NFL owners last week approved the sale of a minority stake in the Steelers, sports business site JohnWallStreet reports.
A pair of unknown investors purchased a 10% stake in the franchise and “received a ‘standard’ twenty-percent non-control discount on a valuation ‘within the ballpark’ of Forbes’ $2.8 billion estimation,” according to the report. The transaction was approved at last week’s NFL owner meetings in Florida.
Former Steelers minority owner David Tepper was forced to relinquish his stake in the club when he became the majority owner of the Panthers in May 2018. Tepper was believed to hold a 5% stake in the club and Steelers president Art Rooney II said in July that the team was looking to bring in new investors rather than redistribute Tepper’s shares to existing partners.
Rooney’s father, Art Rooney Sr., founded the Steelers in 1933. He paid a $2,500 franchise fee, about $50,000 in today’s economy.