The Brown Family is about to purchase the 30% of the NFL’s Cincinnati Bengals they do not own for $200 million from the Knowlton estate. Austin Knowlton, a founder of the team, died in 2003.

Minority stakes of this size typically sell at 15% discounts because limited partners have little to say about how the team is run. Assuming that 15% discount, and the team’s $100 million of debt, the deal gives the Bengals an enterprise value of around $870 million. We valued the Bengals, which are run by team president Mike Brown, at $875 million recently, 25th out of the league’s 32 teams.

Despite their dismal play on the gridiron in recent years, the Bengals are highly profitable because of the very favorable lease they have at Paul Brown Stadium. The Brown family is paying cash for the stake and the deal is expected to be finalized next week. The profitability of the Bengals should increase even further due to the NFL’s new collective bargaining agreement, and the new television deals the league has recently struck with ESPN and the broadcast networks.

CINCINNATI — For a team picked to finish last and in apparent disarray heading into the season, the Cincinnati Bengals are making many prognosticators look foolish.Riding their longest winning streak in more than 23 years and tied for the lead in the AFC North, the Bengals begin a stretch of four straight games against division rivals when they host the Pittsburgh Steelers on Sunday.Cincinnati’s offense hasn’t exactly been explosive — it ranks 22nd averaging 316.3 total yards — and it’s sure to be tested in the next four games, including two against Pittsburgh (6-3).The Steelers, who have won seven of the last nine meetings, rank third in the NFL in total defense allowing 280.2 yards per game. Cincinnati plays at Baltimore on Nov. 20 and hosts Cleveland on Nov. 27 before traveling to Pittsburgh on Dec. 4.”It’s a street fight,” said left tackle Andrew Whitworth, who caught a 1-yard touchdown pass in a 23-7 loss to the Steelers in the most recent meeting Dec. 12. “It’s a football game, but it’s like you’re meeting somebody in the school parking lot. That’s what it is. It’s football, but it’s a fight at the same time.”Pittsburgh, which is tied with Miami for last in the league with four takeaways, allowed a 13-play, 92-yard drive in the final 2 1/2 minutes of a 23-20 loss to Baltimore last Sunday night, giving up a touchdown pass with eight seconds remaining.”We lost a very tough, close ballgame, highly contested,” coach Mike Tomlin said. “Hopefully we will grow and learn from it. I know those will be our intentions. I truly believe that it will strengthen us moving forward.”Though the Steelers have had success against the Bengals in recent seasons, their meetings have been tight. Prior to Pittsburgh’s victory last December, the previous three games were decided by six points or fewer, with Cincinnati winning two.”Really, when you think about it, the last couple of years, the ball has ended up in their hands inside the 10-yard line or so, to win it at the very end,” Tomlin said. “We were fortunate enough to make a play a year ago (in a 27-21 win Nov. 8, 2010). We weren’t the year before that (when the Bengals threw a touchdown pass with 14 seconds remaining to win 23-20 on Sept. 27, 2009).”Ben Roethlisberger has averaged 352.0 yards while throwing six touchdowns over his last three games, though he hasn’t had similar success in recent meetings with Cincinnati.He hasn’t thrown for more than 280 yards while tossing 10 touchdowns and 10 interceptions with a 79.7 passer rating over the last 10 matchups. The Bengals have allowed eight passing touchdowns this season, tied for third-fewest in the NFL. Cincinnati has the league’s second-best run defense allowing 84.5 yards per game, while Pittsburgh ranks sixth giving up 95.6.The Steelers have shut down Benson through most of his career, holding him to 3.3 yards per carry and two touchdowns in six matchups.Pittsburgh’s LaMarr Woodley will miss a second straight game due to a hamstring injury, but fellow linebacker James Farrior is probable to return after missing two games with a calf problem.Cincinnati linebacker Rey Maualuga said he expects to play despite an injured ankle which has kept him out of the last three games.The holdout of Carson Palmer, trade of Chad Ochocinco to New England and impending suspension of Cedric Benson had many predicting no better than a repeat of last season’s dismal 4-12 performance.Palmer has since been traded to Oakland and Ochocinco has been ineffective for the Patriots, while Benson and rookie quarterback Andy Dalton have helped lead the Bengals (6-2) to the top of their division, tied with Baltimore.Cincinnati has won five straight after beating Tennessee 24-17 last week, marking its longest winning streak since a six-game run in 1988 — the last time the Bengals appeared in the Super Bowl.Dalton has experienced some growing pains but has been an adequate replacement for Palmer, throwing for 12 touchdowns and seven interceptions.
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CINCINNATI –

The task seemed overwhelming at first. The Cincinnati Bengals were trying to teach an entirely new offense to a group led by a rookie receiver, with only two weeks to go before the first preseason game.

