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Post by scorpion42 on Dec 16, 2008 15:19:48 GMT -7
NFL advises owners to OK Rooney deal Tuesday, December 16, 2008 By Ed Bouchette, Pittsburgh Post-Gazette
The NFL's finance committee yesterday recommended the league's owners consider the Steelers restructured ownership as presented to it at the winter meeting, which takes place tomorrow in Dallas.
The finance committee "thoroughly reviewed the proposed transaction [yesterday] and it is on the league meeting agenda for consideration by the clubs on Wednesday," according to a league statement.
For the restructuring to pass, owners must approve by a three-fourths vote, or 24 of the 32 clubs.
Dan Rooney and his son Art II have obtained financing from PNC Bank and compiled a group of investors to purchase some or all of the shares of Dan's four brothers. Brothers Tim and Pat Rooney will sell their 16 percent shares each to the new investment group while brothers Art and John Rooney will sell a little more than half of their 16 percent shares each, remaining part owners of the club.
Dan Rooney, who also owns 16 percent of the team, needs to own at least 30 percent with his son Art II in order to be in compliance with NFL rules regarding controlling interest of a franchise. A small portion of the 20 percent that Pittsburgh's McGinley family owns also was to be sold to the new group of investors, none of whose names have yet become public.
The nine-member finance committee is chaired by New Orleans Saints owner Tom Benson.
Ed Bouchette can be reached at ebouchette@post-gazette.com.
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