Pittsburgh, Pa. – Allegheny County Controller Mark Patrick Flaherty yesterday issued a letter to the owners of the Pittsburgh Steelers stating that a sale of capital stock or change in ownership of the Pittsburgh Steelers Franchise outside a “permitted transfer” to another Rooney/McGinley, i.e., “Steelers Family” member could result in a demand to return a proportionate share of the $281 million public funded money, used for the construction of Heinz Field, out of any proceeds realized from a sale of ownership interest.

Flaherty explained that the taxpayers of Allegheny County and the State of Pennsylvania provided the funds dedicated to the construction of Heinz Field based on the agreement that the Steelers remain in Pittsburgh, under the control of the Rooney/McGinley family. The Stadium was financed by $281 million in public participation while $76.5 was contributed by the Steelers organization.

“The new Stadium and generous lease provisions contributed significantly to the dollar value of the Steelers Franchise,” said Flaherty. “According to Forbes Magazine, in 1998 the Franchise was valued at $300 million; in 2007 it was valued at $929 million. The public should share in the increased value the Stadium has added to the Franchise.”

In entering discussions concerning a change in ownership outside the Steelers Family, shareholders may have violated lease provisions between the Steelers Franchise and the Sports and Exhibition Authority, as cited in Article 8.2 of the lease agreement between the Sports & Exhibition Authority and PSSI Corporation.

Flaherty affirmed such a sale would unjustly enrich shareholders at the expense of taxpayers. Additionally, a change in ownership would violate the trust of taxpayers who absorbed the costs of constructing the Stadium based on the expectation that the team would remain in Pittsburgh under current ownership.

“As Allegheny County’s financial watchdog, I will not permit a material change in ownership of this regional asset to occur without an equitable return to taxpayers for their participation,” said Flaherty.

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