Battle for minority stake in Pittsburgh Steelers causes stir
The July 21st sale of the Washington Commanders has consequently caused a bit of a dust-up in the Pittsburgh Steelers organization, according to Front Office Sports.
Since rules prohibit a majority team owner from holding interest in another NFL franchise, Washington’s news owners Josh Harris and David Blitzer must sell their estimated five percent equity in the Steelers.
An ownership stake in the Pittsburgh Steelers is up for grabs.
New Commanders owners Josh Harris and David Blitzer must sell their 5% stake in the Steelers — and several current minority owners are jockeying for a piece of it.
— Front Office Sports (@FOS) August 31, 2023
Thomas Tull — billionaire film producer and Steelers co-owner since 2009 — appears to be at the front of the line. According to Bloomberg, he’s interested in increasing his existing stake.
But he’s not the only one. There are 18 other members in the ownership group, including Pro Football Hall of Famer and legendary Steelers receiver John Stallworth, who want to do the same. The best bet is to stick with an internal investor as they’ve already been vetted by the NFL.
Harris and Blitzer won’t walk away empty-handed. Their stake would be worth a whopping $232 million. Not too shabby for the guys who also own the Philadelphia 76ers and New Jersey Devils. The two acquired their equity in the six-time Super Bowl champions in 2020 with a reported $140 million investment.
