Randy Lerner
| Randy Lerner | |
|---|---|
 |
|
| Born |
Randolph David Lerner February 21, 1962 Brooklyn, New York, U.S. |
| Alma mater |
Columbia University Columbia Law School |
| Occupation | Owner of MBNA Corporation |
| Net worth |
 US$1.1 billion (August 2016) |
| Children | 4 |
| Parent(s) |
Al Lerner Nancy Wolkoff |
Randolph David "Randy" Lerner (born February 21, 1962) is an American investor and sports-team owner. He became the majority owner of the American football team, the Cleveland Browns, of the National Football League, upon the death of his father Alfred "Al" Lerner in October 2002. In August 2012, he sold the team. Lerner became the owner and chairman of English club Aston Villa F.C. of the Premier League in 2006, subsequently Lerner sold the club in 2016 following their relegation. His personal fortune has been estimated at over US$ 1.09 billion.
Lerner graduated from Columbia University in 1984, spending 1983 at Clare College in Cambridge, England. He graduated from Columbia Law School and is a member of the New York and District of Columbia Bar Associations. He has worked as a lawyer in New York City.
Lerner began working as an investment analyst at automobile insurers Progressive Corporation. In 1991, he started an independent investment firm with Progressive capital called Securities Advisors, Inc. (SAI), which he owned and managed until 2001. SAI initially specialized in arbitrage before shifting its focus to equity investing.
His father, Alfred "Al" Lerner, had been appointed chairman of MBNA Corporation after investing US$ 800 million in the initial public offering (IPO) of the company. In 1993, Randy Lerner became a director at MBNA. Upon the death of his father on October 23, 2002, he became MBNA's chairman. On January 1, 2006, Bank of America acquired MBNA Corporation for US$ 35 billion.
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