JACKSONVILLE, FL - NOVEMBER 27: Fans of the Jacksonville Jaguars watch the release of 10,000 balloons to end halftime ceremones during play against the Houston Texans November 27, 2011 at EverBank Field in Jacksonville, Florida. The Texans won 20 - 13. (Photo by Al Messerschmidt/Getty Images)

Wayne Weaver Confirms: Jaguars Being Sold To Shahid Khan

Wayne Weaver confirmed at a Tuesday press conference that he's selling the Jaguars to Shahid Khan.

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5 Total Updates since November 29, 2011
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Who Is Shahid Khan, The Jaguars New Owner?

The NFL's newest owner is Shahid Khan, who is in the process of purchasing the Jacksonville Jaguars for a reported sale price of $760 million. We know he has a terrific mustache. But who is Shahid Khan?

To start: Wayne Weaver, who is selling the Jaguars, said on Tuesday, "This gentleman is absolutely the American story."


GET MORE: Jaguars Sale Price | Jack Del Rio Fired | Jags blog Big Cat Country


Khan is a Pakistani-born businessman from Illinois, who has made his fortune as the owner of automobile parts manufacturer Flex-N-Gate Corp.

His story is impressive. Khan worked for Flex-N-Gate in college at the University of Illinois before starting his own company, Bumper Works, after graduating in 1978. Two years later he bought Flex-N-Gate, folding in his own company.

That entrepreneurial spirit will come in handy as Khan assumes control of a franchise that is always linked to Los Angeles and relocation because of poor ticket sales.

For the latest on the Jaguars sale, follow SB Nation's comprehensive Jacksonville Jaguars Sale X Shahid Khan StoryStream. Check out SB Nation's Big Cat Country for more on the Jags. 

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Jacksonville Jaguars Sale Price Was $760 Million, According To Report

Wayne Weaver has confirmed he is in the process of selling the Jacksonville Jaguars franchise to Illinois businessman Shahid Khan and Forbes reports the deal is for $760 million. Forbes last valued the Jaguars franchise at $725 millionbut the NFL and ESPN have since re-done their TV deal worth 73 percent more.

Prior to that deal with ESPN, the St. Louis Rams, who were the last franchise to sell, went to Stan Kroenke for $750 million. The Jaguars are near or at the bottom in terms of franchise value.

Khan now takes over an organization that has had trouble selling tickets and continues to be mentioned among the teams that could move to Los Angeles. Weaver said there is no written contract with Khan to keep the team in Jacksonville but that he has his trust that he will.

On Dec. 6, the NFL's finance committee will review the deal and then on Dec. 14 the teams will vote on it. If those go through without a hitch, the sale should finalize in early January.

Check out SB Nation's Big Cat Country for more on the Jags. 

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Wayne Weaver Confirms Sale Of Jacksonville Jaguars To Shahid Khan

Wayne Weaver, now former owner of the Jacksonville Jaguars, confirmed at a Tuesday press conference that he is in the process of selling the team to businessman Shahid Khan, who is familiar to the NFL because he tried to buy the St. Louis Rams last year. 

Weaver had a number of significant announcements to make on Tuesday, including two of his final acts as team owner -- firing Jack Del Rio and extending the contract of GM Gene Smith.

He also confirmed that he was selling the team to Illinois businessman Shahid Khan. The big news, in my estimation, is that Weaver said there was nothing in writing with Khan about keeping the team in Jacksonville when the deal was done. That said he reiterated he had trust that Khan wouldn't move the team. He said, "We're a Jacksonville franchise" when talking about the future of the franchise.

The obvious speculation that will start is the possibility of a move to Los Angeles. We haven't heard from Khan on this topic -- he's expected to speak this week -- but Weaver made it clear that he expected the team to remain in Jacksonville.

A few other highlights from the press conference about the sale of the team:

  • Weaver described Khan as a real "American story" in gaining his wealth.
  • The timeline for turning over the team: Dec. 6 finance committee meeting will likely endorse it; Dec. 14 the owners will vote; sale would close in early January.
  • Statement from Khan:  "Owning a team in the National Football League has long been my personal and professional goal."

Check out SB Nation's Big Cat Country for the latest on the Jaguars new ownership.

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Jaguars Being Sold To Shahid Khan, According To Reports

The Jacksonville Jaguars are reportedly being sold to Illinois-based auto parts magnate Shahid Khan, according to Peter King. Further details on the sale of the team are emerging. News that the Jaguars will be sold comes on the same day the team fired its head coach and gave its general manager a contract extension.

Khan's name is a familiar one in the exclusive club of NFL owners. In 2010, he was all set to purchase a sixty percent share of the St. Louis Rams from the children of the late Georgia Frontiere. Rams' minority owner Stan Kroenke exercised his right to purchase the remaining sixty percent of the team at the last minute, leaving Khan looking for another route to NFL ownership. 

While Khan was in talks to buy the Rams, he stated that he planned to keep the team in St. Louis. Early reports about the sale of the Jaguars seem to indicate that the team will also be staying put

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Jaguars To Be Sold But Remain In Jacksonville, According To Report

ESPN reports the Jaguars are being sold though it's unclear to whom. They are expected to remain in Jacksonville, according to the report.

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