Jimmy Haslam (AP Photo)CLEVELAND, Ohio -
ESPN is reporting Jimmy Haslam, president of Knoxville's Pilot Travel Centers, has successfully completed negotiations to buy the Cleveland Browns.
Haslam is reportedly paying in excess of $1 billion for the National Football League team.
The report says Haslam will take over controlling interest of the Browns in the first part of the transaction, paying over $700 million. The second phase of the purchase will be over $300 million to complete the deal.
Approval of the deal is required by NFL owners, which is expected to happen in October.
Paperwork for the deal was completed Thursday morning, ESPN says.
Haslam has been a minority partner in the Pittsburgh Steelers since December 2008.
Haslam's father, James, Jr., founded Pilot Travel Centers in 1958. It is the nation's largest retail operator of travel centers and truck-stops.
Jimmy's brother, Bill Haslam, is the governor of Tennessee and former mayor of Knoxville.
Forbes ranks the Cleveland Browns as the 30th most valuable sports team in the world, with a worth of $977 million.