Everyone expected a rough start. A 6-2 mark at the season’s halfway point? Dream on.

“I think it’s definitely better than anybody would have expected it to have been,” left tackle Andrew Whitworth said Wednesday. “We continue to keep our heads down and be stubborn and push the envelope to be what we can offensively.”

They’ve been good enough to get to first place.

The Bengals are tied with Baltimore at 6-2 atop the AFC North heading into a pivotal game Sunday at Paul Brown Stadium. The Pittsburgh Steelers (6-3) are known for making rookie quarterbacks feel they still don’t belong.

It’ll be the best test yet for Andy Dalton and rookie receiver A.J. Green, who have carried an offense severely lacking in experience at the marquee positions. Steelers defensive coordinator Dick LeBeau is known for disguising his schemes and confusing the passer.

“It’s a challenge for a veteran offense with a veteran quarterback,” offensive coordinator Jay Gruden said after practice Wednesday. “They’ve made days miserable for a lot of great, great quarterbacks. Rookies are no different.

“I’m sure they’re going to do whatever they can to keep him off-balance and make him hurry his throws and struggle. We have to help him out.”

Dalton’s quick emergence has gotten the Bengals through an eight-game stretch that seemed daunting.

The NFL’s lockout prevented Gruden from coaching the second-round draft pick or introducing his West Coast offense, which is much different from the one used by former coordinator Bob Bratkowski. So many things were stacked against Dalton that his new teammates felt for him.

“I don’t know,” offensive guard Bobbie Williams said, after a voluntary workout in June. “I’ll just say: God help the young man.”

Nobody’s feeling sorry for him now.

Dalton is the 15th-ranked passer in the league with 12 touchdowns, seven interceptions and a passer rating of 85. The only other rookie ranked higher is Cam Newton, who is 12th with 11 touchdowns, nine interceptions and a passer rating of 87.1.

Cincinnati’s offense ranks 22nd in the league overall, but has managed to pull games out in the second half.

“When you have a new system coming in with limited time and some young guys playing – and actually, everybody’s new to the system so everybody’s like a rookie quite frankly – it has gone better than expected,” Gruden said. “I think the leadership from the offensive line has been a big help. And of course, Andy’s ability to learn very fast has been a big help, also.”

Gruden’s system is similar to the one that Dalton ran at TCU, so he’s been able to get comfortable quickly. And Gruden has tailored the weekly game plans to what Dalton does best – throw quick, accurate passes.

“It’s an offense that’s been tweaked to fit what they have,” Steelers safety Ryan Clark said on a conference call Wednesday. “It’s an offense that’s been tweaked to protect a rookie quarterback.”

One who’s overcome his rookie moments with strong finishes.

The Bengals have won their last five games, something they hadn’t done since 1988, and Dalton has been the key. He led them to a tiebreaking touchdown in the fourth quarter in Jacksonville, and pulled off second-half comebacks in two other wins.

The Steelers don’t expect him to get rattled.

“I don’t necessarily see that being a challenge to Dalton as of late,” Clark said. “For a quarterback to lead a team to five straight wins – clearly he’s not the only one playing, but it is impressive that he’s been able to do that.”

Dalton has gotten better at recognizing what the defense will try to do to confuse him.

“I feel like I’ve gotten better each week and I’m starting to see things a lot better,” he said.

This week, he’ll see some things he’s never seen before.

