September 25, 1997

STEELERS COMMIT $50 MILLION TO NEW STADIUM

Pittsburgh Steelers President Dan Rooney announced today that the Steelers will commit to a private contribution of $50 million toward the cost of constructing a new stadium for the Steelers. Rooney added that as part of the Steelers' commitment, the team would sign a 25-year lease for the new stadium. Rooney also indicated that the Steelers would assume responsibility for cost overruns in the construction of the new stadium, provided that the Steelers control the design and construction phase of the new stadium project.

Last week the Steelers confirmed their intention to pursue a new stadium on the North Shore. Rooney has indicated that a new stadium will give the Steelers a better opportunity to generate needed revenues with which to better compete with the others teams in the NFL.

Rooney has commented often about his concerns with remaining competitive in the NFL due to the fact that every other team in the AFC Central Division will be playing in and enjoying the revenues from a new stadium by the year 2000.

"This commitment represents a significant step enabling us to enter the kind of public-private partnership which will allow this project to go forward," Rooney stated. "I think everyone recognizes the Rooney Family's commitment to our community, and this project will ensure that we can continue to be a part of this community for a long time."