Al Lerner
Encyclopedia
Alfred "Al" Lerner 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.
, New York
, Lerner was the only son of Jewish-Russia
n 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.
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.
He was also the chairman of Town and Country Trust, which owns and operates more than 15,000 apartment units in the mid-Atlantic region.
of the National Football League
, after purchasing the rights to the team in 1998. He paid $530 million, a record for a sports franchise at the time, outdistancing the next closest bid by $30 million. The runner-up bid was from Cablevision Systems chairman Charles Dolan
and his brother and future Cleveland Indians owner Larry Dolan
.
Prior to that, Lerner held a 5% stake in the old Cleveland Browns franchise. In 1995, he assisted his friend at the time Art Modell
, former owner of the Browns, in moving Modell's NFL franchise rights from Cleveland to Baltimore. Lerner introduced Modell to Baltimore financiers of the deal, and he sat behind on the podium at the press conference Modell announcing the team's move. However, many Browns fans were angered after word leaked that Modell’s deal to move the Browns to Baltimore was signed on Lerner’s private jet. The two stopped talking shortly thereafter. In 1997, Modell paid $32 million to buyout Lerner's stake in the Baltimore Ravens
, which had grown to 9%.
After his death, his wife and son Randy
took over the Browns franchise. Lerner's initials are stitched on the shoulders of the Browns' jerseys.
He was extremely private and shunned the limelight.
He was proud of being a U.S. Marine and flew a Marine Corps flag
atop the stadium during the entire time he owned the Browns. Additionally, he flew the Cleveland Browns football team flag at all MBNA America corporate sites along with the American flag and State flags.
Cleveland native and fellow marine Drew Carey
paid tribute to Lerner at the end of a season 8 episode of The Drew Carey Show
called "The Dawn Patrol."
Lerner was diagnosed with brain cancer in 2001 and that May underwent surgery, spending most of his last year in and out of hospitals. He died on October 2, 2002.
Lerner donated approximately twenty-five million dollars toward the construction of a new Columbia University
student center in 1999, which was named Alfred Lerner Hall
in his honor. In 2007, Columbia announced it would honor Lerner's military service in the United States Marine Corps with a plaque to be placed in Lerner Hall.
The College of Business and Economics is named after him at the University of Delaware
.
He was President of the Cleveland Clinic Foundation
and donated over $100 million to the hospital system.
Lerner's estate also donated $10 million dollars toward the construction of the National Museum of the Marine Corps.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman and philanthropist
Philanthropy
Philanthropy etymologically means "the love of humanity"—love in the sense of caring for, nourishing, developing, or enhancing; humanity in the sense of "what it is to be human," or "human potential." In modern practical terms, it is "private initiatives for public good, focusing on quality of...
. He was best known as the Chairman of the Board of credit card giant MBNA
MBNA
MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2006...
and the owner of the Cleveland Browns
Cleveland Browns
The Cleveland Browns are a professional football team based in Cleveland, Ohio. They are currently members of the North Division of the American Football Conference in the National Football League...
of the National Football League
National Football League
The National Football League is the highest level of professional American football in the United States, and is considered the top professional American football league in the world. It was formed by eleven teams in 1920 as the American Professional Football Association, with the league changing...
. He was also a past president of the Board of Trustees of the famed Cleveland Clinic
Cleveland Clinic
The Cleveland Clinic is a multispecialty academic medical center located in Cleveland, Ohio, United States. The Cleveland Clinic is currently regarded as one of the top 4 hospitals in the United States as rated by U.S. News & World Report...
as well as a major benefactor.
Early life and education
Born in BrooklynBrooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, Lerner was the only son of Jewish-Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
n immigrants. His parents owned a small candy store and sandwich shop in Queens, New York. He attended Brooklyn Technical High School
Brooklyn Technical High School
Brooklyn Technical High School, commonly called Brooklyn Tech or just Tech, and also administratively as High School 430, is a New York City public high school that specializes in engineering, math and science and is the largest specialized high school for science, technology, engineering, and...
and then Columbia College, the liberal arts college at Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
, graduating in 1955. He served as a pilot in the U.S. Marines from 1955 to 1957, serving in Quantico, Virginia and Pensacola, Florida.
Career
After the marines, Lerner began selling furniture, earning $75 a week. He would get into real estate and later banking.In 1990, he became a major shareholder in MNC Financial, a small Baltimore
Baltimore
Baltimore is the largest independent city in the United States and the largest city and cultural center of the US state of Maryland. The city is located in central Maryland along the tidal portion of the Patapsco River, an arm of the Chesapeake Bay. Baltimore is sometimes referred to as Baltimore...
bank. Struggling with real estate loans in the midst of the savings and loan crisis
Savings and Loan crisis
The savings and loan crisis of the 1980s and 1990s was the failure of about 747 out of the 3,234 savings and loan associations in the United States...
, MNC soon needed leadership and Lerner stepped in as chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
. He tried unsuccessfully to sell the bank's most successful unit, credit card issuer MBNA, to raise cash. In 1991, he took MBNA
MBNA
MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2006...
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.
He was also the chairman of Town and Country Trust, which owns and operates more than 15,000 apartment units in the mid-Atlantic region.
