Following months of contentious dealings that led both parties to sue to the other, Berkshire Hathaway and Cleveland Browns owner Jimmy Haslam agreed to the sale of the 20% stake last month. Previously, Berkshire purchased an initial 38.6% stake in PTC in 2017 for $2.76 billion. The two sides agreed at that time that Berkshire would take control of PTC by acquiring an additional 41.4% interest in January 2023. The price tag for that control purchase was roughly $8.2 billion.
Pilot Travel Centers, headquartered in Knoxville, Tennessee, is a diversified fuel company that operates more than 650 travel centers, primarily under the names Pilot or Flying J, in 43 U.S. states and six Canadian provinces. The company was founded by Jimmy Haslam’s father, Jim Haslam II, and in ensuing decades acquired Speedway, Mr. Fuel and Speedway-Wilco among other chains.
A new stadium for the Browns could cost upwards of $2 billion.
The Associated Press contributed to this story.