Randy Lerner Sells Cleveland Browns Reportedly for $1 Billion

Last week, Amagansett resident Randy Lerner sold the Cleveland Browns in a deal that is worth more than a reported $1 billion. 

According to ESPN, Lerner sold the team to Jimmy Haslam, the founder of the Knoxville-based Pilot Corporation, which operates a chain of truck stops throughout the country, and the brother of Tennesse Gov. Bill Haslam.

Lerner, who also owns the Amagansett Square, inherited The Browns in 2002, after his father Al Lerner died. The family bought the inactive franchise for $530 million in 1998, ESPN reported.

Lerner also owns the Aston Villa soccer team in England.

The sale takes part in two phases, ESPN reported. Haslam received controlling interest for more than $700 million, and then will later pay $300 million. 

For more on this story from ESPN click here.