It's Official: Randy Lerner Sold Cleveland Browns "In Excess Of $1 Billion"

BALTIMORE, MD - DECEMBER 24: Peyton Hillis #40 of the Cleveland Browns looks on from the sidelines during the closing moments of the Browns 20-14 loss to the Baltimore Ravens at M&T Bank Stadium on December 24, 2011 in Baltimore, Maryland. (Photo by Rob Carr/Getty Images)

The Cleveland Browns have new ownership now, according to a tweet from ESPN NFL Insider Adam Schefter. Randy Lerner, now officially the former majority owner, sold his stake of the team in "excess of $1 billion" to Tennessee businessman Jimmy Haslam, who was a former minority owner of the Pittsburgh Steelers.

Though details have yet to be announced, it was previously reported that one major stipulation was that the team wouldn't be moved to a new city.

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