Browns sold for $1billion+, pending league (owners) approval

[Deus Irae]

Adam Schefter of ESPN and the NFL Network both report that Haslem has completed his purchase of the team from Randy Lerner. Schefter reports that the total sale price will be $1 billion, with Haslam paying $700 million now for a controlling interest in the team. There will be a second payment of more than $300 million at a later date.

Report: Sale of Browns for over $1 billion is complete | ProFootballTalk

NFL ownership expected to approve Jimmy Haslam's purchase of the Browns at its October meeting, if not sooner. But no obstacles expected.

https://twitter.com/AdamSchefter/statuses/231060194786938882

New Browns owner Jimmy Haslam also has begun to make plans with the Rooney family to sell the portion of the Steelers that he owns.

https://twitter.com/AdamSchefter/statuses/231063406747213824

 

[goheels22002]

Report: Sale of Browns for over $1 billion is complete | ProFootballTalk

https://twitter.com/AdamSchefter/statuses/231060194786938882

https://twitter.com/AdamSchefter/statuses/231063406747213824

Just in time for tax-free weekend.

 

[sly24]

ehh, If there's one franchise in the NFL I wouldn't want to buy, it's the Browns.

 

[Steve102]

so much for my dream of NFL ownership.

Man, that's a truckload of money.

 

[Joker]

jeezus...for a billion dollars you could buy the entire city of Cleveland...and about ten or twenty surrounding cities...

 

[makoute]

Just in time for tax-free weekend.

I wonder if that would qualify.

 

[A.C Vegas]

my god that is insane 1 billion for hte browns how much would the Pats go for is they were sold today 2 or 3.

no need for it to go that high

 

[BradyFTW!]

Doesn't this pretty much make it official that every NFL team is worth a billion at least? Who isn't, if Cleveland is? Maybe the Jaguars?

 

[juny]

Kraft is delighted to hear this news. If Cleveland is $1B, NE must be worth much more than that.

 

[ausbacker]

Kraft is delighted to hear this news. If Cleveland is $1B, NE must be worth much more than that.

1 million dollars.

Sorry... 100 billion dollars.

 

[jah]

Doesn't this pretty much make it official that every NFL team is worth a billion at least? Who isn't, if Cleveland is? Maybe the Jaguars?

Weren't the Jaguars just sold too?

 

[ausbacker]

Weren't the Jaguars just sold too?

They were for 760 million.

 

[BradyFTW!]

They were for 760 million.

I figured that the Browns going for a billion would be a "new highwater mark" type deal that pushes everyone else up, and the Jaguars were already widely considered to be the least valuable team in the NFL.

On closer inspection, though, $1B isn't even all that much more than what Forbes had them coming in at, though:

#30 Cleveland Browns - Kurt Badenhausen - Forbes

Go figure, I would have thought that the Browns would be down in Jaguars territory, but apparently not.

 

[mgteich]

No. 21 Cleveland Browns - Kurt Badenhausen - Forbes

NFL football teams are worth similar amounts considering that most of the value is based on TV earnings which is the same for all teams. Per Forbes, The Cowboys are worth $1.81B, the Redskins $1.55B, the Patriots $1.37B and the Browns $1.02B. Obviously there are difference based on lots of things, including debt, ticket sales and sales of team products.

Understand that owners are often willing to pay more that the team is worth on the open market to others. Surely, Kraft "overpaid" to keep the team in New England.

The lowly Jag were worth $725M (lowest among nfl teams). This was #45 on the most valuable world sports teams. This was higher than any NBA or NHL team and higher than all but 5 MLB teams.

 

[Gunnails]

Browns own a new stadium, that drives there value up. And the Jags down.

 

[ausbacker]

Browns own a new stadium, that drives there value up. And the Jags down.

Brandon Weeden is a seat filler. Let's not forget that special point.

 

[MoLewisrocks]

Reports are the first order of business will be blowing up the FO. No more free ride on my GB rep for Holmgren who had been living on his for as long as Favre did. Now Browns fans get to deciper who the real brains were in Philly. If it was Joe Banner they may finally be in position to start contending. If not...then they're just in for more of the same.

Will be interesting from a timing standpoint to see who Banner retains since most of Holmgren's staff choices were former Eagles. Shurmur is probably a lame duck HC. If he does well in NO Spagnuolo could be in line for his second bite of the HC apple. And even Josh could be on the radar (Ohio kid) with a strong FO presence (although I think he and Bill have an agreement he's here for at least a couple of years. I read recently where Mike Lombardi claims that Josh was tasked with finding his potential predecessor a few years back and he brought BoB in from Duke to be groomed for the role. Not sure who is in the pipeline here now although either of the kids (Simms or Belichick's) could be on a developmental coaching fast track.).

 

[Kontradiction]

I figured that the Browns going for a billion would be a "new highwater mark" type deal that pushes everyone else up, and the Jaguars were already widely considered to be the least valuable team in the NFL.

On closer inspection, though, $1B isn't even all that much more than what Forbes had them coming in at, though:

#30 Cleveland Browns - Kurt Badenhausen - Forbes

Go figure, I would have thought that the Browns would be down in Jaguars territory, but apparently not.

The Jags might get a little more valuable now that fans can bring their own food into the stadium when watching games.

 

[Joey007]

Brandon Weeden is a seat filler. Let's not forget that special point.

Maybe Peyton Hillis being gone helps Browns fans tolerate the games.....

 

[MoLewisrocks]

Haslam is coming to NE next week for an ownership tutorial with Robert.

New Cleveland Browns owner Jimmy Haslam praises Mike Holmgren, will head to New England next week to learn the business from Bob Kraft | cleveland.com