Fred Smith To Buy Minority Share In Jacksonville Jaguars, According To Report

JACKSONVILLE FL - JULY 30: Owner Wayne Weaver of the Jacksonville Jaguars speaks to the media prior to the first day of Training Camp at EverBank Field on July 30 2010 in Jacksonville Florida. (Photo by Sam Greenwood/Getty Images)

A local Jacksonville radio station is reporting that Fred Smith is in talks to purchase a minority share in the Jacksonville Jaguars, with the plan to take over the team when the current owner steps down.

Fred Smith, the CEO of FedEx and part-owner of the Washington Redskins, is in talks to purchase a minority share of the Jacksonville Jaguars, according to a report by a local Jacksonville sports radio station. 1010XL reported the news on the radio station's Facebook page.

Breaking news! 1010 XL has learned that Wayne Weaver is selling a piece of the Jaguar franchise to Fred Smith of FedEx as a minority owner. When Wayne decides it's time to retire Fred would then transition into the majority owner with the agreement that the team will remain in Jacksonville. It's not official yet, but we're told it's almost a done deal.

Jaguars owner Wayne Weaver has denied his desire to sell the franchise, notably that it would not move to Los Angeles multiple times. He has expressed that when he does sell the franchise, it would be to someone who would be committed to the Jacksonville market. Weaver would need to sell the team, as it's been reported locally that no one in Weaver's family would want to take over the franchise.

A few weeks ago, prior to Monday Night Football, Weaver denied the rumor that he was planning to sell the team to Fred Smith when asked by ESPN's Chris Mortensen. This report indicates however, that Smith would be purchasing a minority stake in the Jaguars and not the team outright. Smith has been rumored in media circles for months as a potential buyer of the Jaguars in the future, but up until this report it was just a widely discussed rumor.

Smith is no stranger to being rumored to be in the market to be the majority owner of an NFL franchise. In 2009 when the St. Louis Rams were being rumored to be for sale after the passing of long time owner Georgia Frontiere, Fred Smith was rumored to be in contention to buy the franchise.

For more on the Jacksonville Jaguars, visit SB Nation's Jaguars blog Big Cat Country.

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