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Monday, November 17, 2008

Steelers Chairman To Buy Out Family For Control


Steelers chairman Dan Rooney and his son will likely buy a controlling interest in the team from Rooney's four brothers.

"It's not really (that) a deal has been reached, but we're coming along very well," Art Rooney Jr., one of the brothers, said Saturday.

"You're dealing with five people who are very private. There are a lot of ideas and nuances. We're moving in the right direction after all," he said. "There's still things that have to be worked out, but it's headed that way."

Dan Rooney was the only person interested in buying the team, which the brothers want to see remain in the family, according to Art Rooney Jr.

"That was a pretty big factor in this whole thing," he said.

Art Rooney Jr. was reluctant to name a price, saying it could change. The team has been estimated to be worth as much as $1.2 billion.

Each brother owns 16 percent of the team, adding up to 80 percent, with another Pittsburgh family, the McGinleys, owning 20 percent. Those shares are not being sold. The Rooneys' father, Hall of Famer Art Rooney Sr., bought the franchise in 1933 for $2,500.

Source: Fox Sports