Norma Lerner Net Worth is
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Alfred "Al" Lerner (May 8, 1933 ??? October 23, 2002) 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.


Born in Brooklyn, New York, Lerner was the only son of Russian-Jewish 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.
After the Marines, Lerner began selling furniture, earning $75 a week. eventually saving enough money to buy an apartment building in Cleveland. His real estate portfolio grew and 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.
In 1998, Lerner purchased the franchise rights of Cleveland Browns of the National Football League paying $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.

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Norma Lerner Latest News

Racing industry backing Townsend, report shows

Among those gifts was a $4,000 check from Norma Lerner, wife of Al Lerner, chairman of MBNA and the principal owner of the Cleveland Browns. By contrast, Townsend received several large contributions ...
Posted: January 1, 2001, 3:59 am

Children are Champions: Hospital for Special Surgery Opens Lerner Children's Pavilion

Hospital for Special Surgery (HSS), the number one hospital for orthopedics in the country, today announced the opening of the Alfred and Norma Lerner Children’s Pavilion, a “hospital within a hospita...
Posted: October 25, 2012, 6:00 am

Lerner's son appointed chairman at MBNA

The board also appointed Al Lerner's widow, Norma Lerner, as an MBNA director. The company said it set up an executive committee comprising Cawley; Randolph Lerner; Bruce Hammonds, chairman and CEO of ...
Posted: November 5, 2002, 4:00 pm
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