than they currently now hold.

Dan would be financing his end of the deal with the help of PNC, which is putting up an undisclosed amount in loans. Dan is longtime friends with PNC CEO Jim Rohr and sources say Rohr has been in Dan's corner for months trying to arrange the financing.

The Steelers have a board meeting to approve the deal set for early December and the league must approve it later in the month. All of this must be done in anticipation of Barack Obama becoming president and raising the tax on capital gains. That means the brothers want the deal done before the end of the year.

Sources caution, however, that this is not yet a done deal and that some of the terms are "fluid" and the commitments from both the family and the investment side are "not nailed down."

Still, a deal does appear to be imminent.

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