Randy Lerner used a play from his 2005 playbook...sell an inherited asset for big money.
In 2005, Lerner, then chairman of MBNA, helped sell the credit card bank to Bank of America. At the time, the Lerner family received $2.3 billion from the sale.
Now, Lerner is on the verge of the sale of the Cleveland Browns, which should gross at least $700 million. If you’re doing the math, that is $3 billion in proceeds from the two biggest assets his father left him.
So why sell now when things seem to be on the right track with the Browns? One reported reason is, his father asked to wait at least 10 years before considering a sale. The other two big reasons are, the value of team is at an all-time high of $977 million, according to Forbes, and he found the right guy.
Read the full article here.
In 2005, Lerner, then chairman of MBNA, helped sell the credit card bank to Bank of America. At the time, the Lerner family received $2.3 billion from the sale.
Now, Lerner is on the verge of the sale of the Cleveland Browns, which should gross at least $700 million. If you’re doing the math, that is $3 billion in proceeds from the two biggest assets his father left him.
So why sell now when things seem to be on the right track with the Browns? One reported reason is, his father asked to wait at least 10 years before considering a sale. The other two big reasons are, the value of team is at an all-time high of $977 million, according to Forbes, and he found the right guy.
Read the full article here.
Original Story:
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August 29, 2012
