Browns owner Randy Lerner will initially retain a 30 percent stake in the team after he sells the rest of it to Tennessee businessman Jimmy Haslam III, WKYCís Jim Donovan reported Saturday night.

Haslam will have the option to increase his share in the team over time, according to the report.

Forbes reported Lerner is selling the Browns for $920 million. Lernerís father, Al, who died in 2002, purchased the team for $530 million in 1998.

The sale of the Browns could be finalized in August, and former Philadelphia Eagles President Joe Banner is a part of Haslam's group, according to reports.