CLEVELAND — Warren Buffett's Berkshire Hathaway has revealed in its annual report to the Securities and Exchange Commission (SEC) that it paid $2.6 billion to the Haslam family for their remaining 20% share of Pilot Travel Centers (PTC), concluding a $13.6 billion total acquisition.
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.
The news about the billions coming to the Haslam family surfaces as they continue discussions with city, regional and state officials about the future of Cleveland Browns Stadium. Earlier this month, the Browns announced that they were looking at "additional sites" in Northeast Ohio for a new stadium beyond the downtown area. The Haslams have also reportedly purchased 176 acres of land in Brook Park near Cleveland Hopkins International Airport.
A new stadium for the Browns could cost upwards of $2 billion.
Meanwhile, two Cleveland City Councilmembers told Signal Cleveland's Nick Castele that the Browns proposed a 50-50 split on a billion-dollar stadium renovation project, with state and local governments picking up around $500 million, during a round of meetings last October.
The Associated Press contributed to this story.