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AP source: Browns sold, pending NFL approval

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A person with knowledge of the sale told The Associated Press on Thursday that Cleveland Browns owner Randy Lerner has reached a deal to sell the team to Tennessee truck-stop magnate Jimmy Haslam III.

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.

While the papers have been signed, the NFL 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.................

AP source: Browns sold, pending NFL approval - Yahoo! Sports
 
How do you get rich owning truckstops? I thought they were just places to park, sleep, throw your trash out, drop a 5 pounder in the toilet and plug it up, then head down the road.
 
More than a billion dollars for a team like that? Wow. Wouldn't that make some of the good teams worth over 40-50 billion since they actually win games? I had forgotten that they even had a team.:duh:
 
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