Pilot Flying J CEO Buys Cleveland Browns

KNOXVILLE, Tenn. -- Pilot Flying J President and CEO Jimmy Haslam officially purchased the National Football League's Cleveland Browns franchise today.

According to several reports, Haslam bought the team for $1 billion. Forbes valued the Browns at $977 million in 2011.

Haslam purchased the team from Randy Lerner. Lerner took over the team in 2002, after his father Al passed away.

Al Lerner bought the Browns in 1998 for $530 million.

Haslam is a minority investor in the Pittsburgh Steelers, perhaps the Browns' biggest rival. Pilot Flying J's CEO has professed to be a big Steelers fan as well.

Since being awarded an expansion franchise in 1998, the Browns have lost two-thirds of their games. Tired of the losing, Browns fans petitioned Lerner to sell the team two years ago.

The Browns franchise is known for stars such as quarterback Colt McCoy, running back Trent Richardson and wide receiver Joshua Cribbs.