Notes: The Bengals have a three-week roster exemption for LB Keith Rivers, who had wrist surgery over the summer and hasn’t played. Coach Marvin Lewis was noncommittal about his status, other than to say, “He’s progressing.” … CB Nate Clements (knee), S Chris Crocker (knee), DE Carlos Dunlap (hamstring) and RB Brian Leonard (knee) were held out of practice Wednesday. TE Jermaine Gresham (hamstring), CB Adam “Pacman” Jones (hamstring) and MLB Rey Maualuga (ankle) returned to practice on a limited basis.

CINCINNATI – The task seemed overwhelming at first. The Cincinnati Bengals were trying to teach an entirely new offence to a group led by a rookie receiver, with only two weeks to go before the first pre-season game.

Everyone expected a rough start. A 6-2 mark at the season’s halfway point? Dream on.

“I think it’s definitely better than anybody would have expected it to have been,” left tackle Andrew Whitworth said Wednesday. “We continue to keep our heads down and be stubborn and push the envelope to be what we can offensively.”

They’ve been good enough to get to first place.

The Bengals are tied with Baltimore at 6-2 atop the AFC North heading into a pivotal game Sunday at Paul Brown Stadium. The Pittsburgh Steelers (6-3) are known for making rookie quarterbacks feel they still don’t belong.

It’ll be the best test yet for Andy Dalton and rookie receiver A.J. Green, who have carried an offence severely lacking in experience at the marquee positions. Steelers defensive co-ordinator Dick LeBeau is known for disguising his schemes and confusing the passer.

“It’s a challenge for a veteran offence with a veteran quarterback,” offensive co-ordinator Jay Gruden said after practice Wednesday. “They’ve made days miserable for a lot of great, great quarterbacks. Rookies are no different.

“I’m sure they’re going to do whatever they can to keep him off-balance and make him hurry his throws and struggle. We have to help him out.”

Dalton’s quick emergence has got the Bengals through an eight-game stretch that seemed daunting.

The NFL’s lockout prevented Gruden from coaching the second-round draft pick or introducing his West Coast offence, which is much different from the one used by former co-ordinator Bob Bratkowski. So many things were stacked against Dalton that his new teammates felt for him.

“I don’t know,” offensive guard Bobbie Williams said, after a voluntary workout in June. “I’ll just say: God help the young man.”

Nobody’s feeling sorry for him now.

Dalton is the 15th-ranked passer in the league with 12 touchdowns, seven interceptions and a passer rating of 85. The only other rookie ranked higher is Cam Newton, who is 12th with 11 touchdowns, nine interceptions and a passer rating of 87.1.

Cincinnati’s offence ranks 22nd in the league overall, but has managed to pull games out in the second half.

“When you have a new system coming in with limited time and some young guys playing — and actually, everybody’s new to the system so everybody’s like a rookie quite frankly — it has gone better than expected,” Gruden said. “I think the leadership from the offensive line has been a big help. And of course, Andy’s ability to learn very fast has been a big help, also.”

Gruden’s system is similar to the one that Dalton ran at TCU, so he’s been able to get comfortable quickly. And Gruden has tailored the weekly game plans to what Dalton does best — throw quick, accurate passes.

“It’s an offence that’s been tweaked to fit what they have,” Steelers safety Ryan Clark said on a conference call Wednesday. “It’s an offence that’s been tweaked to protect a rookie quarterback.”

One who’s overcome his rookie moments with strong finishes.

The Bengals have won their last five games, something they hadn’t done since 1988, and Dalton has been the key. He led them to a tiebreaking touchdown in the fourth quarter in Jacksonville, and pulled off second-half comebacks in two other wins.

The Steelers don’t expect him to get rattled.

“I don’t necessarily see that being a challenge to Dalton as of late,” Clark said. “For a quarterback to lead a team to five straight wins — clearly he’s not the only one playing, but it is impressive that he’s been able to do that.”

Dalton has got better at recognizing what the defence will try to do to confuse him.

“I feel like I’ve gotten better each week and I’m starting to see things a lot better,” he said.

This week, he’ll see some things he’s never seen before.

