Originally posted on Helmet2Helmet  |  Last updated 8/2/12

The Cleveland Browns are officially in new hands.

League sources confirmed to ESPN that Randy Lerner has sold the team to Tennessee businessman Jimmy Haslam for more than $1 billion.

The deal, which will be approved by the NFL in October, works in two parts: Haslam gets "controlling interest" of the Browns for $700 million, while the remaining $300 million (give or take a penny) will later go toward completing the purchase.

This had been in the works for some time, as the Lerner family, which had owned the club since 1999, were looking to move on from their investment.

Haslam, the CEO of Pilot Flying J and former minority investor (and fan) of the Steelers, has opted to bring along ex-Eagles president Joe Banner as part of his executive team.

Although no major changes are expected under Haslam's watch, this likely spells the end for current team czar Mike Holmgren, whose failed to turn the Browns into a contender and, worse, has overseen a record of 9-23 in two seasons.

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