Report: 76ers, Devils Owners Purchase Minority Stake in Steelers

The co-owners led the group that bought the Philadelphia 76ers for $280 million in 2011.
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PITTSBURGH -- Co-owners of the Philadelphia 76ers and New Jersey Devils purchased less than 5% stake in the Pittsburgh Steelers, according to Bloomberg News.

Josh Harris and David Blitzer acquired stock in the Steelers as high as $140 million earlier this year. The team is valued at $2.8 billion, according to Forbes. The two new partial owners replace David Tepper, who sold his stock two years ago to become the principal owner of the Carolina Panthers for nearly $2.3 billion.

Blitzer currently works at Blackstone Group Inc. and Harris at Apollo Global Managament Inc. They also own Crystal Palace and the Prudential Center in Newark, New Jersey.

Art Rooney II remains the principal owner and president of the team. The NFL requires at least 30% ownership to be a principal owner. Therefore, Blitzer and Harris will not have say in team operations.

Other investors in the team are Rob Citrone, former Illinois Governor Bruce Rauner, and former Steelers player John Stallworth.

Noah Strackbein is a Senior Writer with AllSteelers. Follow Noah on Twitter @NoahStrack, and AllSteelers @si_steelers.