Browns Owner Randy Lerner to Give Up Controlling Interest of Team

Browns Owner Randy Lerner to Give Up Controlling Interest of Team
Fitzgerald Cecilio

Cleveland, OH

Cleveland Browns team owner Randy Lerner is in deep negotiation with Tennessee businessman and Pittsburgh Steelers minority owner Jimmy Haslam for the sale of his controlling interest in the team.

"I can report that I've been approached by Mr. Jimmy Haslam, who is interested in making an investment in the Cleveland Browns. We are currently in negotiations and both sides have agreed to keep that dialogue and its details private," Lerner said in a statement.

"Given that any transaction would require League approval, care has been taken so that this process will not be disruptive to the organization, in particular the football team, as it prepares for the upcoming season. We will share further details or make an announcement if it becomes necessary," he added.

Browns president Mike Holmgren later confirmed that Lerner will give up controlling interest in the team to Haslam, president of the nation's largest retail operator of travel centers and truck stops.

Holmgren also allayed fears that the Browns will be moved to Los Angeles once the deal is completed.

"It's my understanding from the get-go, that's been one of the stipulations," Holmgren said. "And the principals understand that. The Cleveland Browns aren't going anywhere. The Cleveland Browns are the Cleveland Browns and they're going to stay that way."

Holmgren said Lerner decided to keep details of the sale private so as not to distract the team's preparation for the coming season.

"We're in the business of winning football games and we have I think a good young team that I think is on the verge of becoming what you all want and what we all want," Holmgren said.

Forbes Magazine recently ranked the Cleveland Browns as the 30th most valuable sports team in the world, with a worth of $977 million. The Browns' value, however, is just the 20th highest among the NFL's 32 teams.

The Browns have lost 67 percent of their games and made the playoffs just once since the franchise was reborn in Cleveland in 1999 and were 4-12 last season.