Island Boy
12-17-2008, 08:32 PM
We need to get this part of forum going. Im going to post a couple stories, maybe we can get some damn conversation going!! :rockit:
http://msn.foxsports.com/nfl/story/8946434/NFL-owners-approve-restructured-Steelers-deal
IRVING, Texas (AP) - NFL owners approved a restructured ownership plan for the Pittsburgh Steelers on Wednesday that will keep the team under the control of chairman Dan Rooney and his son.
Under the plan approved by a 31-0 vote during a meeting of the owners, Rooney and his son, team president Art II, will own 30 percent of the team, meeting a league requirement on the equity on controlling ownership.
"I felt that our father started this team in 1933 and it's done well, it's been a big part of Pittsburgh," Dan Rooney said. "And that's the way it should stay, under our direction."
Rooney and his four brothers each acquired equal 16 percent shares in the team when Steelers founder Art Rooney Sr., their father, died in 1988. The Jack McGinley family owns the other 20 percent of the franchise.
The restructuring was mandated by the NFL to bring the Steelers into compliance of the 30 percent benchmark. Another league rule bars team owners from being involved in gambling, so two of the Rooney brothers who operate race tracks that feature slot-machine gambling, Pat and Tim, are selling their full 16 percent shares as part of the plan.
"It's a very complex issue with significant financial issues and complexities in estate planning," commissioner Roger Goodell said. "I'm pleased for all of the Rooney family that it's resolved in a positive way for them."
Two other brothers, Art Jr. and John, are selling a portion of their shares, and the McKinley family is also expected to sell some of its stake in the team.
Dan Rooney and his son will not be buying all those shares, and do not need them all to own 30 percent interest in the team. What wasn't immediately clear was how the sale would break down between Dan Rooney, his son and other investors.
The NFL approved three new partners for the Steelers during the meeting: James Haslman III of Knoxville, Tenn., Thomas Tull of Los Angeles, and the Paul family based in Pittsburgh and Los Angeles.
The agreement among the Rooney family calls for the deal to be closed by March 31.
"We have a few more investors in the pipeline but we're happy that the transaction was approved by the owners. Now we have to go into finalizing some of the details," Art Rooney II said. "This was a big step and I'm glad we got this far to get to a closing and finalizing everything."
http://msn.foxsports.com/nfl/story/8946434/NFL-owners-approve-restructured-Steelers-deal
IRVING, Texas (AP) - NFL owners approved a restructured ownership plan for the Pittsburgh Steelers on Wednesday that will keep the team under the control of chairman Dan Rooney and his son.
Under the plan approved by a 31-0 vote during a meeting of the owners, Rooney and his son, team president Art II, will own 30 percent of the team, meeting a league requirement on the equity on controlling ownership.
"I felt that our father started this team in 1933 and it's done well, it's been a big part of Pittsburgh," Dan Rooney said. "And that's the way it should stay, under our direction."
Rooney and his four brothers each acquired equal 16 percent shares in the team when Steelers founder Art Rooney Sr., their father, died in 1988. The Jack McGinley family owns the other 20 percent of the franchise.
The restructuring was mandated by the NFL to bring the Steelers into compliance of the 30 percent benchmark. Another league rule bars team owners from being involved in gambling, so two of the Rooney brothers who operate race tracks that feature slot-machine gambling, Pat and Tim, are selling their full 16 percent shares as part of the plan.
"It's a very complex issue with significant financial issues and complexities in estate planning," commissioner Roger Goodell said. "I'm pleased for all of the Rooney family that it's resolved in a positive way for them."
Two other brothers, Art Jr. and John, are selling a portion of their shares, and the McKinley family is also expected to sell some of its stake in the team.
Dan Rooney and his son will not be buying all those shares, and do not need them all to own 30 percent interest in the team. What wasn't immediately clear was how the sale would break down between Dan Rooney, his son and other investors.
The NFL approved three new partners for the Steelers during the meeting: James Haslman III of Knoxville, Tenn., Thomas Tull of Los Angeles, and the Paul family based in Pittsburgh and Los Angeles.
The agreement among the Rooney family calls for the deal to be closed by March 31.
"We have a few more investors in the pipeline but we're happy that the transaction was approved by the owners. Now we have to go into finalizing some of the details," Art Rooney II said. "This was a big step and I'm glad we got this far to get to a closing and finalizing everything."