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The Honolulu Advertiser
Updated at 12:44 p.m., Wednesday, December 17, 2008

NFL: Owners approve restructured Steelers deal

Associated Press

IRVING, Texas — NFL owners have approved a restructured ownership plan in which Pittsburgh Steelers chairman Dan Rooney and his son will buy most of the shares owned by other family members.

Under the plan approved Wednesday by a 31-0 vote during a meeting of the owners, Dan Rooney and his son, team president Art II, will own 30 percent of the team, meeting a league requirement on the equity on controlling ownership.

Two of Dan Rooney's four brothers are selling their full 16 percent shares in the team and the other two, Art Jr. and John, will sell 8 percent each to Dan Rooney and his son.

There were also three new partners approved at the meeting: James Haslman III of Knoxville, Tenn., Thomas Tull of Los Angeles, and the Paul family based in Pittsburgh and Los Angeles.

The agreement among the Rooney family calls for the deal to be closed by March 31.