The five Rooney brothers have virtually come to terms on a restructured ownership of the Steelers and will present their proposal to the NFL's finance committee in time for its meeting next Wednesday, the Post-Gazette has learned.

If approved by the finance committee, it would then go on to a vote of the entire NFL ownership, where it would need 24 of the 32 NFL owners votes for approval to pass.

"I think the deal is as done as it can be," John Rooney said last night. "But until you see the money, I guess no deal is done."

The next NFL meeting is Dec. 17 in Dallas, but if the finance committee cannot recommend the restructured Steelers ownership in time for the owners to consider it, a vote could be taken by phone at a later date.

John Rooney said there's an outside chance the entire deal could be completed by the end of the year but he expects it to last until sometime in January.

The four Rooney brothers who are selling all or part of their shares would prefer to have the sale finished by the end of the year to avoid possible capital gains tax increases that might be passed retroactive to the start of 2009. But that no longer has become a driving force for them.

"I'm not really worried about it because I heard the incoming president won't do anything for six months," John Rooney said.

John Rooney and one of his brothers, Art Rooney Jr., will maintain some ownership in the team, both have said. Each of the four brothers owns 16 percent and the league requires an ownership for controlling interest in a franchise of at least 30 percent by one owner.

The McGinley family of Pittsburgh owns a collective 20 percent and some in that family also plans to sell a small portion to the Rooneys, according to Jack McGinley Jr.

The league will allow Dan Rooney and his son Art II to count as one for the 30 percent requirement and they have been cobbling together a group of investors to buy out their four brothers.

"I think we will have a lot of the approvals done, but a lot of loose ends to be made up as far as Dan's team of investors," John Rooney said.

Two of his brothers, Tim and Pat, will sell all of their shares. John and Art Jr. will sell a little more than half.

The brothers will receive the money for their shares over a number of years.

"I think my deal goes out to 10 years," John Rooney said. "I would entertain leaving before that if they wanted me to. I'm more or less staying because Dan has asked me to."

In September, four brothers turned down an offer from Stanley Druckenmiller of $537 million for their combined 64 percent of the franchise, paid immediately. In that deal, the enterprise value of the franchise was placed at $840 million.

Under the Dan Rooney ownership, the value of the franchise was placed at $800 million with delayed payouts.

"My brothers sacrificed themselves doing this," John Rooney said. "They could have gotten more money from another offer.

"My brothers stood up, you know. It's the best way to keep it going [in the Rooney family]. I hope Dan lives 20 more years to enjoy them."