Rooney family agrees on Steelers sale price

Nov 15, 2008 - 7:14 PM PITTSBURGH (Ticker) -- The four Rooney brothers seeking to sell their shares in the Pittsburgh Steelers franchise have agreed on a sale price of $800 million with team chairman Dan Rooney.

The Pittsburgh Post-Gazette reported the agreement on its website Saturday, but indicated that there are still some minor issues to address and the deal is not complete.

The sons of deceased team founder Art Rooney would reportedly like to finalize the deal before the end of the calendar year.

The oldest Rooney brother, Dan will be purchasing the shares along with his son Art II - the team president.

"It's a good deal," Patrick Rooney told the Pittsburgh Tribune-Review on Friday. "I'm happy for Dan. I'm happy for the rest of the family. I think young Art, Dan's son, will do a fine job. I think we're doing the right thing."

The current team ownership breakdown has each of the five Rooney brothers with a 16 percent stake. Their relatives, the McGinleys, have the remaining 20 percent.

The agreement on a franchise value of $800 million is the the determining factor in the amount that will be paid for each share of stock.

It remains unclear as to whether the four brothers intend to sell a portion or all of their shares to Dan Rooney and his son.