(Chicago) - Jimmy Haslam is officially the new owner of the Cleveland Browns.
According to Channel 3’s Jim Donovan, Haslam received a rousing ovation from the NFl owners after the approval vote.
Effecting October 25, former Eagles President Joe Banner will become CEO of the Browns. Mike Holmgren will remain with the team through the end of the season, and then retire. Banner will be introduced as CEO during a Wednesday news conference in Berea at 10AM. Newsradio WTAM 1100 will carry the event live.
Until recently giving up control, the 58-year-old Haslam was the CEO of Pilot Corporation. He is also a minority owner of the Pittsburgh Steelers. His shares are expected to be up for sale soon.
Haslam buys the team from Randy Lerner, who inherited the Browns from his late father, Alfred Lerner. Al Lerner bought the team name and colors and established a new NFL franchise in 1999 after then owner Art Modell took the team to Baltimore after the 1995 season.
Since the team's reconstitution, the Browns have had two winning seasons and have made the playoffs once, as a wild card team in 2002. They are currently one and five this season.
While the team enjoyed much success early in its history, it is one of four in the NFL never to qualify for a Super Bowl.