All in the Family: Rooneys agree to keep ownership of Steelers

Football Betting Lines

11/15/2008 - Pittsburgh, PA (Sportsbook Betting Lines) - A controlling interest in the Pittsburgh Steelers will reportedly be sold to current team chairman Dan Rooney and his son, Art II, the team's president.

According to the Pittsburgh Tribune-Review, four of the sons of club founder Art Rooney Sr. have agreed to sell their stakes to the fifth brother, Dan, and his son, for close to $750 million after business debt is subtracted.

The deal will reportedly include $280 million in loans with Dan Rooney needing to also secure several equity partners. The team itself will reportedly be used as collateral against the loans.

The Tribune-Review reported the four brothers selling their stakes would like to complete the deal before a board meeting in December.

The five Rooney brothers own 80 percent of the Steelers, with each controlling a 16 percent stake. The other 20 percent is owned by the McGinley family. Art Rooney Sr. founded the franchise in 1933.

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