Dec 17, 2008 7:39 pm US/Eastern
Steelers Release Statement On Ownership Approval
Statement on Steelers Ownership Approval
The NFL clubs, at a league meeting in Dallas today, approved a proposal by the Pittsburgh Steelers that brings the club into compliance with NFL ownership policies and maintains control of the franchise under Steelers Chairman Dan Rooney and Steelers President Art Rooney II.
Under the proposed transaction, Dan and Art II will own a 30 percent interest to meet the league requirement on the equity interest of controlling ownership. The plan approved today provided for transfer of the shares of Dan Rooney's brothers, including the divestiture of gaming interests by all owners of the Steelers consistent with league policy.
Three new partners were also approved at today's meeting: James Haslam III of Knoxville, Tenn., Thomas Tull of Los Angeles, and the Paul family, based in Pittsburgh and Los Angeles (bios of each partner attached).
The agreement among the Rooney family calls for a closing to take place before March 31, 2009.
Steelers Chairman Dan Rooney stated, "We are obviously very pleased to be keeping the Steelers' ownership within the Rooney family and are appreciative of our fellow NFL owners' support. Today's vote ensures that the Rooney family will be associated with the Pittsburgh Steelers and the NFL for a very long time."
Steelers President Art Rooney II stated, "We are looking forward to completing the remaining details of this transaction in early 2009. We are grateful that we will be able to make the ownership transition stay within the family with the help of three new partners – Thomas Tull, James Haslam III and the Paul family."
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