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Lynn Swann A Potential Co-Owner Of Pittsburgh Arena League Franchise

Hall of Fame receiver John Stallworth earlier this year became a minority owner of the team with which he spent his entire career -- the Pittsburgh Steelers. His teammate, Hall of Fame receiver Lynn Swann, could soon be a partial owner of a new franchise in the Arena Football League. Internal documents obtained by PFT reveal that Swann and former U.S. Senator Rick Santorum are two potential investors/owners of an indoor team that would debut next year in Pittsburgh. The lead owner would be Matt Shaner, the president of Shaner Investments of State College, Pennsylvania. Shaner, who like Swann and Santorum has run for political office in Pennsylvania as a Republican, would own 20 to 40 percent of the franchise. The discussions have been characterized to other AFL owners as being in the “advanced stages.” The expansion fee would be $10 million, with half of the money paid in 2010 and the other half paid in 2011. The addition of a Pittsburgh franchise would be a key part of the relaunch/recapitalization of the defunct (for 2009) pro football operation. If the current plan passes, the AFL would shift to a centralized business model, with the league being run as a single company and team owners acquiring a percentage of the equity. Expansion in Pittsburgh is part of a broader goal to grow the league to 24 total teams over a five year period, with two teams joining in 2011, two in 2012, two in 2013, and two in 2014. For 2010, another $10 million in capital ideally would come from the same of 20 investment units of $500,000 each. Under the currently-proposed plan, the AFL still expects to operate in the red through 2012, with a $2 million profit being generated in 2013 and a $6 million profit projected for 2014.