League approves Rooney restructuring

The NFL clubs, at a league meeting in Dallas today, approved a proposal by the Pittsburgh Steelers that brings the club into compliance with NFL ownership policies and maintains control of the franchise under Steelers Chairman Dan Rooney and Steelers President Art Rooney II.

Under the proposed transaction, Dan and Art II will own a 30 percent interest to meet the league requirement on the equity interest of controlling ownership. The plan approved today provided for transfer of the shares of Dan Rooney's brothers, including the divestiture of gaming interests by all owners of the Steelers consistent with league policy.

Three new partners were also approved at today's meeting: James Haslam III of Knoxville, Tenn., Thomas Tull of Los Angeles, and the Paul family, based in Pittsburgh and Los Angeles (bios of each partner attached).

The agreement among the Rooney family calls for a closing to take place before March 31, 2009.

Steelers Chairman Dan Rooney stated, "We are obviously very pleased to be keeping the Steelers' ownership within the Rooney family and are appreciative of our fellow NFL owners' support. Today's vote ensures that the Rooney family will be associated with the Pittsburgh Steelers and the NFL for a very long time."

Steelers President Art Rooney II stated, "We are looking forward to completing the remaining details of this transaction in early 2009. We are grateful that we will be able to make the ownership transition stay within the family with the help of three new partners – Thomas Tull, James Haslam III and the Paul family."

Thomas Tull

-- 38 years old; based in Los Angeles

-- Chairman/CEO of film production company, Legendary Pictures; joined with Warner Bros. to co-produce and co-finance films such as "The Dark Knight", "300", "Batman Begins", "We Are Marshall", "Superman Returns" and the upcoming "Watchmen".

-- Member of Board of Trustees of the American Film Institute (AFI).

-- Board member of the San Diego Zoo and serves on the Foundation Board of the Zoological Society of San Diego.

James Haslam III

-- 54 years old; based in Knoxville, Tennessee

-- President of Pilot Travel Centers, the nation's largest retail operator of travel centers and truckstops.

-- Pilot is headquartered in Knoxville, Tennessee, and has 13,000 employees across the country.

-- Pilot operates more than 300 retail facilities in 41 states featuring nationally recognized fast food restaurants such as Subway, Wendy's, Arby's, Taco Bell, Denny's and McDonald's.

-- Pilot also owns and operates 40 convenience stores in the Knoxville, Tennessee area.

Paul Family

-- Family members include Donna and Robert Paul, and their children, Larry Paul (44), Stephen Paul (41) and Karen Zimmer (39).

-- Operations based in Pittsburgh and Los Angeles.

-- Family has had substantial involvement in many businesses including Ampco-Pittsburgh (NYSE-listed metal fabricator located in Pittsburgh), TV and radio stations, cable and cellular phone operations, banking, snow and ice removal equipment (Meyer Products and Swensen Spreaders), restaurants (Morton's Restaurant Group), fitness facilities (Urban Active Fitness) and real estate development.

-- Family members sit on numerous not-for-profit boards, including Cornell University, University of Pittsburgh, UPMC (western PA medical system), Harvard Medical School, the American Red Cross and The Loomis Chaffee School.

-- Member on Board of Pittsburgh Branch of Federal Reserve Bank of Cleveland.


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