New Browns owner Haslam gives up stake in Steelers
Apr. 11, 2013
PITTSBURGH (AP) — New Cleveland Browns owner Jimmy Haslam no longer has a stake in the Pittsburgh Steelers.
The Steelers announced Thursday that Haslam's minority share in the team has been bought by existing stockholders and new investors Scott and Russ Swank.
Haslam purchased the Browns in October and directed Steelers President Art Rooney II and Morgan Stanley to find suitable buyers for the shares he acquired in 2008.
Haslam spent $1.05 billion last October to buy a 70 percent stake in the Browns from Randy Lerner. Haslam — who made his fortune as president and CEO of Pilot Flying J, the largest operator of travel centers and travel plazas — will receive the remaining 30 percent owned by Lerner in 2016.