Josh Harris’ ownership share in the Pittsburgh Steelers was no longer viable after leading a group that purchased the Washington Commanders.
He is supposedly in the process of selling it.
Forbes’ Mike Ozanian stated that Harris and David Blitzer, a minority investor in the Commanders, are selling their 4.8 percent share in the Steelers to Art Rooney II and Thomas Tull. Rooney is the Steelers’ president, while Tull is a rich financier.
Harris and Blitzer sold their stake predicated on the Steelers being valued at somewhat more than $4 billion. Ozanian noted that Forbes’ estimate of the Steelers at $4.63 billion came after months of discussions had already begun.
NFL rules forbid a club owner from investing in another team for obvious conflict-of-interest reasons, so Harris no longer has to be concerned about having a stake in Pittsburgh.
This worked well for Harris and Blitzer, who bought a share in the Steelers in 2020.
The team’s value has since climbed by more than 50%. They are still significantly involved in sports, owning the Commanders, the NBA’s Philadelphia 76ers, the NHL’s New Jersey Devils, and soccer’s Crystal Palace.
However, the sale of the 4.8 percent interest must be approved by 24 of the NFL’s 32 team owners before it can be finalized.
Harris’ Commanders are attempting to recover from a difficult stretch. The last time they finished with a winning record was in 2016, and they were a dismal 4-13 in 2023.
They do have the No. 2 overall pick in the 2024 NFL draft, which they might utilize to select their next franchise quarterback.
The Steelers are coming off a 10-7 season that included a loss to the Buffalo Bills in the AFC Wild Card Round.
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