(Bloomberg) -- Josh Harris and David Blitzer are in advanced talks to sell their minority stake in the Pittsburgh Steelers to an existing investor group led by Art Rooney and Thomas Tull, according to people with knowledge of the matter.

The transaction, which requires approval from the National Football League, may be finalized in coming months, said the people, all of whom requested anonymity discussing confidential information. Financial terms couldn’t immediately be learned. 

Harris and Blitzer bought a stake of less than 5% in the Steelers in 2020, Bloomberg News reported at the time. NFL rules mandate that a majority owner can’t hold an interest in another franchise. Harris acquired the Washington Commanders for $6 billion last year.

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Representatives for Tull, Rooney, the Steelers, and the NFL didn’t immediately respond to a request for comment. A representative for Harris and Blitzer declined to comment. Harris is a co-founder of Apollo Global Management, and has sealed a number of sports deals with Blitzer, an executive at Blackstone Group, including jointly owning the Philadelphia 76ers and New Jersey Devils, and a stake in Crystal Palace Football Club. 

NFL valuations have been surging, prompting billionaire Stephen Ross to pursing a stake sale in the Miami Dolphins, a deal that may set a record. 

Pittsburgh-based Tull, a Steelers co-owner since 2009 and a long-time fan, has been seeking to increase his stake, Bloomberg News reported last year. Rooney is part of the Steelers’ founding family, which dates back to 1933. 

Tull, who has a net worth of about $3 billion according to the Bloomberg Billionaires Index, cemented his fortune by selling Legendary Pictures, the production company behind films like The Hangover and The Dark Knight. He has since begun making tech bets backing companies including Lambda and Shield AI.

--With assistance from Randall Williams.

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