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Cleveland Browns sold, pending NFL approval, source says
Published August 02, 2012
Associated Press
A person with knowledge of the sale told The Associated Press on Thursday that Cleveland Browns owner Randy Lerner has reached a deal to sell the team to Tennessee truck-stop magnate Jimmy Haslam III.
Lerner will sell 70 percent of the Browns to Haslam now, with the other 30 percent reverting to him four years after the closing date, the person said on condition of anonymity because the sale has not officially been announced.
While the papers have been signed, the NFL must approve the sale. Approval from 24 of the 32 teams is required, and no date has been set for a vote because the sale has not been presented to the league yet. The person said approval is expected by the end of September.
ESPN reported the sale price was more than $1 billion. For comparison, the Miami Dolphins sold at a value of more than $1 billion in 2009.
The Browns were valued at $977 million last year by Forbes magazine, 20th in the NFL.
Lerner, whose family has owned the franchise since it returned to the NFL in 1999, first announced he was in negotiations to sell the club last week. The late Al Lerner, Randy's father, purchased the franchise from the NFL in 1998 for $530 million after the original Browns moved to Baltimore and became the Ravens. The expansion Browns entered the league in 1999 and have made the playoffs once, a 2002 first-round loss to the Pittsburgh Steelers. They've had only two winning records in 13 seasons and are 68-140 since they returned.
Al Lerner died in 2002.
Haslam has been a minority investor in the Steelers — Cleveland's most hated rival — since 2008, and is the president and CEO of Pilot Flying J, the largest operator of travel centers and travel plazas in North America. He is the older brother of Tennessee Gov. Bill Haslam.
Asked about Jimmy Haslam last week, Browns President Mike Holmgren said: "He is a very impressive man when you read about him, and people that I have talked to who know him say he is a tremendous guy."
As for Haslam possibly moving the franchise, Holmgren emphatically added, "The Cleveland Browns aren't going anywhere."
The Browns have sold out all 104 home games since returning to the NFL.
Haslam would be the sixth majority owner of the Browns: team founder Mickey McBride (1945-1953), David Jones (1953-1961), Art Modell (1961-1995), Al Lerner (1998-2002), and Randy Lerner (2002-present). An NFL trust also oversaw the inactive franchise from 1996-1998.
Published August 02, 2012
Associated Press
A person with knowledge of the sale told The Associated Press on Thursday that Cleveland Browns owner Randy Lerner has reached a deal to sell the team to Tennessee truck-stop magnate Jimmy Haslam III.
Lerner will sell 70 percent of the Browns to Haslam now, with the other 30 percent reverting to him four years after the closing date, the person said on condition of anonymity because the sale has not officially been announced.
While the papers have been signed, the NFL must approve the sale. Approval from 24 of the 32 teams is required, and no date has been set for a vote because the sale has not been presented to the league yet. The person said approval is expected by the end of September.
ESPN reported the sale price was more than $1 billion. For comparison, the Miami Dolphins sold at a value of more than $1 billion in 2009.
The Browns were valued at $977 million last year by Forbes magazine, 20th in the NFL.
Lerner, whose family has owned the franchise since it returned to the NFL in 1999, first announced he was in negotiations to sell the club last week. The late Al Lerner, Randy's father, purchased the franchise from the NFL in 1998 for $530 million after the original Browns moved to Baltimore and became the Ravens. The expansion Browns entered the league in 1999 and have made the playoffs once, a 2002 first-round loss to the Pittsburgh Steelers. They've had only two winning records in 13 seasons and are 68-140 since they returned.
Al Lerner died in 2002.
Haslam has been a minority investor in the Steelers — Cleveland's most hated rival — since 2008, and is the president and CEO of Pilot Flying J, the largest operator of travel centers and travel plazas in North America. He is the older brother of Tennessee Gov. Bill Haslam.
Asked about Jimmy Haslam last week, Browns President Mike Holmgren said: "He is a very impressive man when you read about him, and people that I have talked to who know him say he is a tremendous guy."
As for Haslam possibly moving the franchise, Holmgren emphatically added, "The Cleveland Browns aren't going anywhere."
The Browns have sold out all 104 home games since returning to the NFL.
Haslam would be the sixth majority owner of the Browns: team founder Mickey McBride (1945-1953), David Jones (1953-1961), Art Modell (1961-1995), Al Lerner (1998-2002), and Randy Lerner (2002-present). An NFL trust also oversaw the inactive franchise from 1996-1998.
about moving the team...i wouldnt say never. highly unlikely based on what happened last time around. but it wouldnt surprise me either
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