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Nightaire℠ With David Roden
..
2:00
George Frederich Handel: Concerto Grosso #4 in F (English Concert)
2:11
Gabriel Faure: Violin Sonata in A (arr. cello)
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Sports Friday, July 27, 2012 Why the Browns are for sale Crain's Cleveland Business reporter says owner Randy Lerner's issue is not money by WKSU's KABIR BHATIA |
 Reporter Kabir Bhatia | | |
 | | The Browns' lease on Browns Stadium runs through 2029, and fans have been assured the team is not moving | | Courtesy of WKSU |
In The Region: Cleveland Browns’ President Mike Holmgren is confirming the Browns are for sale but won’t be going anywhere. At a press conference Friday, Holmgren said team owner Randy Lerner is negotiating the sale of a majority stake in the Browns to Tennessee businessman Jimmy Haslam the Third. Haslam already has a minority stake in the Pittsburgh Steelers. WKSU’s Kabir Bhatia has more on why the team is seeking a new owner. |
(Click image for larger view.)
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Forbes magazine ranks the Browns as the 30th most valuable sports team in the world, at nearly $1 billion. But the same magazine ranks Randy Lerner as the fourth worst owner in the NFL.
He inherited the team in 2002 from his late father, credit card magnate Al Lerner. Four years later, he bought England’s Aston Villa soccer team, which has suffered big financial losses for the last two years.
But Joel Hammond of Crain’s Cleveland Business does not think Lerner’s problem is money.
Since Art Modell moved the Browns in 1995, the Steelers have made the playoffs 10 times and won two Superbowls. The Browns have won less than a third of their games and made the playoffs once.
But, the team continues to sell out, and at a press conference, Browns President Mike Holmgren said the team won’t be moving. Hammond, of Crain’s Business, says the NFL will have to approve any sale and they simply will not allow it.
Jimmy Haslam’s Tennessee-based Pilot/Flying J is the 11th largest privately held company in the country. NBC Sports is reporting that former Philadelphia Eagles President Joe Banner also is part of the group trying to buy the Browns. |
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