Pittsburgh Steelers Open Door To Outside Investors

Law360, New York (September 28, 2009, 5:13 PM EDT) -- The Pittsburgh Steelers, a previously family-owned NFL franchise, has reorganized its ownership, allowing outsiders such as Hall of Fame receiver John Stallworth to invest in the $800 million enterprise.

The Steelers announced the deal Sept. 25, saying the transaction involved the Rooney and McGinley families' sale of stock to the team's President Art Rooney II and to a group of prominent new shareholders.

Art Rooney II and Dan Rooney will retain more than 30 percent ownership per NFL rules, according to Carl Sanchez, an attorney who...
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