Facedown wrote:Report:
Browns have been sold for over 1 billion to Jimmie Haslam III pending league approval.
More.
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AP source: Browns sold, pending NFL approval
By TOM WITHERS (AP Sports Writer) | The Associated Press – 28 minutes ago
Here's one to make Cleveland fans shake their heads: A partial owner of the hated Pittsburgh Steelers is buying the Browns.
A person with knowledge of the sale told The Associated Press on Thursday that Browns owner Randy Lerner has reached a deal to sell the team to Tennessee truck-stop magnate Jimmy Haslam III - a minority stockholder in the rival Steelers.
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.
Haslam was expected to be introduced as the new owner at a news conference on Friday.
While the papers have been signed, the NFL still 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.
http://sports.yahoo.com/news/reports-de ... --nfl.html