Rooneys Close Steelers Ownership Restructuring, Announce New Partners

What started with a bang that rocked Steelers Nation in July of 2008 ended today without much fanfare.

The Post-Gazette reports that the Steelers announced that they had closed the ownership restructuring process that became public in July 2008, but really began several years ago when the NFL ordered the Rooneys to divest themselves of their gambling interests or else give up the team.

The new ownership group will be headed by Art II and his father Dan Rooney. Also staying on board are brothers John Rooney and Art Rooney Jr. who will maintain about half of their former 16% ownership stakes. The McGinley family will also remain as significantly stakeholders, although they will now apparently control less than the 20% they previously owned.

Rooneys Still Control the Steelers

Details of the deal were not made public, however, it is believed that the new deal is structured to so that the Rooney and McGinley families still maintain controlling interest.

They will also bring on a host of new partners, several of which were announced the for the first time today: David Tepper, the Paul Sams Family, Ben Statler, and Mike Wilkins.

Ealier this spring the Steelers announced that these investors would join the group: James Haslam III, the Paul Family, Thomas Tull, Bruce Rauner, and the Varischetti Family.

The latter group also included a familiar face: Steelers Hall of Fame Wide Receiver John Stallworth.

Check back tomorrow (or perhaps the day after tomorrow), as Steel Curtain Rising will take an indepth look at John Stallworth and his career with the Steelers

To follow the entire thread on the Steelers ownership restructuring process, click here to view everything under the Rooney brothers tag.

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