AP source: Browns sold, pending NFL approval - 13 WTHR Indianapolis

AP source: Browns sold, pending NFL approval

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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.

The person, who spoke on condition of anonymity because the sale has not officially been announced, says 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.

While the papers have been signed, the NFL must approve the sale. Approval from 24 of the 32 teams is required.

(Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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