Report: Cleveland Browns sold for more than $1 billion

The Cleveland Browns have reportedly been sold by Randy Lerner to Jimmy Haslam for more than $1 billion.

The deal, which needs to be approved by NFL owners before it becomes official, is expected to be passed by a vote in October.

It’s interesting news for Browns fans considering that in the last 13 years under the Lerner family, the Browns have had only two winning seasons.

Haslam is expected to take a greater role in the day-to-day operation of the team.

Haslam is president and chief executive of Knoxville, Tenn.-based Pilot Flying J, the largest operator of travel centers and travel plazas in North America. His younger brother is Tennessee Gov. Bill Haslam.

Haslam has been a minority investor in the Pittsburgh Steelers, who are the Browns’ main rivals.

The sale has two parts, according to ESPN, which cited league sources. Haslam will take over controlling interest of the Browns for more than $700 million and will later pay more than $300 million to cement the deal.

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