A story we’ve been following the past few months might finally be reaching a conclusion. According to Bloomberg.com’s Gillian Tan, Pittsburgh Steelers minority owners Josh Harris and David Blitzer are finalizing a deal that would sell their stake in the team to an investor group led by Art Rooney II and Thomas Tull.
Per Bloomberg:
“The transaction, which requires approval from the National Football League, may be finalized in [the] coming months, said the people, all of whom requested anonymity discussing confidential information. Financial terms couldn’t immediately be learned.”
This comes after Harris and Blitzer were part of the ownership group that bought the Commanders, a move officially approved in July 2023. NFL rules state that no person can own shares of multiple organizations when they own the majority of at least one team, meaning their purchase of Washington meant they had to sell their Steelers shares. Harris and Blitzer own less than a five percent stake in the Steelers and the NFL does allow leeway and time to find a buyer, meaning their shares didn’t have to be sold by the time they bought the Commanders.
Tull reportedly increasing his shares comes as little surprise. In August, Tan reported that Tull was vying against outsider bidders to buy Harris and Blitzer’s shares and increase his stake in the Steelers.
“Billionaire Thomas Tull is vying against rival bidders as he seeks to increase his ownership in the NFL’s Pittsburgh Steelers by acquiring a small stake from sports investors Josh Harris and David Blitzer, according to people with knowledge of the matter.”
Tull, who made a lot of his money through his movie production company, first bought shares in the Steelers in 2009. He played a key role in Pittsburgh landing the Acrisure deal, introducing Acrisure CEO Greg Williams to Art Rooney II. That led to the company taking over naming rights of the Steelers’ stadium.
The Steelers, according to Forbes, are worth $4.625 billion per their August 2023 calculation. It’s likely they could fetch a lot more than that if they were ever sold, not that the Rooneys have any intention of doing so.
