Steadman retired as vice chairman of the Chiefs on January 31, 2007, after being in the organization for over four decades, dating to their days as the American Football League (AFL)'s Dallas Texans.
In the early 1960s, Steadman worked with businessman Lamar Hunt to establish the American Football League and the Dallas Texans.
Denver self-educated architect Charles Deaton suggested to Steadman that the teams would be better served if each sport had its own stadium that was configured to its unique demands but that the complex reduce costs by sharing parking and highway expenses.
The architect firm Kivett and Myers perfected the plan (adding a rolling roof) and voters approved it.
In 2005, the rolling roof plan re-emerged as part of Kansas City's bid to host Super Bowl XLIX, but the measure failed in the polls.
Steadman also serves as an advisory trustee for Midwest Research Institute and is a past member of the Civic Council Board of Directors.