Cleveland Browns owner Randy Lerner has reached a deal to sell the team to Tennessee truck-stop magnate Jimmy Haslam III, according to multiple reports.
ESPN and the NFL Network said Thursday that an agreement on the team sale had been reached. ESPN said the sale price was for more than $1 billion.
The team had no immediate announcement and the sale has not yet been presented to the NFL.
Lerner, whose family has owned the franchise since it returned to the NFL in 1999, first announced he was in negotiations to sell the club last week.
Haslam has been a minority investor in the Pittsburgh Steelers since 2008.
The Miami Dolphins sold at a value of more than $1 billion in 2009.