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The Pittsburgh Steelers are still sorting out who will purchase the minority team stake that Josh Harris had to divest when he became the new owner of the Washington Commanders — and a new player is in the mix.
Michael Rees, co-president of alternative investment asset management company Blue Owl Capital, is the latest billionaire interested in acquiring the Steelers stake, according to Bloomberg.
Previously, current Steelers minority investor Thomas Tull, a billionaire entrepreneur, was reportedly trying to increase his stake in the team by purchasing the stake up for grabs.
Before leading the $6.05 billion deal for the Commanders, Harris and longtime business partner David Blitzer were limited partners with the Steelers, holding a stake that represented less than 5% of the franchise. The Steelers are worth an estimated $4.63 billion, making a 5% stake worth about $232 million. Harris and Blitzer acquired their Steelers equity in 2020, investing a reported $140 million.
Bringing on Rees as a new co-owner would require the same vetting to which all incoming minority and majority NFL investors are subject, while selling the Steelers stake to Tull would be a simpler process since he’s already in the fold. It’s unclear if there will be any bidding battle between the two men or any other interested parties.
Harris is not the only former Steelers shareholder to become a full-fledged NFL team owner. David Tepper held a 5% minority stake in Pittsburgh before purchasing the Carolina Panthers for $2.27 billion in 2018.
