Berea Ohio. A person who is close to the business deal told the Associated Press on the condition of anonymity because the sale of the Cleveland Browns has not been announced officially.
The current owner of the Cleveland Browns Randy Lerner has reached a business agreement to sell the team to Tennessee truck stop magnate Jimmy Haslam III.
Lerner will sell 70 percent of the franchise to Haslam and keep 30 percent of the franchise for your years after the closing date.
The selling of the Browns franchise to Haslam must be approved by 24 of the 32 owners of the National Football League (NFL). No date for a vote has been set since the NFL owners have not received the sale yet.
ESPN reports the sale of the Browns to Haslam is more than $1 billion dollars.
It is unknown at this time if Haslam plans to move the franchise to another city or keep it in Cleveland.
News sources Fox Sports and Associated Press