The sale of their stake is based on a valuation of the Steelers slightly exceeding $4 billion…
Following his involvement in a group that acquired the Washington Commanders, Josh Harris found himself needing to divest his ownership stake in the Pittsburgh Steelers.
Reportedly, Harris, along with David Blitzer, a minority investor in the Commanders, is in the process of selling their 4.8 percent stake in the Steelers to Art Rooney II and Thomas Tull. Art Rooney II serves as the president of the Steelers, while Thomas Tull is a billionaire financier.
The sale of their stake is based on a valuation of the Steelers slightly exceeding $4 billion. Forbes’ valuation of $4.63 billion, released after ongoing negotiations, played a role in the decision. NFL regulations prohibit team owners from investing in other teams to avoid conflicts of interest, making the sale a necessary step for Harris.
Harris and Blitzer initially acquired their stake in the Steelers in 2020, and its value has since risen by over 50 percent. Despite divesting from the Steelers, they maintain active involvement in the sports realm, with investments in the Commanders, NBA’s Philadelphia 76ers, NHL’s New Jersey Devils, and soccer’s Crystal Palace.
However, the sale of the 4.8 percent stake is contingent on approval by 24 out of the NFL’s 32 team owners.
Meanwhile, Harris’s Commanders are working towards a resurgence after a challenging period, with their last winning record in 2016 and a disappointing 4-13 performance in 2023. Holding the No. 2 overall pick in the 2024 NFL draft, they have the opportunity to select a potential franchise quarterback.
On the other hand, the Steelers concluded the previous season with a 10-7 record, reaching the AFC Wild Card Round but ultimately losing to the Buffalo Bills.
