PA. Taxpayers Could Cash In On Possible Sale Of Steelers

Pittsburgh, PA (AHN) - The Pittsburgh Steelers future in the hands of the Rooney brothers is uncertain. The owners are talking about selling the franchise - and that's when the future of the franchise gets a little murky.

It's not likely that the Steelers will be going anywhere soon: the stadium's lease ties them to the city until the year 2029.

The sale by the owners was anticipated in the contract, and it would take a hefty negotiation to escape the confines of that restriction.

At the moment, talks are now geared toward that fact Pennsylvania taxpayers invested $281 million dollars to the franchise to construct Heinz Field.

In no small way has their investment paid off - the franchise was valued at $300 million in 1998, now, it has jumped to $929 million, according to Phorbes.com.

Allegheny County Controller Mark Flaherty says the public deserves a return on their investment, not just the owners. The owners put up $76.5 million, while the county invested $281 million.

According to Flaherty, the people deserve a proportionate return on the sale of value that has since tripled in equity since they invested on them.

Steelers chairman Dan Rooney has hired Morgan Stanley for guidance in the matter, while Goldman Sachs Group Inc., was hired to calculate the value of their shares.

The analysts have put the team's value at $800 million to $1.2 billion.