The four Rooney brothers have agreed to sell their shares in the Pittsburgh Steelers football team to their oldest brother Dan, current chairman of the team. This will give Dan (and his son, Art II, who is team president) an 80% share of the club, which will meet all NFL rules and regulations and keep the team within the Rooney family.
The Steelers began way back in 1933, when Art Rooney Sr. won $2,500 at the Saratoga Race Course in New York. He used his winnings to buy an NFL franchise for the city of Pittsburgh. The team was called the Pittsburgh Pirates, after the local MLB team Art loved as a child. In 1942, the team was renamed the Steelers after the city’s heritage in the steel industry. After decades of losing records, the Steelers finally began to show signs of life in the late 1960s, and later went on to become the “Team of the 1970s” by winning 4 Super Bowls in that decade.
When Art died back in 1988, he left 80% of the team to the each of his 5 sons, so that each one owned 16% of the franchise. This violates an NFL rule which states that one person must own a minimum of 30% of any team. Additionally, some of the Rooney boys owned racetracks and slot machines, which violates NFL rules about team owners having a stake in gambling businesses.