Al Lerner
Alfred Lerner | |
|---|---|
| Born | 8 May 1933 Brooklyn, New York, U.S. |
| Died | 23 October 2002 (aged 69) |
| Occupation(s) | Entrepreneur, philanthropist |
| Known for | Chairman of MBNA, owner of the Cleveland Browns, president of the Board of Trustees at Cleveland Clinic |
Alfred Lerner (May 8, 1933 – October 23, 2002) was a prominent American entrepreneur, widely recognized for his leadership as chairman of credit card powerhouse MBNA and as the proprietor of the Cleveland Browns in the National Football League (NFL). Additionally, he held the position of president on the Board of Trustees at the Cleveland Clinic and was a significant philanthropist.
Early life and education
Lerner was born in Brooklyn, New York, as the sole son of Russian-Jewish immigrants who operated a modest candy and sandwich shop in Queens. He completed his secondary education at Brooklyn Technical High School before graduating from Columbia College at Columbia University in 1955. During his time at Columbia, he became a member of the Delta chapter of the Zeta Beta Tau fraternity. Following college, Lerner served as a pilot in the U.S. Marine Corps from 1955 until 1957.
Career
Upon finishing his military service, Lerner embarked on a career selling furniture and eventually accumulated enough capital to acquire an apartment complex in Cleveland. His holdings in real estate grew steadily, and by 1990 he emerged as a significant shareholder in MNC Financial, the parent company of Maryland National Bank—the largest banking institution headquartered in Maryland. During the savings and loan crisis, MNC faced challenges related to real estate lending, prompting Lerner to take on the role of CEO. He initially sought to sell MBNA, the bank’s lucrative credit card division, to generate liquidity but ultimately opted to take MBNA public in 1991. To support the IPO’s success, he invested $100 million of his own funds. Under his guidance, MBNA expanded to become the second-largest issuer of credit cards.
Lerner also served as chairman of Town and Country Trust, which managed a portfolio exceeding 15,000 apartment units throughout the mid-Atlantic area.
Cleveland Browns
In 1998, Lerner acquired the franchise rights to the Cleveland Browns for $530 million—a record sum for a sports franchise at that time—outbidding the closest contender by $30 million. The runner-up bid came from Cablevision Systems chairman Charles Dolan and his brother Larry Dolan, who later became owner of the Cleveland Indians.
Before this purchase, Lerner owned a 5% interest in the original Browns team. In 1995, he assisted his then-associate Art Modell, former Browns owner, in relocating the franchise to Baltimore by connecting Modell with financiers from Baltimore. Lerner’s participation—highlighted by signing Modell’s relocation agreement aboard his private jet—provoked strong disapproval among Browns supporters, many of whom viewed him as complicit in this contentious move. The partnership between Lerner and Modell dissolved shortly thereafter. In 1997, Modell acquired Lerner’s 9% stake in the Baltimore Ravens for $32 million.
After Lerner passed away, ownership of the Browns transferred to his wife and son Randy Lerner. The team’s jerseys featured Lerner’s initials every season until 2013 when new owner Jimmy Haslam discontinued their use.
Personal life and death
Lerner wed Norma Wolkoff in 1955; together they had two children: business leader Randy Lerner and Nancy Lerner Beck. The family were affiliated with Temple Tifereth-Israel in Cleveland.
Known for his privacy, Lerner took pride in his service as a U.S. Marine, prominently displaying a Marine Corps flag atop the stadium throughout his tenure owning the Browns. Corporate locations of MBNA America also flew the Browns flag alongside American and state flags. Fellow Cleveland native and Marine Drew Carey honored Lerner with a tribute on an episode of The Drew Carey Show.
After being diagnosed with brain cancer in 2001, Lerner underwent surgery and spent much of his remaining time hospitalized. He died on October 23, 2002, and was laid to rest at Lake View Cemetery in Cleveland, Ohio.
Legacy
Alfred Lerner was a prominent philanthropist who made substantial donations to medical centers and academic institutions. Among his principal recipients were the Cleveland Clinic and Columbia University, both of which benefitted from numerous significant contributions. Serving as president of the Cleveland Clinic Foundation, he invested over $100 million to help create the Cleveland Clinic Lerner College of Medicine at the Case Western Reserve University School of Medicine. Additionally, his estate provided $10 million in support of the National Museum of the Marine Corps.
In 1999, Lerner contributed approximately $25 million to fund a new student center at Columbia University, which was subsequently named Alfred Lerner Hall to honor him. Columbia University later installed a plaque within Lerner Hall to acknowledge his service in the U.S. Marine Corps.
The University of Delaware honored Lerner by naming its College of Business and Economics after him. In 1997, he was recognized with a Golden Palm Star on the Palm Springs Walk of Stars. Two years later, in 1999, he received the Golden Plate Award from the American Academy of Achievement, presented by General Charles C. Krulak, former Commandant of the U.S. Marine Corps.
Within Cleveland, Lerner’s enduring impact is visible through several dedications:
- The Alfred & Norma Lerner Tower at University Hospitals of Cleveland
- "Alfred Lerner Way," the roadway adjacent to FirstEnergy Stadium
- A statue positioned outside the Browns' headquarters in Berea, Ohio
Lerner was also honored with the Horatio Alger Award and the John Jay Award, both celebrating his accomplishments in business and philanthropy.