Estate Planning and the Pittsburgh Steelers

Considerable family and business strife is reportedly involved with the Pittsburgh Steelers professional football team according to Rooney family members considering outside investors, ESPN.com, July 7, 2008.

Here are a few of the highlights of this story:

• Dan Rooney (chairman) and Art Rooney, II (Dan’s son, team president) want to buy out the shares of other family members to be sure the team stays controlled by the family.
• Other family members who also own shares of the team are interested in other options.
• Valuation of the team is difficult but it could be worth over $1 billion.
• There are significiant concerns about the federal estate tax.

Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.