On Tuesday night, WREG-TV in Memphis, Tenn., reported that ESPN NFL analyst Jon Gruden has an offer on the table to become the next head coach of the University of Tennessee. According to the report, Gruden would be getting an ownership stake in the Cleveland Browns franchise as part of the deal.

The Browns' new owner, Jimmy Haslam, attended the university and is a major booster for the school. His father, Jim, played on the offensive line for the Volunteers in the early 1950s.

The Browns issued a statement Wednesday morning regarding the rumors. It said, “Jimmy Haslam has no involvement in the University of Tennessee head coaching search, and the report that Jon Gruden would potentially have an ownership stake in the Browns is completely erroneous.”