Notes: The Bengals have a three-week roster exemption for LB Keith Rivers, who had wrist surgery over the summer and hasn’t played. Coach Marvin Lewis was noncommittal about his status, other than to say, “He’s progressing.” … CB Nate Clements (knee), S Chris Crocker (knee), DE Carlos Dunlap (hamstring) and RB Brian Leonard (knee) were held out of practice Wednesday. TE Jermaine Gresham (hamstring), CB Adam “Pacman” Jones (hamstring) and MLB Rey Maualuga (ankle) returned to practice on a limited basis.

“I think it’s definitely better than anybody would have expected it to have been,” left tackle Andrew Whitworth said Wednesday. “We continue to keep our heads down and be stubborn and push the envelope to be what we can offensively.”

They’ve been good enough to get to first place.

The Bengals are tied with Baltimore at 6-2 atop the AFC North heading into a pivotal game Sunday at Paul Brown Stadium. The Pittsburgh Steelers (6-3) are known for making rookie quarterbacks feel they still don’t belong.

It’ll be the best test yet for Andy Dalton and rookie receiver A.J. Green, who have carried an offense severely lacking in experience at the marquee positions. Steelers defensive coordinator Dick LeBeau is known for disguising his schemes and confusing the passer.

“It’s a challenge for a veteran offense with a veteran quarterback,” offensive coordinator Jay Gruden said after practice Wednesday. “They’ve made days miserable for a lot of great, great quarterbacks. Rookies are no different.

“I’m sure they’re going to do whatever they can to keep him off-balance and make him hurry his throws and struggle. We have to help him out.”

Dalton’s quick emergence has gotten the Bengals through an eight-game stretch that seemed daunting.

The NFL’s lockout prevented Gruden from coaching the second-round draft pick or introducing his West Coast offense, which is much different from the one used by former coordinator Bob Bratkowski. So many things were stacked against Dalton that his new teammates felt for him.

“I don’t know,” offensive guard Bobbie Williams said, after a voluntary workout in June. “I’ll just say: God help the young man.”

Nobody’s feeling sorry for him now.

Dalton is the 15th-ranked passer in the league with 12 touchdowns, seven interceptions and a passer rating of 85. The only other rookie ranked higher is Cam Newton, who is 12th with 11 touchdowns, nine interceptions and a passer rating of 87.1.

Cincinnati’s offense ranks 22nd in the league overall, but has managed to pull games out in the second half.

“When you have a new system coming in with limited time and some young guys playing — and actually, everybody’s new to the system so everybody’s like a rookie quite frankly — it has gone better than expected,” Gruden said. “I think the leadership from the offensive line has been a big help. And of course, Andy’s ability to learn very fast has been a big help, also.”

Gruden’s system is similar to the one that Dalton ran at TCU, so he’s been able to get comfortable quickly. And Gruden has tailored the weekly game plans to what Dalton does best — throw quick, accurate passes.

“It’s an offense that’s been tweaked to fit what they have,” Steelers safety Ryan Clark said on a conference call Wednesday. “It’s an offense that’s been tweaked to protect a rookie quarterback.”

One who’s overcome his rookie moments with strong finishes.

The Bengals have won their last five games, something they hadn’t done since 1988, and Dalton has been the key. He led them to a tiebreaking touchdown in the fourth quarter in Jacksonville, and pulled off second-half comebacks in two other wins.

The Steelers don’t expect him to get rattled.

“I don’t necessarily see that being a challenge to Dalton as of late,” Clark said. “For a quarterback to lead a team to five straight wins — clearly he’s not the only one playing, but it is impressive that he’s been able to do that.”

Dalton has gotten better at recognizing what the defense will try to do to confuse him.

“I feel like I’ve gotten better each week and I’m starting to see things a lot better,” he said.

This week, he’ll see some things he’s never seen before.

Notes: The Bengals have a three-week roster exemption for LB Keith Rivers, who had wrist surgery over the summer and hasn’t played. Coach Marvin Lewis was noncommittal about his status, other than to say, “He’s progressing.” … CB Nate Clements (knee), S Chris Crocker (knee), DE Carlos Dunlap (hamstring) and RB Brian Leonard (knee) were held out of practice Wednesday. TE Jermaine Gresham (hamstring), CB Adam “Pacman” Jones (hamstring) and MLB Rey Maualuga (ankle) returned to practice on a limited basis.

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