Jimmy Haslam, Pilot Travel Centers
WKYC-TV in Cleveland, our Gannett partner, confirms that the Cleveland Browns have been sold to new owner Jimmy Haslam III of Knoxville.
The deal is worth in excess of $1 billion. The deal includes an initial payment of $700 million and a payment at a later date of $300 million.
It is the fourth most lucrative team sale in sports history.
Haslam has previously owned a minority stake in the Pittsburgh Steelers. He is in Berea, Ohio today, WKYC reports.
NFL.com is reporting that Eagles' president Joe Banner will be part of Haslam's executive team.
The Lerner family has owned the Browns since 1999 when they returned to the NFL. Randy Lerner inherited the team upon his father's death in 2002.