Cleveland Browns
He also owned the Cleveland BrownsCleveland Browns
The Cleveland Browns are a professional football team based in Cleveland, Ohio. They are currently members of the North Division of the American Football Conference in the National Football League...
of the National Football League
National Football League
The National Football League is the highest level of professional American football in the United States, and is considered the top professional American football league in the world. It was formed by eleven teams in 1920 as the American Professional Football Association, with the league changing...
, after purchasing the rights to the team in 1998. He paid $530 million, a record for a sports franchise at the time, outdistancing the next closest bid by $30 million. The runner-up bid was from Cablevision Systems chairman Charles Dolan
Charles Dolan
Charles F. Dolan is an American billionaire and founder of Cablevision and HBO.-Biography:A John Carroll University drop out, Dolan is married and has six children, including Cablevision Systems Corporation and Madison Square Garden, Inc. chairman James L. Dolan.The Charles F...
and his brother and future Cleveland Indians owner Larry Dolan
Larry Dolan
Lawrence J. Dolan is an attorney and the owner of the Cleveland Indians.-Education:Dolan attended St. Ignatius High School and got his law degree from University of Notre Dame in 1956...
.
Prior to that, Lerner held a 5% stake in the old Cleveland Browns franchise. In 1995, he assisted his friend at the time Art Modell
Art Modell
Arthur B. Modell is an American businessman, entrepreneur and former National Football League team owner. He owned the Cleveland Browns franchise from 1961–1995 and the Baltimore Ravens franchise from 1996–2004. Modell is the grandson of the late Morris Modell who founded the northeast...
, former owner of the Browns, in moving Modell's NFL franchise rights from Cleveland to Baltimore. Lerner introduced Modell to Baltimore financiers of the deal, and he sat behind on the podium at the press conference Modell announcing the team's move. However, many Browns fans were angered after word leaked that Modell’s deal to move the Browns to Baltimore was signed on Lerner’s private jet. The two stopped talking shortly thereafter. In 1997, Modell paid $32 million to buyout Lerner's stake in the Baltimore Ravens
Baltimore Ravens
The Baltimore Ravens are a professional football franchise based in Baltimore, Maryland.The Baltimore Ravens are officially a quasi-expansion franchise, having originated in 1995 with the Cleveland Browns relocation controversy after Art Modell, then owner of the Cleveland Browns, announced his...
, which had grown to 9%.
After his death, his wife and son Randy
Randy Lerner
Randolph D. Lerner is an American entrepreneur and sports team owner.Lerner has been the owner of the American football team, the Cleveland Browns, of the National Football League since October 2002, and the Chairman of Aston Villa Football Club of the English Premier League since 2006...
took over the Browns franchise. Lerner's initials are stitched on the shoulders of the Browns' jerseys.
Personal life
In 1955, Lerner married his wife Norma. They were married for 47 years and had two children, Randy and Nancy.He was extremely private and shunned the limelight.
He was proud of being a U.S. Marine and flew a Marine Corps flag
Flag of the United States Marine Corps
The Flag of the United States Marine Corps is the flag used to represent the Marine Corps, as well as units and formations of the Corps.-Official Battle Color of the Marine Corps:...
atop the stadium during the entire time he owned the Browns. Additionally, he flew the Cleveland Browns football team flag at all MBNA America corporate sites along with the American flag and State flags.
Cleveland native and fellow marine Drew Carey
Drew Carey
Drew Allison Carey is an American actor, singer, comedian, photographer, sports executive, and game show host. After serving in the U.S. Marine Corps and making a name for himself in stand-up comedy, Carey eventually gained popularity starring on his own sitcom, The Drew Carey Show, and serving as...
paid tribute to Lerner at the end of a season 8 episode of The Drew Carey Show
The Drew Carey Show
The Drew Carey Show is an American sitcom that aired on ABC from 1995 to 2004. The show was set in Cleveland, Ohio, and revolved around the retail office and home life of "everyman" Drew Carey, a fictionalized version of the actor....
called "The Dawn Patrol."
Lerner was diagnosed with brain cancer in 2001 and that May underwent surgery, spending most of his last year in and out of hospitals. He died on October 2, 2002.
Legacy
Lerner gave generously to numerous hospitals and universities. His favorite charities were the Cleveland Clinic and his alma mater Columbia University, both of which received multiple large gifts.Lerner donated approximately twenty-five million dollars toward the construction of a new Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
student center in 1999, which was named Alfred Lerner Hall
Alfred Lerner Hall
Alfred Lerner Hall is the student center or students' union of Columbia University. It is named for Al Lerner, who financed part of its construction...
in his honor. In 2007, Columbia announced it would honor Lerner's military service in the United States Marine Corps with a plaque to be placed in Lerner Hall.
The College of Business and Economics is named after him at the University of Delaware
University of Delaware
The university is organized into seven colleges:* College of Agriculture and Natural Resources* College of Arts and Sciences* Alfred Lerner College of Business and Economics* College of Earth, Ocean and Environment* College of Education and Human Development...
.
He was President of the Cleveland Clinic Foundation
Cleveland Clinic
The Cleveland Clinic is a multispecialty academic medical center located in Cleveland, Ohio, United States. The Cleveland Clinic is currently regarded as one of the top 4 hospitals in the United States as rated by U.S. News & World Report...
and donated over $100 million to the hospital system.
Lerner's estate also donated $10 million dollars toward the construction of the National Museum of the Marine Corps.
External links
- Biography from the Horatio Alger Association of Distinguished Americans
- The Lerner Research Institute at the Cleveland Clinic, Cleveland, Ohio