Browns owner Randy Ler≠ner will initially retain a 30 percent stake in the team when he sells it to Tennessee businessman Jimmy Haslam III, radio play-by-play man and WKYC sports anchor Jim Donovan reported.
Haslam will have the option to increase his share in the team over time, according to the report. Lerner still owes money to former Browns executives and coaches, most of which will come off the books this year, Donovan reported.
Forbes reported Lerner is selling the Browns for $920 million, though he sought between $1 billion and $1.1 billion. Forbes recently valued the team at $977 million. Lernerís father, Al, who died in 2002, bought the Browns for $530 million in 1998.
The sale of the Browns could be final in August. Former Philadelphia Eagles President Joe Banner is a part of Haslamís group, according to reports.
ó Nate Ulrich