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WDKX.com » Blog » Browns Owner Jimmy Haslam's Flying Pilot J Company Reportedly $4 Billion In Debt
Jul 2nd 2013 7:05 am
Browns Owner Jimmy Haslam's Flying Pilot J Company Reportedly $4 Billion In Debt

Jimmy Haslam's status as owner of the Cleveland Browns has been on shaky ground in recent months, and it's taken a serious turn for the worse with a recent report on his company's financial standing.

According to Terry Pluto of the Cleveland Plain Dealer via the Wall Street Journal, Pilot Flying J, a joint venture of which Haslam is the chairman and CEO, is $4 billion in debt.

This isn't the first issue to be reported regarding Pilot Flying J. According to Josh Katzowitz of CBS Sports, the FBI has been investigating Haslam's truck-stop chain for rebate fraud, and some of the company's executives have already pleaded guilty.

Haslam, already with minority interest in the Pittsburgh Steelers, bought the Browns in August of 2012 for a reported $1 billion. The 59-year-old currently owns 70 percent of the Cleveland franchise while former majority owner Randy Lerner retained 30 percent.

Source:CNN