Randy Lerner has reached a deal to sell the Cleveland Browns to truck-stop magnate Jimmy Haslam.

The deal is worth more than $1 billion, league sources said.

The sale of the Browns is laid out in two parts. Haslam will take over controlling interest of the Browns for more than $700 million. Then, in the second phase of the purchase, he will pay more than $300 million to complete the deal.

"This is a very exciting time for my family and me," Haslam said through the team in a statement Thursday announcing the agreement between the sides.

"To own such a storied franchise as the Cleveland Browns, with its rich tradition and history, is a dream come true. We are committed to keeping the team in Cleveland and seeing it get back to the elite of the NFL -- something all Browns fans want and deserve."

Paperwork between the two sides was completed Thursday morning.

NFL ownership is expected to approve Haslam's purchase at its October meeting. Commissioner Roger Goodell could expedite the process by calling a special meeting, although that is considered unlikely.

The NFL helped bring Haslam to Lerner so that a sale could be completed smoothly, efficiently and with a high probability of success. Haslam had informed the league how much he wanted to buy a team, and Lerner -- who is more interested in his soccer team (Aston Villa in England) -- was interested in selling the Browns.