Browns owner Jimmy Haslam has completed the sale of his stake in the Pittsburgh Steelers.
The Steelers announced the formality today in a news release.
Haslam struck a deal in August to buy the Browns from Randy Lerner for about $1 billion. NFL owners unanimously approved Haslam’s purchase on Oct. 16.
In 2008, Haslam bought a minority stake in the Steelers, a reported 12.5 percent share. As a result of buying the Browns, Haslam had to divest his piece of the Steelers.
Existing Steelers stockholders bought the majority of Haslam’s stock in the team. Scott and Russ Swank purchased a portion of it, the Steelers announced.
Below is the news release from the Steelers.
The Steelers announced today that in a series of transactions approved by the NFL all of the Steelers stock owned by Jimmy Haslam has been acquired. In October of 2012, Mr. Haslam purchased the Cleveland Browns. Mr. Haslam disassociated himself from all Steelers business at that time and authorized Steelers President Art Rooney, II and Morgan Stanley to arrange for the purchase of the Steelers stock owned by Mr. Haslam. The majority of the Haslam stock was purchased by existing Steelers stockholders. A portion of the Haslam stock was purchased by members of the Swank Family, Scott and Russ Swank.
Steelers President Art Rooney, II said, “We appreciate the continued confidence of our Ownership group involving this purchase of stock owned by Jimmy Haslam, and we welcome Scott and Russ Swank to our Ownership group.”