Cleveland Browns Said to Sell Stake at Valuation Over $9 Billion

The Cleveland Browns said it sold a stake to Arctos Partners, adding to the private equity firm’s investments in NFL teams.

“Arctos brings deep and respected expertise across sports, and we welcome them as a limited partner,” Browns majority owners Dee and Jimmy Haslam said in a statement.

The total investment is said to be for 10% of the club at a valuation of more than $9 billion, according to people familiar with the matter. The transaction will be made in three tranches, said the people who weren’t authorized to speak publicly about the deal. The first investment ...