Report: Browns Sale is Complete, Excess of $1 Billion

The sale of the Cleveland Browns has officially been completed per ESPN’s Adam Schefter.

Per Schefter, the official amount of the transaction between Randy Lerner and Jimmy Haslam is in excess of $1 Billion. This amount is significantly higher than the $920 million which was originally reported Forbes magazine.

Per Schefter, the team will been sold in two different phases, the first being a $700 million sale will help Haslam obtain controlling interest of the team, as first reported by WKYC’s Jimmy Donovan. At a subsequent date, reportedly on the fourth anniversary of the closing date, the two parties will finalize the ultimate sale of the team, ultimately removing Lerner from the fold.

Haslam’s approval as an owner, by the NFL finance committee and other league owners, is essentially a formality at this point. The deal, when finalized, will be the fourth-most lucrative team sale in sports history. In 1998, Al Lerner paid $530 million to aid in the Browns returning to Cleveland. Upon his passing, the team was inherited by his son, Randy.

[Related: So Jimmy Haslam Could Invest in the Browns?]

  • The_Real_Shamrock

    Congratulations to the NFL for another engineered sale and the addition of yet another billionaire boy to the club. I just hope this is the dawn of a new day and not another complete debacle for the football team. Part of me can’t help but feel that even a decision to sell will end up being a bad move with the track record Lerner has assembled.

  • Wally World

    Nearly a 100% gain in a poor economy with an even poorer product. Don’t say Al and Randy don’t know how to deal. Especially with Al’s role in moving the Browns to BAL in the 1st place. Screwing people in the credit card business must teach good sports business acumen.

  • NeedsFoodBadly

    Has Haslem divested himself of his shares in the Steelers? Anyone have any news on that? Not trying to suggest anything devious, just interested.

  • mgbode

    one article noted that the other Pitt owners were going to step up and buy his shares as part of this deal (so NFL orchestrating)

  • Stinkfist

    Just don’t move the team or change the name of the stadium. Other than that, can’t imagine anything but upside

  • MrCleaveland

    I’ve never understood why it’s the national media who break so much Browns news. Why does the Browns front office leak to ESPN etc. instead of the Plain Dealer? It seems very disloyal and demeaning to the local reporters. These national reporters couldn’t care less about the Browns, so why give them the scoops?

  • boomhauertjs

    Hello Pilot or Flying J Stadium!

  • http://www.facebook.com/profile.php?id=12325455 Sean Ring

    Maybe we can finally take those stupid AL patches off of the team jerseys!

  • mgbode

    out of spite for being constantly asked when Holmgren is going to coach next, drumming up QB-controversies where there is none, tweeting insults about the team owner, etc.

    “not caring” might be a step up from some in the local media.

  • Natedawg86

    wow, really

  • Andrew

    I vote for Flying J, so they can call it “The J”

  • Garry_Owen

    Formality. He has to at some point.

  • Tron

    Yea I vote to stay clear of that to avoid our competitors fans from calling it “The Gay”. Cause with Cinci and Pukesburg fans, that’ll happen. We’re already fighting an uphill battle for respect as it is.

  • The_Matt_Of_Akron

    Does Pilot Stadium shorten to “The Pile”? For either “Dawg Pile” or other kinds of piles, depending on product quality.

  • http://twitter.com/Dennymayo Denny

    I, for one, welcome our new rest-stop overlord.

  • NamedMyKidPrice

    First reported by Jim Donovan.

  • Dee P

    Classic. I guess that means he has experience “taking the Browns to the Super Bowl”?

  • Wheel

    I’m surprised reporters are not asking more questions about a guarantee that the Browns cannot be moved. The stadium lease is a worthless piece of paper to Haslam if he wants to move the team. The least Randy Lerner could do is make this guarantee language in the sale. A verbal agreement between buyer and seller (if there is one) makes me nervous.

  • Harv 21

    right, the fierce Mary Kay Cabot holding back pit bull Branson Wright. Wait, it must be Mike Trivisonno, with his slavish Randy puff interviews. Or maybe one of those ABJ meanies. Or billionaire Randy really cared about dissing some be-gone-next-week morning radio personality at 92.3. Hope you’re kidding.

    More likely: Lerner isn’t here. He hasn’t developed any press connections here.

  • The_Real_Shamrock
  • Big Z

    Schefter broke it locally on the Really Big Show w/ Rizz and Hammer.

  • Big Z

    NFL is forcing him to sell his interests in Pissburgh

  • Big Z

    This training camp just feels great!

    New owner that actually gives a d***
    Promising young QB
    Promising young RB
    Young, revamped O-line
    Low round picks showing promise (Hagg, JMJ)

    If only our hopes weren’t to be dashed so rudely on opening day!

  • Petefranklin

    Hate em!