The Cleveland Browns tonight issued an official statement saying Randy will sell them.
Nothing shocking in that at all but this statement from Randy does change the ideas for us.
On behalf of my family and as trustee for the Lerner Family Trust, which holds the shares of the Cleveland Browns, I have agreed to sell the Browns to Jimmy Haslam and his family.
In other words the £700M that the Brown’s has been sold for will go into the Lerner family trust and NOT to Randy personally. This is the same trust that lends us money on a commercial interest rate to fund the club (some £100M so far).
In effect this news shows that Randy himself will not get the money and he will not have extra millions to pump into us as we may have hoped. There is no extra golden pot for us to spend and has he had to sell has the trust has lost so much money from holding Bank of America shares (from MBNA takeover) that he had little choice but to sell ?