Randy Lerner

Randy Lerner

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Randy Lerner

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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.

Business history

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

Cleveland Browns

Control of the Browns was...
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