By Spike Eskin

PHILADELPHIA (CBS) – The Cleveland Browns have been sold, according to a report from the NFL Network.

The report says the deal is worth in excess of $1 billion, with a group led by Jimmy Haslam III purchasing the team. It also states that Joe Banner will be part of the front office.

Haslam is the president and CEO of a Tennessee-based operator of travel centers. He has been a minority investor in the Pittsburgh Steelers since 2008. NFL Network also has learned that former Philadelphia Eagles president Joe Banner will be a part of Haslam’s management team.

Banner’s involvement was first reported by 94WIP’s Howard Eskin in June, when Banner’s reduced role with the Eagles was announced.