Is Jimmy Haslam drowning in debt? - Toledo News Now, Breaking News, Weather, Sports, Toledo

Is Jimmy Haslam drowning in debt?

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Jimmy Haslam, CEO of Pilot Flying J and Cleveland Browns owner Jimmy Haslam, CEO of Pilot Flying J and Cleveland Browns owner
CLEVELAND, OH (WOIO) -

Pilot Flying J, the company owned by Cleveland Browns owner Jimmy Haslam, is $4 billion in debt.

According to the Wall Street Journal the company also has downgraded credit rating.

The FBI and IRS raided the company's Knoxville, Tennessee headquarters in April. Haslam, who has denied any wrongdoing, is accused of rebate fraud.

Several trucking companies have sued Pilot Flying J. So far five former employees pleaded guilty to federal conspiracy charges.

According to the article the debt though could be paid down quickly. Just last week, Haslam and his brother Bill sold their minor-league baseball team, the Tennessee Smokes. The Smokies are the Double-A affiliate of the Chicago Cubs. The amount he received for the team has not been made public.

Haslam bought the Browns from Randy Lerner in 2012 for about $1 billion.

He paid Lerner $700 million up front and has a balance of $300 million. That is expected to be paid by Oct. 16, 2016.

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