Sale of Browns is now official and complete. Randy Lerner sold them to Jimmy Haslam for in excessof $1 billion.

— Adam Schefter (@AdamSchefter) August 2, 2012

Jimmy Haslam will pay about $700 million in first part of Browns' purchase from Randy Lerner, then over $300 million in second part.

— Adam Schefter (@AdamSchefter) August 2, 2012

And just like that, the Browns are sold.

In what can only be described as break-neck speed, Lerner and Jimmy Haslam have agreed on the sale of the Cleveland Browns. Haslam will pay around one billion dollars when it is all said and done. The NFL likely will approve of the sale later on this year. Since Haslam had previously owned part of a team in the NFL, his finances should have already been looked at and approved by the NFL. In short, the sale will go through barring some insane situation.

The thing that may be of big importance to the Cleveland Brown fan base is that we may now hear for the new ownership on not only the power structure, but who will stay and who will go.

We will keep you updated through out the day on this situation. There is a new sheriff in town.

Hat tip to The Licensed Optimist for the FanShot