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Jimmy Haslam Will Pay Initial $700 Million Sum In Browns Sale, According To Reports

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:

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:

For more information on the Cleveland Browns, head over to Dawgs By Nature. More news and analysis on the NFL as training camps begin can be found over at SB Nation's dedicated NFL hub.

Photographs by spatulated, Triple Tri, and chrischappelear used in background montage under Creative Commons. Thank you.