Randy Lerner
Randy Lerner | |
|---|---|
| Born | February 21, 1962 |
| Occupation(s) | Entrepreneur, former sports team owner |
| Known for | Former owner of Cleveland Browns (NFL) and Aston Villa F.C. (Premier League) |
Randolph David Lerner (born February 21, 1962) is an American entrepreneur and former owner of professional sports franchises. After the passing of his father, Al Lerner, in 2002, he assumed majority ownership of the Cleveland Browns in the National Football League (NFL), eventually divesting the team in 2012. Lerner also held ownership and served as chairman of the English Premier League club Aston Villa F.C. from 2006 until its sale in 2016, which occurred following the club's relegation and at a financial loss. As of July 2024, his estimated net worth according to Forbes stands at US$1.2 billion.
Early life
Raised in a Jewish household, Lerner completed his undergraduate studies at Columbia University in 1984, having spent a year abroad at Clare College, Cambridge in 1983. He subsequently obtained a law degree from Columbia Law School and is licensed to practice law in both New York and Washington, D.C., with prior experience working as an attorney in New York City.
Business career
Lerner's professional journey commenced as an investment analyst at the insurance firm Progressive Corporation. In 1991, his father founded Securities Advisors, Inc. (SAI) with capital from Progressive, initially concentrating on arbitrage strategies before transitioning to equity investments.
Alfred "Al" Lerner made an $800 million investment during MBNA Corporation's initial public offering and held the position of chairman. Randy joined MBNA's board in 1993 and succeeded his father as chairman following Al's death in 2002. MBNA was ultimately acquired by Bank of America in a $35 billion transaction completed on January 1, 2006.
Cleveland Browns
Ownership of the Cleveland Browns transferred to Randy Lerner after his father, Al Lerner, passed away in October 2002—four years subsequent to being granted the new Browns franchise. During his tenure, he participated on the National Football League's Business Ventures Committee. The franchise was sold by Lerner to businessman Jimmy Haslam in 2012.
Aston Villa F.C.
Lerner’s fascination with English football originated during his academic tenure at Cambridge, where he followed clubs such as Arsenal, Fulham, and Aston Villa closely. Although raised in the United States with a connection to the Cleveland Browns, his enthusiasm for top-tier English football remained strong.
In July 2006, Lerner initiated efforts to acquire Premier League club Aston Villa. After initial negotiations with chairman Doug Ellis stalled, an agreement was reached by August 2006 for Lerner to purchase a 60% stake valued at £62.6 million, which included Ellis’s 39% share. Within eleven days, Lerner secured approximately 59.69% ownership, becoming the principal shareholder and appointing himself chairman.
By September 2006, Lerner had increased his holdings to nearly 89.69%, rendering the acquisition unconditional. On September 19, Ellis and his board resigned; Lerner assumed chairmanship alongside non-executive directors General Charles C. Krulak, Bob Kain, and Michael Martin. This made him only the second American to own a Premier League club.
In June 2011, Lerner appointed Alex McLeish as manager; however, McLeish was dismissed after narrowly avoiding relegation in the 2011–12 season. He was succeeded by former Norwich City manager Paul Lambert in July 2012.
In February 2012, Aston Villa reported a financial loss totaling £53.9 million. By May 2014, Lerner placed the club on the market with an estimated valuation near £200 million.
Lambert was relieved of his duties in February 2015 and replaced by Tim Sherwood, who managed to maintain Aston Villa’s Premier League status and guided them to the 2015 FA Cup Final. Sherwood was dismissed in October 2015 following six straight league defeats; interim manager Kevin MacDonald led temporarily until French coach Rémi Garde was appointed in November 2015 but was sacked after only 147 days.
In April 2016, board members including former Football Association chairman David Bernstein and Lord King resigned amid dissatisfaction over stalled progress and reported disagreements with Lerner.
Following relegation to the Football League Championship, Lerner sold Aston Villa in May 2016 to Chinese businessman Tony Xia and Recon Group. Fans and ex-players criticized Lerner for minimal investment since manager Martin O'Neill’s departure in 2010 and for offloading key players during his ownership tenure.
Philanthropy
Since 2002, Lerner has been a dedicated supporter of the UK's National Portrait Gallery. In 2008, he made a landmark donation of £5 million—the most substantial single contribution the gallery had received—resulting in the ground floor being named "The Lerner Galleries" in his honor.
Throughout the 2008/09 and 2009/10 football seasons, Aston Villa chose to forgo traditional shirt sponsorship in favor of promoting the local children's charity Acorns. Although corporate sponsor FxPro assumed shirt sponsorship duties for the 2010/11 season, Acorns maintained its status as the club’s official charity partner, featured on all youth team kits.
Lerner is also a prominent benefactor and alumnus of Clare College, Cambridge, where in 2008 a dedicated area was named "Lerner Court" to recognize his contributions.
Personal life
Lerner possesses both a private residence and owns the Community Square shopping center located in Amagansett, New York. Between 2007 and 2011, Cleveland Browns Transportation emerged as the primary user of East Hampton Airport. In July 2019, a limited liability company affiliated with Lerner acquired land near Stony Hill Road in Amagansett. This parcel is safeguarded by a conservation easement overseen by the Peconic Land Trust, which subsequently initiated legal action following extensive tree removal on the site.