Cleveland, OH (Sports Network) - The Cleveland Browns have reportedly been sold.

According to the Cleveland Plain Dealer, a group led by Jimmy Haslam III has purchased 70 percent of the franchise from Randy Lerner for a price said to be in excess of $1 billion.

Lerner, whose father Al was awarded the franchise in 1999 when the Browns returned to the NFL as an expansion club, will still own a 30 percent stake.

The deal would still need approval from the other NFL owners.

Reports of Haslam's interest in the Browns first surfaced last week. Haslam has been a minority investor in the Pittsburgh Steelers since 2008.

The Lerners helped bring football back to northeast Ohio after the original Browns were moved by Art Modell to Baltimore following the 1995 campaign. The club's name and history, however, remained with the city and were restored when the Browns again began play in 1999.

08/02 14:54:56 ET