PITTSBURGH - Pittsburgh Steelers chairman Dan Rooney's four brothers signed papers this week transferring majority ownership of the six-time Super Bowl champions to Rooney and son Art Rooney II, the team president.
The complicated sale, ongoing for nearly a year, is expected to close within the next several weeks.
The sale allows Dan Rooney, now the U.S. ambassador to Ireland, and Art II to control 30 percent of the team's shares, as required of a principal owner under NFL rules.
Dan Rooney and his son are taking on about $250 million in debt to complete the takeover, with their shares used as collateral for a loan arranged by PNC Bank.
Previously, the five sons of Steelers founder Art Rooney Sr. - Dan, Pat, John, Art Jr. and Tim - each owned a 16 percent stake.
Tim and Pat Rooney are selling their entire 16 percent stakes, while Art Jr. and John Rooney are selling about half of their shares. Tim Rooney and Pat Rooney run the family's race track business.
