David Tepper no longer is a minority shareholder in the Pittsburgh Steelers ownership group, but his stake in the franchise has yet to be transitioned to another buyer.
Steelers president Art Rooney II, who heads the team’s ownership group, told the Tribune-Review that Tepper’s estimated 5% ownership stake remains in limbo, likely will be purchased by an outside investor and will not be redistributed among the current 18 shareholders.
“We’re going to wind up with a couple new shareholders,” Rooney said Saturday.
Forbes recently calculated the Steelers’ valuation at $2.59 billion. That would make a 5% stake worth $129.5 million.
Tepper, a Pittsburgh native who made his fortune as a hedge fund manager, had to sell his shares when he purchased the Carolina Panthers for $2.2 billion in 2018. The Charlotte Observer reported Tepper liquidated his Steelers shares in May for an approximate $122 million.
“We’re still in the process of finalizing all of that,” Rooney II said about Tepper’s former shares. “Probably in the next few months we’ll get everything cleaned up on that end.”
The Steelers restructured their ownership group in 2009 to comply with NFL rules. The group consists of 17 minority owners, including four other members of the Rooney family. The most noteworthy non-Rooney ownership members are former Steelers wide receiver John Stallworth and entertainment executive Thomas Tull.