Jimmy Haslam will reportedly pay an initial $700 million sum to purchase the Browns from Randy Lerner, and then another $300 million in the second part of the purchase. Adam Schefter, who first reported that the sale was now complete, provided some of the initial terms:

Jimmy Haslam will pay about $700 million in first part of Browns' purchase from Randy Lerner, then over $300 million in second part.

— Adam Schefter (@AdamSchefter) August 2, 2012

Joe Banner, formerly a part of the Philadelphia Eagles organization, will be a part of Haslam's group making the purchase. Banner's name first emerged in the initial round of rumors that the club was for sale in early June. NFL Network confirmed that Banner was indeed a part of the new group:

Our folks in LA are reporting Joe Banner will be part of Haslam's executive team in Cleveland. Banner worked with GM Tom Heckert in Philly.

— Albert Breer (@AlbertBreer) August 2, 2012

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