Jimmy Haslam III is officially the Cleveland Browns new owner, and team president Mike Holmgren is out, according to multiple reports.
Joe Banner is expected to be named to a prominent role in personnel decisions, a role he sought with the Philadelphia Eagles, and eventually led to his departure before the season.
On Tuesday, NFL owners unanimously approved the $1 billion purchase team from Randy Lerner, voting 32-0. Haslam, who built his wealth through Pilot Flying J truck stops, divested his minority share in the Pittsburgh Steelers to buy the Browns.
The sale was agreed to in August, and Haslam stated his goal to transform Cleveland into a winning franchise.
Holmgren leaves three years into his tenure as team president. He had signed a five-year deal that expired after the 2014 season.