Cleveland Browns Officially Sold For More Than $1 Billion

The sale of the Cleveland Browns is finally complete in what may be record time. Adam Schefter reported Thursday that the deal is done. Jimmy Haslam, president and CEO of the Pilot Corporation, purchased the franchise from Randy Lerner for more than $1 billion.

It was first reported just last week that Haslam was negotiating an "investment" in the franchise with Lerner. Haslam had already been vetted by the NFL as a minority owner in the Pittsburgh Steelers, so talks moved quickly. Another report Saturday indicated that a deal for $920 million could be completed by September, but then the price tag and the timetable were pushed up.

It is still unclear what, if anything, will change in Cleveland now that there is a new majority owner in town. Browns president Mike Holmgren was uncertain about his future at his Friday press conference in light of the pending sale .

For more on the Browns, visit Dawgs By Nature and SB Nation Cleveland.

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