published Thursday, August 2nd, 2012

Reports: Deal to sell Cleveland Browns to truck-stop magnate completed

In this Oct. 23, 2011, file photo, Cleveland Browns' quarterback Colt McCoy (12) is greeted by his team during player introductions before taking on the Seattle Seahawks in an NFL football game in Cleveland. Browns owner Randy Lerner has reached a deal to sell the team to Tennessee truck-stop magnate Jimmy Haslam III, according to multiple reports on Thursday, Aug. 2, 2012. ESPN and the NFL Network said Thursday that an agreement on the team sale had been reached. ESPN said the sale price was for more than $1 billion.
In this Oct. 23, 2011, file photo, Cleveland Browns' quarterback Colt McCoy (12) is greeted by his team during player introductions before taking on the Seattle Seahawks in an NFL football game in Cleveland. Browns owner Randy Lerner has reached a deal to sell the team to Tennessee truck-stop magnate Jimmy Haslam III, according to multiple reports on Thursday, Aug. 2, 2012. ESPN and the NFL Network said Thursday that an agreement on the team sale had been reached. ESPN said the sale price was for more than $1 billion.
Photo by Associated Press.
  • photo
    In this undated file photo provided by Pilot Travel Centers LLC, Chief Executive Officer Jimmy Haslam is shown. Cleveland Browns owner Randy Lerner has reached a deal to sell the team to Haslam III, according to multiple reports on Thursday, Aug. 2, 2012. ESPN and the NFL Network said Thursday that an agreement on the team sale had been reached. ESPN said the sale price was for more than $1 billion.
    Photo by Associated Press /Chattanooga Times Free Press.

BEREA, Ohio — Cleveland Browns owner Randy Lerner has reached a deal to sell the team to Tennessee truck-stop magnate Jimmy Haslam III, according to multiple reports.

Haslam is the older brother of Tennessee Gov. Bill Haslam.

and the NFL Network said today that an agreement on the sale had been reached. ESPN said 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 had no immediate announcement and the sale has not yet been presented to 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 inactive franchise from the NFL in 1998 for $530 million.

Cleveland has made the playoffs once since it rejoined the league, a loss to the Pittsburgh Steelers.

Haslam has been a minority investor in the Steelers since 2008, and is the president and CEO of Pilot Flying J, the largest operator of travel centers and travel plazas in North America.

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