Browns sold to Jimmy Haslam for over $1 billion

Earlier today, Adam Schefter of ESPN reported that Randy Lerner has sold the Cleveland Browns to Jimmy Haslam for over $1 billion. Schefter reports that the deal occurs in two phases. In the first phase, Haslam will buy the controlling share of the team for about $700 million. In the second phase, Haslam will buy the remaining share of the Browns for about $300 million.

Haslam is the president and CEO of Pilot Flying J, a Tennessee based operator of travel centers with over 550 retail locations. Haslam is also a minority investor in the Pittsburgh Steelers. His share of the Steelers will be sold off pending league approval of the Browns purchase.

Current owner Randy Lerner inherited the Browns in 2002 when his father, Al Lerner, passed away just three years after purchasing the franchise from the NFL for $530 million.

About Shane Clemons

Shane Clemons came from humble beginnings creating his own Jaguars blog before moving on to SBNation as a featured writer for the Jaguars. He then moved to Bloguin where he briefly covered the AFC South before taking over Bloguin's Jaguars blog. Since the inception of This Given Sunday, Shane has served as an editor for the site, doing his best not to mess up a good thing.