JOHN STALLWORTH JOINS STEELERS OWNERSHIP GROUP

The “very recognizable name” to which Steelers president Art Rooney II referred last week has been revealed. Hall of Fame receiver John Stallworth is joining the franchise’s ownership group. Stallworth was approved at Monday’s league meetings, along with two other investors -- Bruce V. Rauner, Chairman of GTCR Golder Rauner, and the Varischetti family of Brockway, Pennsylvania. James Haslam III, the Paul family, and Thomas Tull previously have been approved by the league. The Steelers also announced that the closing date for the restructuring of the ownership of the team has been moved from March 31, 2009 until May 2009, and the release implies that additional investors could be added. Under the new ownership structure, Dan Rooney and Art Rooney II will own 30 percent of the franchise, the McGinley family will continue to own 20 percent, and the new investors will own a total of 50 percent. The specific shares of the new investors have not yet been disclosed. Previously, five Rooney brothers shared 80 percent of the team, and the McGinley family held its 20-percent stake. Under the transaction, Dan Rooney and Art Rooney II increase their joint position from 16 percent to 30 percent, giving them the controlling interest in the franchise.