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Randy Lerner Net Worth, Biography & Wiki 2017
Randolph David Lerner was born on 21 February 1962, in Brooklyn, New York City USA, of Jewish descent, and is an investor and sports team owner, best known to have been the majority owner of the National Football League (NFL) team, the Cleveland Browns. He sold the team in 2012, but all of his efforts have helped put his net worth to where it is today.
How rich is Randy Lerner? As of mid-2017, sources inform us of a net worth that is at $1.1 billion, mostly gained through success in investing. He also became the owner of the English Premier League soccer club Aston Villa FC, but then sold the club in 2016. As he continues his endeavors, it is expected that his wealth will also continue to increase.
Randy Lerner Net Worth $1.1 billion
Randy attended Columbia University, and graduated in 1984 after a year at Clare College, Cambridge UK in 1983. He and would then complete a law degree at Columbia Law School, and after graduating, became a member of the New York and Columbia Bar Associations, initially working in New York City as a lawyer.
Lerner then pursued a career in investing, working at Progressive Corporation as an investment analyst. In 1991 he turned independent, and started a firm called Securities Advisors, Inc. (SAI) which was partnered with Progressive, owning and managing the company for a decade, focusing the company in arbitrage before shifting to equity investing. In 1993, he became the director of MBNA Corporation, with his father holding a large portion of the company. After his father passed away, he became chairman of MBNA before selling it later to Bank of America. Thanks to all of these opportunities, his net worth quickly increased.
Randy then focused on sports team ownership, purchasing the Cleveland Browns in 2002, prior to which he was part of the Business Ventures Committee of the NFL. He also took an interest in several soccer teams, and later bought English Premier League soccer club Aston Villa FC in 2006, getting 60% of the club’s shares, later in the year he would become full owner of the club. He would be responsible for appointing manager Alex McLeish in 2011, then the following year, he appointed manager Paul Lambert. However, the club got into financial difficulties, and it was reported later that Randy wanted to sell the team. He had sold the Browns in the same year to businessman Jimmy Haslam. In 2015, Aston Villa’s manager became Tim Sherwood who would help them get to the 2015 FA Cup Final, however, he was also removed after the team suffered six consecutive losses. After more changes to the team, Randy eventually sold the club to businessman Tony Xia, suffering a considerable loss – many people criticized Randy for not properly investing in the team.
For his personal life, it is known that Lerner was married to Lara until 2011, with whom he has four children. He resides in Amagansett, New York, where he owns several properties. He’s also known as a philanthropist, supporting the UK National Portrait Gallery since 2002, the biggest donor to the gallery. He also gave a substantial gift to Clare College, Cambridge for the creation of the student residences named “Lerner Court”.