Al Lerner
| Al Lerner | |
|---|---|
| Born |
May 8, 1933 New York, New York, USA |
| Died | October 23, 2002 (aged 69) Cleveland, Ohio, USA |
| Resting place |
Lake View Cemetery, Cleveland |
| Nationality | United States |
| Education | Brooklyn Tech High School |
| Alma mater | Columbia University |
| Occupation | Businessman, CEO, Entrepreneur |
| Known for | Owner of the Cleveland Browns (1998–2002) |
| Successor | Randy Lerner |
| Spouse(s) | Norma Wolkoff |
| Children |
Randy Lerner Nancy Lerner Fisher |
| Family | Nancy Lerner (sister) |
Alfred "Al" Lerner (May 8, 1933 – October 23, 2002) was an American businessman and philanthropist. He was best known as the Chairman of the Board of credit card giant MBNA and the owner of the Cleveland Browns of the National Football League. He was also a past president of the Board of Trustees of the famed Cleveland Clinic as well as a major benefactor.
Born in Brooklyn, New York, Lerner was the only son of Russian-Jewish immigrants. His parents owned a small candy store and sandwich shop in Queens, New York. He attended Brooklyn Technical High School and then Columbia College, the liberal arts college at Columbia University, graduating in 1955. He served as a pilot in the U.S. Marines from 1955 to 1957, serving in Quantico, Virginia and Pensacola, Florida.
After the Marines, Lerner began selling furniture, earning $75 a week. eventually saving enough money to buy an apartment building in Cleveland. His real estate portfolio grew and in 1990, he became a major shareholder in MNC Financial, a small Baltimore bank. Struggling with real estate loans in the midst of the savings and loan crisis, MNC soon needed leadership and Lerner stepped in as chief executive officer. He tried unsuccessfully to sell the bank's most successful unit, credit card issuer MBNA, to raise cash. In 1991, he took MBNA public, investing $100 million of his own money to ensure the success of the initial sale of stock. Controversial MBNA would blossom into the second largest credit card issuer.
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