• Loading stock data...
Sunday, April 21, 2024
  • -
  • -
  • -
  • -

Billionaire Steelers Co-Owner Seeks To Increase Stake In Team

  • Thomas Tull among those vying for team equity to be sold by Josh Harris, David Blitzer
  • Steelers remain among the NFL's most popular teams
Kim Klement Neitzel-USA TODAY Sports

The sale of the Washington Commanders to Josh Harris’ group has sparked a new battle for a minority stake of the Pittsburgh Steelers.

Harris and longtime sports investment partner David Blitzer must sell their equity in the Steelers — estimated at less than 5% of the team — per NFL rules, which dictate that a majority team owner cannot hold interest in another franchise. 

Billionaire Thomas Tull — film producer and Steelers co-owner since 2009 — is reportedly in talks to acquire the equity from Harris and Blitzer, increasing his existing stake in the team led by Art Rooney II.

But others also want the equity, and the Steelers have 18 members in the ownership group beyond Rooney and Tull, including Pro Football Hall of Famer and Steelers legend John Stallworth. Staying within the team’s existing ownership group for this transaction would be the simplest path, as those investors have already been vetted by the NFL.

Harris, who has long been aware of the ownership requirements, began efforts to divest the Steelers equity even before the Commanders acquisition was completed.

A six-time Super Bowl champion and one of the NFL’s most popular teams, the Steelers are worth an estimated $4.63 billion, 18th-highest in the NFL. A 5% stake would then be worth about $232 million. Harris and Blitzer acquired their Steelers equity in 2020, investing a reported $140 million. 

Harris and Blitzer would subsequently be in line to turn a solid profit on their three-plus years of Steelers ownership — no surprise given the NFL’s continued revenue growth and franchise value escalation. 

Copy Link
Link Copied
Link Copied

What to Read

No Subscription Totals? Netflix’s Decision Could Impact Sports Plans

The streaming giant says a focus on subscriber totals doesn’t reflect the full state of the company.

Utah Fans Rush for Season Tickets (for a New NHL Team With No Name)

More than 20,000 season-ticket deposits have been made for the newly relocated NHL team.

Rockies Coach’s Team Plane Cockpit Visit Triggers Federal Investigation

A since-deleted video shows him sitting in the cockpit mid-flight.
Jazz owner Ryan Smith

Utah’s Long-Term Hockey Dream Is a Short-Term Logistical Nightmare

Ryan Smith now faces a lengthy to-do list to prepare for the next NHL season.
podcast thumbnail mobile
Front Office Sports Today

Why Ian Rapoport Lives for the NFL Draft’s Chaos


Featured Today

Everything You Need To Know About the Legal Attempts To Kill the ACC

Four lawsuits involving the conference, Clemson, and FSU could determine the future.
April 20, 2024

A Bare-Knuckle Fighter Won His Pro Debut. The Far Right Scored a Marketing Win

With Proud Boys sponsoring him, experts say extremist groups will use his success to elevate their ideologies and recruit new believers.
April 7, 2024

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Multiple - USA Careers
Multiple - USA Careers
Alex Rodriguez, Anthony Towns

Timberwolves’ Playoff Start Is Clouded by a Messy Ownership Dispute

No one knows who the Timberwolves’ owner will be in the future.
April 17, 2024

The A’s Have Major League Problems With Minor League-Level Attendance

The team was outdrawn Tuesday by 19 different minor-league teams.
April 17, 2024

NBA Postmortem: A Record Salary, Groundbreaking Investment … and What For It?

The Pistons and Wizards made big financial moves last summer.

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 17, 2024

Warriors Missing Playoffs Has Big-Money Consequences

The NBA is losing one of its biggest postseason draws.
April 15, 2024

Knicks’ Resurgence Marks Peak in Dolan’s Sports Domain

The team’s on-court success is fueling a series of gains off it.
April 12, 2024

Fever Keeping Plans Quiet (for Now), Unlike Spurs and Blackhawks

The Fever’s business approach differs from recent rookie phenoms in other leagues.
April 10, 2024

Orioles Call Up Jackson Holliday Right Before Service Time Cutoff

Holliday is still in line to earn a full year of MLB service time.