Sources: Sale Of Browns To Haslam Valued At More Than $1B

Sources said that the Browns "have been sold" by Randy Lerner to Jimmy Haslam III for an amount in excess of $1B, with paperwork completed this morning. The sale is "laid out in two parts," with Haslam to take over controlling interest of the team for more than $700M, then paying more than $300M "to complete the deal." NFL owners are expected to approve the purchase at their October meeting. NFL Commissioner Roger Goodell "could expedite the process by calling a special meeting, although that is considered unlikely" (ESPN.com, 8/2).

News of a possible sale broke July 27, "which means things have moved quite quickly for Haslam and the Browns." There is "not much chance" that GM Tom Heckert or coach Pat Shurmur "will be going anywhere anytime soon, but team president Mike Holmgren’s future with the team is much less clear" (PROFOOTBALLTALK.com, 8/2).