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Sources: Browns sold for over $1B

Updated: August 2, 2012, 11:40 PM ET
By Adam Schefter | ESPN

Randy Lerner has reached a deal to sell the Cleveland Browns to truck-stop magnate Jimmy Haslam.

The deal is worth more than $1 billion, league sources said.

The sale of the Browns is laid out in two parts. Haslam will take over controlling interest of the Browns for more than $700 million. Then, in the second phase of the purchase, he will pay more than $300 million to complete the deal.

"This is a very exciting time for my family and me," Haslam said through the ...

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