Could the Pittsburgh Steelers, one of the longtime cornerstone franchises of the National Football League, be up for sale?
(A sale of the Steelers could be worth a ton of money)
The WALL STREET JOURNAL reports that the NFL team has been “quietly” shopped around to potential purchasers, as the current owners decide on their future affiliations with the franchise.
The Steelers are run by the Rooney family - five sons of team founder Art Rooney Sr. control 80% of the team, while their cousins the McGinley family own the remaining 20%. But team chairman Dan Rooney is looking to buy out the rest of his clan, and his siblings & relatives are looking to get out of the football business and concentrate more on running their casinos & racetracks & whatnot.
However, Dan’s brothers & cousins are worried that his proposed purchase plan “undervalues the team and takes on too much debt” - especially based on the findings of a Wall Street investment bank about the actual value of the team: Read more…