With an agreement for the sale of the team now in place, the Cleveland Browns are expected to introduce new owner Jimmy Haslam III to the media on Friday according to The Plain Dealer's Mary Kay Cabot.

Haslam will reportedly purchase 70% of the team while previous owner Randy Lerner will retain 30% in a deal worth more than $1 billion according to ESPN's Adam Schefter, although a plan is in place for Haslam to purchase all of Lerner's shares after a four-year window.

As expected, Haslam, who is a minority owner of the Steelers but has longed for his own franchise, was quite pleased with the way things have gone down. "This is a very exciting time for my family and me," Haslam said in a statement released Thursday. "To own such a storied franchise as the Cleveland Browns, with its rich tradition and history, is a dream come true."

The transfer of ownership is set to be voted on by NFL owners in October, and will need to be approved by three-quarters of the owners in order to be fully approved.

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