Randolph D. Lerner
(born February 21, 1962 in Brooklyn, New York
) is an American entrepreneur
and sports team owner.
Lerner has been the owner of the American football
team, the Cleveland Browns
, of the National Football League
since October 2002, and the Chairman of Aston Villa Football Club
of the English Premier League
since 2006. His personal fortune is estimated at USD
over 1.5 billion in 2008.
Lerner graduated from Columbia University
in 1984, spending 1983 at Clare College
in Cambridge, England
. He graduated from Columbia Law School
and is a member of the New York
and District of Columbia Bar Associations
. Prior to entering the business world, he worked as a lawyer in New York City.
Lerner's business career began at the Progressive Corporation
as an investment analyst. In 1991, he started an independent investment firm with Progressive capital called Securities Advisors, Inc.
(SAI), which he owned and managed until 2001. SAI initially specialized in arbitrage
before shifting its focus to equity investing.
His father Al Lerner
became chairman of MBNA Corporation investing $800 million of his own money in the initial public offering (IPO) of the corporation. In 1993, Randy became a director at MBNA
. Upon the death of his father on October 23, 2002, Randy became company chairman. He was involved in the sale of MBNA Corporation
on January 1, 2006 to Bank of America
for $35 billion.
Sports team ownership
Control of the Browns was... Read More