Here's the statement from Browns owner Randy Lerner issued by the team in regards to a possible sale of interest in the franchise.

“In connection with current rumors and press inquiries, I can report that I’ve been approached by Mr. Jimmy Haslam, who is interested in making an investment in the Cleveland Browns," Lerner said in the statement. "We are currently in negotiations and both sides have agreed to keep that dialogue and its details private.  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.”

James A. "Jimmy": Haslam III is one of three children of Jim Haslam, the founder of the Pilot Oil Corporation. The younger Haslam, a Univeristy of Tennessee graduate, has worked full-time at the company since August, 1976, according to a story in the Knoxville News Sentinel.