A person with knowledge of the sale tells The Associated Press that Cleveland Browns owner Randy Lerner has reached a deal to sell the team to Tennessee truck-stop magnate Jimmy Haslam III.
Lerner will sell 70 percent of the Browns to Haslam now, with the other 30 percent reverting to him four years after the closing date, the person says on condition of anonymity because the sale has not officially been announced.
While the papers have been signed, the NFL must approve the sale. Approval from 24 of the 32 teams is required, and no date has been set for a vote because the sale has not been presented to the league yet.
The sale price was reportedly more than $1 billion. For comparison, the Miami Dolphins sold at a value of more than $1 billion in 2009.
(Copyright 2012 The Associated Press. All rights reserved.)