MBNA Corp. chairman Alfred Lerner and former San Francisco 49ers president Carmen A. Policy were granted ownership of the new Cleveland Browns late Tuesday.

Mr. Lerner, the financier of the two partners, has agreed to pay $530 million, the highest price ever paid for any professional sports team. The Browns will begin play in fall 1999.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.