Rendell Buys Pat’s Cheese Steaks for $4 Million

Rendell with former Pat's owner Frankie Olivieri

After extensive assurances not to interfere with the culinary process, former Pa. Governor Ed Rendell today secured majority ownership of Pat’s King of Steaks, a Philadelphia institution.

The news came just hours after another group of local investors purchased the Philadelphia Media Network, which includes Philadelphia Inquirer, the Philadelphia Daily News, and Philly.com. Rendell was initially part of that group, but backed out to pursue the cheesesteak deal.

“The news business is interesting, but I decided to follow up on a deal that was even closer to my heart,” Rendell said, “and my stomach.”

Rendell faced concerns that he might seek unpopular changes at the 80 year-old establishment – he’s noted for preferring extra onions – concerns that he sought to assuage by signing the following pledge:

“The culinary function of the business shall at all times remain independent of the ownership and control of the company, and no owner shall attempt to influence or interfere with culinary policies or cheese decisions.”

But one source close to the buy accused Rendell of playing hardball.

“This is a steal. [Rendell] spent years growing into their top customer – personally accounting for about 15 percent of their business,” the source recounted. “Then, he went on a diet and nearly drove the place into bankruptcy. If you ask me, it was a maneuver to bring down the price.”

Update: gotcha!

April 1st, 2012 | Posted in Features, Front Page Stories, Top Stories | 7 Comments

7 thoughts on “Rendell Buys Pat’s Cheese Steaks for $4 Million”

  1. Jay Booth says:

    So nice to see a politician work hard and scrape together 4M to buy Pat’s; and Rendell’s head is just as big as his stomach.

  2. Holly Moore says:

    Now when Kerry orders swiss cheese on his cheese steak he will get swiss cheese on his cheese steak.

  3. marky mark says:

    They better not screw up the cheese steaks!
    I’ll be mighty PISSED if i drive 2 hours and my sammich ain’t as tasty as its always been!!

  4. Kathleen3 says:

    Someone please tell this media whore to go away and stay away and inform him he is a legend in his mind, only.

  5. John says:

    ““This is a steal. [Rendell] spent years growing into their top customer – personally accounting for about 15 percent of their business,” the source recounted. “Then, he went on a diet and nearly drove the place into bankruptcy. If you ask me, it was a maneuver to bring down the price.”

    rotfl ! What a great way to start the morning out-with a hearty laugh! Thanks

  6. Chet royer says:

    Are you sure this is not a prediction? I hear he only did it so he could do remotes here and have his own Mika steak. A fine polish sausage wit a blonde wiz

  7. Jeff Morgan says:

    Good now all the liberals have a place to eat. They will have to give me a “steak stamp” to ever eat there. I don’t predict a long and successful result. Where did he get the 4Mil?

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